Advisors Preferred LLC Acquires New Shares in CNX Resources Co. (NYSE:CNX)

Advisors Preferred LLC bought a new stake in CNX Resources Co. (NYSE:CNX) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 45,521 shares of the oil and gas producer’s stock, valued at approximately $1,699,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CNX. Creative Planning lifted its position in CNX Resources by 9.8% during the second quarter. Creative Planning now owns 31,265 shares of the oil and gas producer’s stock valued at $760,000 after acquiring an additional 2,779 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of CNX Resources by 62.1% during the 3rd quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock valued at $100,000 after purchasing an additional 1,177 shares during the last quarter. Atomi Financial Group Inc. acquired a new stake in shares of CNX Resources in the 3rd quarter worth $202,000. CWM LLC boosted its position in shares of CNX Resources by 77.0% in the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock worth $70,000 after purchasing an additional 935 shares in the last quarter. Finally, CHICAGO TRUST Co NA purchased a new position in CNX Resources during the 3rd quarter worth $233,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Capital One Financial cut CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price target for the company. in a research note on Monday, October 14th. Bank of America began coverage on shares of CNX Resources in a research report on Monday, October 28th. They issued an “underperform” rating and a $34.00 price objective for the company. Mizuho dropped their target price on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating on the stock in a research report on Tuesday, January 14th. Piper Sandler decreased their price target on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a report on Wednesday, January 29th. Finally, TD Cowen initiated coverage on CNX Resources in a research note on Wednesday, January 15th. They set a “hold” rating and a $27.00 price target on the stock. Eight analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $29.67.

Insider Activity

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $31.09, for a total value of $33,421,750.00. Following the transaction, the insider now directly owns 13,925,000 shares in the company, valued at approximately $432,928,250. This represents a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 4.65% of the company’s stock.

CNX Resources Price Performance

NYSE:CNX opened at $29.27 on Friday. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $4.37 billion, a PE ratio of -43.04, a price-to-earnings-growth ratio of 0.36 and a beta of 1.38. The stock’s 50-day moving average price is $33.17 and its 200-day moving average price is $32.25. CNX Resources Co. has a 52 week low of $19.07 and a 52 week high of $41.93.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, topping 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, equities analysts expect that CNX Resources Co. will post 2.36 EPS for the current fiscal year.

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.