Invesco Ltd. Sells 957,646 Shares of CNX Resources Co. (NYSE:CNX)

Invesco Ltd. cut its stake in shares of CNX Resources Co. (NYSE:CNX - Free Report) by 30.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,149,919 shares of the oil and gas producer's stock after selling 957,646 shares during the quarter. Invesco Ltd. owned 1.44% of CNX Resources worth $78,838,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. M&T Bank Corp increased its stake in CNX Resources by 25.4% in the 3rd quarter. M&T Bank Corp now owns 18,057 shares of the oil and gas producer's stock worth $588,000 after purchasing an additional 3,663 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of CNX Resources by 0.3% in the third quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer's stock worth $117,366,000 after buying an additional 12,333 shares during the period. World Investment Advisors LLC purchased a new position in shares of CNX Resources in the third quarter worth approximately $534,000. CWA Asset Management Group LLC acquired a new stake in shares of CNX Resources during the fourth quarter valued at approximately $241,000. Finally, Empirical Asset Management LLC purchased a new stake in shares of CNX Resources in the 4th quarter valued at approximately $9,281,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

CNX Resources Price Performance

NYSE CNX traded down $0.05 during midday trading on Friday, hitting $30.83. The company had a trading volume of 2,288,047 shares, compared to its average volume of 2,670,405. The company has a market capitalization of $4.54 billion, a PE ratio of -45.34, a P/E/G ratio of 0.42 and a beta of 1.33. The firm has a 50-day moving average price of $30.30 and a 200-day moving average price of $33.25. CNX Resources Co. has a twelve month low of $22.82 and a twelve month high of $41.93. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45.

CNX Resources (NYSE:CNX - Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. As a group, analysts anticipate that CNX Resources Co. will post 2.18 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. StockNews.com downgraded CNX Resources from a "hold" rating to a "sell" rating in a report on Thursday, February 13th. Roth Capital set a $30.00 price objective on shares of CNX Resources in a research note on Thursday, January 23rd. Stephens raised CNX Resources from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $35.00 to $48.00 in a research report on Tuesday, March 18th. Scotiabank raised CNX Resources from a "sector underperform" rating to a "sector perform" rating and set a $33.00 price target on the stock in a research report on Friday, April 11th. Finally, Mizuho upped their target price on shares of CNX Resources from $34.00 to $35.00 and gave the company an "underperform" rating in a research note on Monday, April 7th. Eight research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $31.25.

CNX Resources Profile

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.