Mfn Partners, Lp Sells 1,075,000 Shares of CNX Resources Co. (NYSE:CNX) Stock

CNX Resources Co. (NYSE:CNX) major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the transaction, the insider now directly owns 13,925,000 shares in the company, valued at $432,928,250. This trade represents a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

CNX Resources Stock Up 2.3 %

Shares of CNX Resources stock traded up $0.71 during trading hours on Wednesday, reaching $31.20. 5,790,913 shares of the company were exchanged, compared to its average volume of 6,913,301. The firm has a market cap of $4.66 billion, a PE ratio of 9.81, a PEG ratio of 1.85 and a beta of 1.42. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.37. CNX Resources Co. has a 1 year low of $19.07 and a 1 year high of $41.93. The stock’s fifty day moving average is $37.37 and its 200 day moving average is $31.69.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. The company had revenue of $424.21 million for the quarter, compared to analyst estimates of $398.33 million. During the same quarter last year, the company earned $0.35 EPS. As a group, equities research analysts forecast that CNX Resources Co. will post 1.54 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its holdings in CNX Resources by 135.4% in the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock valued at $64,000 after purchasing an additional 1,131 shares in the last quarter. CWM LLC boosted its holdings 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 valued at $70,000 after buying an additional 935 shares in the last quarter. GAMMA Investing LLC grew its position in shares of CNX Resources by 62.1% in the 3rd quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock valued at $100,000 after buying an additional 1,177 shares during the last quarter. Atomi Financial Group Inc. acquired a new stake in CNX Resources during the 3rd quarter worth $202,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in CNX Resources in the third quarter valued at $205,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analysts Set New Price Targets

CNX has been the topic of several analyst reports. Piper Sandler lifted their price target on shares of CNX Resources from $20.00 to $23.00 and gave the company an “underweight” rating in a research report on Friday, December 6th. BMO Capital Markets lifted their target price on CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, October 4th. Tudor, Pickering, Holt & Co. cut CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Bank of America started coverage on shares of CNX Resources in a report on Monday, October 28th. They issued an “underperform” rating and a $34.00 price objective on the stock. Finally, Tudor Pickering upgraded shares of CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. Eight equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $30.50.

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.