Connor Clark & Lunn Investment Management Ltd. increased its stake in CNX Resources Co. (NYSE:CNX - Free Report) by 311.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 616,734 shares of the oil and gas producer's stock after purchasing an additional 466,694 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.41% of CNX Resources worth $20,087,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of the stock. GAMMA Investing LLC grew its position in shares of CNX Resources by 54.1% during the second quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer's stock worth $46,000 after purchasing an additional 666 shares in the last quarter. Blue Trust Inc. increased its holdings in CNX Resources by 135.4% in the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer's stock valued at $64,000 after acquiring an additional 1,131 shares during the last quarter. CWM LLC boosted its holdings in shares of CNX Resources by 77.0% during the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer's stock valued at $70,000 after purchasing an additional 935 shares during the last quarter. Natixis purchased a new stake in shares of CNX Resources in the first quarter worth about $79,000. Finally, Innealta Capital LLC bought a new position in CNX Resources during the second quarter valued at approximately $131,000. Institutional investors own 95.16% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on CNX. BMO Capital Markets upped their price objective on CNX Resources from $26.00 to $29.00 and gave the stock a "market perform" rating in a report on Friday, October 4th. Piper Sandler lowered shares of CNX Resources from a "neutral" rating to an "underweight" rating and lowered their price objective for the company from $22.00 to $20.00 in a research report on Thursday, August 15th. Stephens increased their price target on shares of CNX Resources from $26.00 to $35.00 and gave the company an "equal weight" rating in a report on Friday, October 25th. Tudor Pickering upgraded CNX Resources to a "strong sell" rating in a research report on Tuesday, October 1st. Finally, Tudor, Pickering, Holt & Co. cut CNX Resources from a "hold" rating to a "sell" rating in a report on Tuesday, October 1st. Six investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat.com, CNX Resources currently has an average rating of "Hold" and a consensus price target of $29.00.
Check Out Our Latest Stock Analysis on CNX Resources
CNX Resources Trading Up 2.3 %
CNX stock traded up $0.94 during mid-day trading on Thursday, reaching $41.05. The company had a trading volume of 224,275 shares, compared to its average volume of 2,695,405. The company has a market capitalization of $6.13 billion, a PE ratio of 12.62, a price-to-earnings-growth ratio of 1.90 and a beta of 1.37. The firm has a 50 day moving average of $34.45 and a 200 day moving average of $28.65. CNX Resources Co. has a 12 month low of $19.07 and a 12 month high of $41.05. 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 - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.09. The company had revenue of $424.21 million for the quarter, compared to analysts' expectations of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same quarter in the prior year, the firm earned $0.35 earnings per share. On average, equities analysts predict that CNX Resources Co. will post 1.53 earnings per share for the current fiscal year.
Insider Activity
In related news, Director Bernard Lanigan, Jr. bought 75,000 shares of the company's stock in a transaction on Monday, September 9th. The shares were acquired at an average price of $26.81 per share, with a total value of $2,010,750.00. Following the transaction, the director now owns 401,820 shares of the company's stock, valued at $10,772,794.20. The trade was a 22.95 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.10% of the company's stock.
CNX Resources Company Profile
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Free Report)
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.
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