King Luther Capital Management Corp Trims Stake in CNX Resources Co. (NYSE:CNX)

King Luther Capital Management Corp lessened its holdings in shares of CNX Resources Co. (NYSE:CNX) by 22.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 154,600 shares of the oil and gas producer’s stock after selling 45,330 shares during the period. King Luther Capital Management Corp’s holdings in CNX Resources were worth $5,035,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. State Board of Administration of Florida Retirement System lifted its stake in shares of CNX Resources by 35.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 62,847 shares of the oil and gas producer’s stock worth $1,491,000 after acquiring an additional 16,290 shares during the last quarter. Natixis purchased a new stake in CNX Resources in the first quarter worth $79,000. Price T Rowe Associates Inc. MD lifted its position in shares of CNX Resources by 5.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 112,259 shares of the oil and gas producer’s stock worth $2,663,000 after purchasing an additional 5,975 shares during the last quarter. Paloma Partners Management Co purchased a new stake in shares of CNX Resources during the first quarter valued at $229,000. Finally, Caxton Associates LP bought a new position in shares of CNX Resources in the first quarter worth about $710,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

CNX Resources Trading Up 1.4 %

Shares of NYSE CNX opened at $40.67 on Friday. CNX Resources Co. has a 1-year low of $19.07 and a 1-year high of $41.07. The business has a fifty day moving average price of $34.72 and a 200 day moving average price of $28.73. The stock has a market capitalization of $6.07 billion, a P/E ratio of 12.79, a price-to-earnings-growth ratio of 1.90 and a beta of 1.37. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, beating the consensus estimate of $0.32 by $0.09. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. The business had revenue of $424.21 million during the quarter, compared to analyst estimates of $398.33 million. During the same period in the prior year, the firm posted $0.35 earnings per share. Equities research analysts expect that CNX Resources Co. will post 1.53 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 3rd. Piper Sandler downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $22.00 to $20.00 in a research note on Thursday, August 15th. Tudor, Pickering, Holt & Co. cut CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Tudor Pickering raised CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. lowered their target price on CNX Resources from $32.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Six research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat, CNX Resources has an average rating of “Hold” and an average price target of $29.00.

Insider Activity at CNX Resources

In other CNX Resources news, Director Bernard Lanigan, Jr. bought 75,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were purchased at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the purchase, the director now directly owns 401,820 shares in the company, valued at $10,772,794.20. This represents a 22.95 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.10% of the stock is currently owned by corporate insiders.

About CNX Resources

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.