Massar Capital Management LP Invests $1.83 Million in CNX Resources Co. (NYSE:CNX)

Massar Capital Management LP purchased a new stake in shares of CNX Resources Co. (NYSE:CNX) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 49,938 shares of the oil and gas producer’s stock, valued at approximately $1,831,000. CNX Resources comprises approximately 2.1% of Massar Capital Management LP’s holdings, making the stock its 16th biggest position.

A number of other hedge funds have also recently added to or reduced their stakes in CNX. World Investment Advisors LLC bought a new stake in shares of CNX Resources during the 3rd quarter worth about $534,000. CWA Asset Management Group LLC bought a new position in shares of CNX Resources in the fourth quarter valued at approximately $241,000. Empirical Asset Management LLC acquired a new stake in shares of CNX Resources in the fourth quarter worth $9,281,000. Blue Trust Inc. boosted its holdings in shares of CNX Resources by 65.1% during the 4th quarter. Blue Trust Inc. now owns 3,246 shares of the oil and gas producer’s stock worth $119,000 after buying an additional 1,280 shares during the period. Finally, KBC Group NV raised its holdings in CNX Resources by 41.0% in the 4th quarter. KBC Group NV now owns 6,216 shares of the oil and gas producer’s stock worth $228,000 after acquiring an additional 1,806 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analyst Ratings Changes

CNX has been the subject of several recent analyst reports. Mizuho increased their target price on CNX Resources from $34.00 to $35.00 and gave the company an “underperform” rating in a research note on Monday, April 7th. JPMorgan Chase & Co. raised their price target on shares of CNX Resources from $32.00 to $33.00 and gave the stock an “underweight” rating in a research note on Thursday, March 13th. Morgan Stanley reissued an “underweight” rating and issued a $31.00 target price on shares of CNX Resources in a report on Tuesday, April 15th. TD Cowen assumed coverage on CNX Resources in a research note on Wednesday, January 15th. They issued a “hold” rating and a $27.00 price target on the stock. Finally, Bank of America reduced their target price on shares of CNX Resources from $32.00 to $27.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 1st. Eight investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $31.25.

CNX Resources Trading Down 2.5 %

NYSE CNX opened at $30.04 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32. The stock’s 50-day moving average is $30.32 and its 200-day moving average is $33.20. CNX Resources Co. has a one year low of $22.82 and a one year high of $41.93. The firm has a market cap of $4.42 billion, a P/E ratio of -44.18, a P/E/G ratio of 0.42 and a beta of 1.33.

CNX Resources (NYSE:CNX) last announced its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, beating 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%. Sell-side analysts anticipate that CNX Resources Co. will post 2.18 earnings per share for the current fiscal year.

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.