Bridges Investment Management Inc. Sells 16,571 Shares of CNX Resources Co. (NYSE:CNX)

Bridges Investment Management Inc. cut its position in shares of CNX Resources Co. (NYSE:CNX - Free Report) by 43.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,142 shares of the oil and gas producer's stock after selling 16,571 shares during the period. Bridges Investment Management Inc.'s holdings in CNX Resources were worth $775,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Principal Securities Inc. boosted its stake in CNX Resources by 38.5% during the fourth quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer's stock worth $91,000 after buying an additional 691 shares in the last quarter. Blue Trust Inc. lifted 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 acquiring an additional 1,280 shares during the period. Heck Capital Advisors LLC acquired a new stake in shares of CNX Resources during the 4th quarter valued at about $121,000. Longboard Asset Management LP acquired a new stake in shares of CNX Resources during the 4th quarter valued at about $212,000. Finally, Autumn Glory Partners LLC acquired a new position in CNX Resources in the fourth quarter worth about $220,000. 95.16% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other CNX Resources news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction on 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 of the company's stock, valued at approximately $432,928,250. The trade was a 7.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.10% of the company's stock.

CNX Resources Price Performance

Shares of CNX Resources stock traded down $0.31 during midday trading on Monday, reaching $28.59. The company had a trading volume of 3,083,482 shares, compared to its average volume of 3,812,660. The stock has a fifty day simple moving average of $30.78 and a 200 day simple moving average of $32.82. CNX Resources Co. has a 1-year low of $21.00 and a 1-year high of $41.93. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of -42.04, a price-to-earnings-growth ratio of 0.42 and a beta of 1.38.

CNX Resources (NYSE:CNX - Get Free Report) last released its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates 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 research analysts forecast that CNX Resources Co. will post 2.18 earnings per share for the current year.

Analyst Ratings Changes

CNX has been the subject of a number of analyst reports. Mizuho cut their price target on shares of CNX Resources from $38.00 to $34.00 and set an "underperform" rating for the company in a research note on Tuesday, January 14th. TD Cowen began 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. Piper Sandler dropped their price objective on CNX Resources from $23.00 to $22.00 and set an "underweight" rating for the company in a research note on Wednesday, January 29th. Truist Financial increased their price objective on CNX Resources from $34.00 to $35.00 and gave the stock a "hold" rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. lowered shares of CNX Resources from a "neutral" rating to an "underweight" rating and upped their target price for the stock from $31.00 to $37.00 in a report on Thursday, December 5th. Nine research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and an average price target of $29.69.

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.