Wellington Management Group LLP Purchases 608,386 Shares of CNX Resources Corporation. $CNX

Key Points

• Wellington Management Group increased its CNX Resources stake by 192.4% in the second quarter, acquiring 608,386 shares for a total of 924,662 shares valued at approximately $31.4 million. Institutional investors collectively own 95.16% of the company.
• Analyst sentiment remains cautious: CNX has received nine Hold ratings and three Sell ratings, resulting in an average “Reduce” rating and a consensus price target of $35.44.
• CNX reported quarterly earnings of $1.32 per share, beating estimates of $0.60, while revenue reached $618.5 million. However, revenue declined 35.7% year over year.

Wellington Management Group LLP increased its position in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 192.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 924,662 shares of the oil and gas producer's stock after acquiring an additional 608,386 shares during the period. Wellington Management Group LLP owned about 0.63% of CNX Resources worth $31,374,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in CNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in CNX Resources by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 86,878 shares of the oil and gas producer's stock worth $2,735,000 after purchasing an additional 3,785 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of CNX Resources in the 1st quarter valued at $583,000. EverSource Wealth Advisors LLC lifted its position in shares of CNX Resources by 393.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,925 shares of the oil and gas producer's stock worth $65,000 after buying an additional 1,535 shares during the last quarter. Marshall Wace LLP acquired a new stake in CNX Resources in the second quarter valued at about $272,000. Finally, Cerity Partners LLC acquired a new stake in CNX Resources in the second quarter valued at about $236,000. 95.16% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on CNX shares. Tudor Pickering raised CNX Resources from a "strong sell" rating to a "hold" rating in a research note on Friday, May 8th. Barclays lowered their price objective on shares of CNX Resources from $36.00 to $35.00 and set an "underweight" rating for the company in a research report on Tuesday, May 26th. Mizuho dropped their price objective on shares of CNX Resources from $44.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, May 27th. Morgan Stanley cut their target price on shares of CNX Resources from $34.00 to $32.00 and set an "underweight" rating on the stock in a research report on Monday, June 29th. Finally, Weiss Ratings cut shares of CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, July 28th. Nine equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, CNX Resources has an average rating of "Reduce" and a consensus price target of $35.44.

CNX Resources Stock Performance

CNX Resources stock opened at $37.47 on Friday. The business has a 50 day moving average of $34.85 and a 200-day moving average of $36.65. The company has a market capitalization of $5.54 billion, a P/E ratio of 6.26 and a beta of 0.61. CNX Resources Corporation. has a 1 year low of $28.82 and a 1 year high of $43.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.72 and a quick ratio of 0.67.

CNX Resources (NYSE:CNX - Get Free Report) last posted its earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 EPS for the quarter, topping the consensus estimate of $0.60 by $0.72. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The business had revenue of $618.48 million for the quarter, compared to the consensus estimate of $475.16 million. During the same period last year, the company earned $2.43 EPS. The firm's revenue was down 35.7% compared to the same quarter last year. On average, equities research analysts predict that CNX Resources Corporation. will post 3.08 earnings per share for the current year.

CNX Resources Profile

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.

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