Convergence Investment Partners LLC Purchases New Holdings in CNX Resources Co. (NYSE:CNX)

Convergence Investment Partners LLC purchased a new stake in CNX Resources Co. (NYSE:CNX) in the 4th quarter, HoldingsChannel reports. The fund purchased 42,434 shares of the oil and gas producer’s stock, valued at approximately $1,556,000.

Several other large investors have also recently added to or reduced their stakes in CNX. Connor Clark & Lunn Investment Management Ltd. increased its stake in CNX Resources by 311.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock valued at $20,087,000 after buying an additional 466,694 shares during the period. Empirical Asset Management LLC acquired a new position in CNX Resources in the 4th quarter valued at approximately $9,281,000. Charles Schwab Investment Management Inc. increased its stake in CNX Resources by 12.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock valued at $60,607,000 after buying an additional 202,890 shares during the period. Empowered Funds LLC increased its stake in CNX Resources by 328.0% in the 4th quarter. Empowered Funds LLC now owns 211,719 shares of the oil and gas producer’s stock valued at $7,764,000 after buying an additional 162,247 shares during the period. Finally, Riverwater Partners LLC increased its stake in shares of CNX Resources by 124.2% during the 3rd quarter. Riverwater Partners LLC now owns 146,363 shares of the oil and gas producer’s stock worth $4,839,000 after purchasing an additional 81,092 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. TD Cowen assumed coverage on shares of CNX Resources in a research note on Wednesday, January 15th. They set a “hold” rating and a $27.00 price target on the stock. Stephens increased their price target on shares of CNX Resources from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Morgan Stanley assumed coverage on shares of CNX Resources in a research note on Friday, January 10th. They set an “underweight” rating and a $29.00 price target on the stock. Mizuho dropped their price target on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating on the stock in a research note on Tuesday, January 14th. Finally, Piper Sandler dropped their price target on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 29th. Nine equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat.com, CNX Resources currently has a consensus rating of “Reduce” and an average target price of $29.67.

CNX Resources Price Performance

NYSE:CNX opened at $30.50 on Wednesday. The company has a 50-day moving average of $32.09 and a 200-day moving average of $32.57. The company has a market capitalization of $4.54 billion, a price-to-earnings ratio of -44.84, a PEG ratio of 0.39 and a beta of 1.38. CNX Resources Co. has a 52 week low of $19.58 and a 52 week high of $41.93. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.32 and a current ratio of 0.33.

CNX Resources (NYSE:CNX) last released its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. CNX Resources had a negative net margin of 7.14% and a positive return on equity of 6.72%. As a group, equities research analysts anticipate that CNX Resources Co. will post 2.36 earnings per share for the current fiscal year.

Insider Transactions at CNX Resources

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the sale, the insider now owns 13,925,000 shares in the company, valued at $432,928,250. This trade represents a 7.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.10% of the stock is owned by insiders.

CNX Resources Company 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.