Wedge Capital Management L L P NC Sells 19,052 Shares of CNX Resources Co. (NYSE:CNX)

Wedge Capital Management L L P NC decreased its stake in CNX Resources Co. (NYSE:CNX - Free Report) by 11.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 141,453 shares of the oil and gas producer's stock after selling 19,052 shares during the quarter. Wedge Capital Management L L P NC owned 0.09% of CNX Resources worth $5,187,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its holdings in shares of 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. World Investment Advisors LLC bought a new stake in shares of CNX Resources in the third quarter worth about $534,000. Bridges Investment Management Inc. acquired a new stake in shares of CNX Resources during the second quarter worth about $916,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of CNX Resources by 311.0% during 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 purchasing an additional 466,694 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its position in shares of CNX Resources by 3.5% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 13,135 shares of the oil and gas producer's stock valued at $428,000 after purchasing an additional 442 shares during the period. Institutional investors own 95.16% of the company's stock.

CNX Resources Price Performance

Shares of CNX Resources stock traded down $0.49 during trading on Friday, reaching $30.14. 2,384,745 shares of the company's stock were exchanged, compared to its average volume of 2,923,167. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.37. The company has a market cap of $4.50 billion, a P/E ratio of 9.48, a PEG ratio of 1.09 and a beta of 1.42. CNX Resources Co. has a 1-year low of $19.07 and a 1-year high of $41.93. The firm's 50-day moving average price is $36.53 and its 200 day moving average price is $31.99.

CNX Resources (NYSE:CNX - Get Free Report) last announced its 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 return on equity of 7.54% and a net margin of 27.79%. The business had revenue of $424.21 million for the quarter, compared to analysts' expectations of $398.33 million. During the same period in the prior year, the business posted $0.35 earnings per share. As a group, research analysts anticipate that CNX Resources Co. will post 1.57 earnings per share for the current year.

Wall Street Analyst Weigh In

CNX has been the topic of a number of research reports. Bank of America assumed coverage on shares of CNX Resources in a research note on Monday, October 28th. They issued an "underperform" rating and a $34.00 price target on the stock. Piper Sandler raised their price objective on CNX Resources from $20.00 to $23.00 and gave the company an "underweight" rating in a report on Friday, December 6th. Tudor Pickering raised shares of CNX Resources to a "strong sell" rating in a research report on Tuesday, October 1st. BMO Capital Markets increased their price target on shares of CNX Resources from $26.00 to $29.00 and gave the company a "market perform" rating in a research note on Friday, October 4th. Finally, Capital One Financial lowered shares of CNX Resources from an "overweight" rating to an "equal weight" rating and set a $25.00 price objective on the stock. in a research note on Monday, October 14th. Nine equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $29.75.

Insider Activity at CNX Resources

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the business's stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.65% of the stock is currently owned by company insiders.

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.