Trust Point Inc. Sells 11,556 Shares of CNX Resources Co. (NYSE:CNX)

Trust Point Inc. lowered its stake in CNX Resources Co. (NYSE:CNX - Free Report) by 32.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,675 shares of the oil and gas producer's stock after selling 11,556 shares during the period. Trust Point Inc.'s holdings in CNX Resources were worth $868,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of CNX Resources by 311.0% during the third 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 acquiring an additional 466,694 shares during the last quarter. Empirical Asset Management LLC bought a new position in shares of CNX Resources during the fourth quarter valued at $9,281,000. Charles Schwab Investment Management Inc. raised its stake in shares of CNX Resources by 12.2% during the third 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 acquiring an additional 202,890 shares during the last quarter. Riverwater Partners LLC raised its stake in shares of CNX Resources by 124.2% during the third quarter. Riverwater Partners LLC now owns 146,363 shares of the oil and gas producer's stock valued at $4,839,000 after acquiring an additional 81,092 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of CNX Resources by 231.9% during the third quarter. BNP Paribas Financial Markets now owns 104,361 shares of the oil and gas producer's stock valued at $3,399,000 after acquiring an additional 72,914 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Insiders Place Their Bets

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the company's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $31.09, for a total value of $33,421,750.00. Following the completion of the transaction, the insider now directly owns 13,925,000 shares in the company, valued at approximately $432,928,250. This represents a 7.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.10% of the company's stock.

CNX Resources Stock Performance

Shares of NYSE:CNX traded up $0.10 during midday trading on Friday, reaching $29.27. 2,608,365 shares of the company traded hands, compared to its average volume of 3,537,056. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. CNX Resources Co. has a 12 month low of $19.07 and a 12 month high of $41.93. The firm has a market capitalization of $4.37 billion, a price-to-earnings ratio of -43.04, a price-to-earnings-growth ratio of 0.39 and a beta of 1.38. The firm's fifty day moving average price is $33.17 and its two-hundred day moving average price is $32.30.

CNX Resources (NYSE:CNX - Get Free Report) last announced 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%. On average, equities analysts expect that CNX Resources Co. will post 2.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CNX. Piper Sandler dropped their price target on shares of CNX Resources from $23.00 to $22.00 and set an "underweight" rating for the company in a research note on Wednesday, January 29th. Capital One Financial downgraded shares of CNX Resources from an "overweight" rating to an "equal weight" rating and set a $25.00 target price for the company. in a research note on Monday, October 14th. Truist Financial lifted their target price on shares of CNX Resources from $34.00 to $35.00 and gave the stock a "hold" rating in a research note on Friday, December 6th. Bank of America initiated coverage on shares of CNX Resources in a research note on Monday, October 28th. They set an "underperform" rating and a $34.00 target price for the company. Finally, JPMorgan Chase & Co. downgraded shares of CNX Resources from a "neutral" rating to an "underweight" rating and lifted their target price for the stock from $31.00 to $37.00 in a research note on Thursday, December 5th. Eight equities 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 a consensus rating of "Reduce" and an average price target of $29.67.

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.