Corebridge Financial Inc. Cuts Holdings in CNX Resources Co. (NYSE:CNX)

Corebridge Financial Inc. cut its holdings in shares of CNX Resources Co. (NYSE:CNX - Free Report) by 6.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 240,421 shares of the oil and gas producer's stock after selling 16,340 shares during the period. Corebridge Financial Inc. owned about 0.16% of CNX Resources worth $8,816,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CNX. Congress Asset Management Co. increased its stake in CNX Resources by 7.2% during the 4th quarter. Congress Asset Management Co. now owns 266,447 shares of the oil and gas producer's stock worth $9,771,000 after buying an additional 17,951 shares during the period. Charles Schwab Investment Management Inc. increased its position 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 worth $60,607,000 after acquiring an additional 202,890 shares during the period. World Investment Advisors LLC acquired a new stake in shares of CNX Resources in the third quarter valued at $534,000. Convergence Investment Partners LLC acquired a new stake in shares of CNX Resources in the fourth quarter valued at $1,556,000. Finally, Wakefield Asset Management LLLP purchased a new position in CNX Resources in the fourth quarter valued at $1,047,000. Institutional investors and hedge funds own 95.16% of the company's stock.

Insiders Place Their Bets

In other CNX Resources news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the business's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $31.09, for a total value of $33,421,750.00. Following the transaction, the insider now directly 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.10% of the stock is currently owned by insiders.

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CNX Resources Stock Performance

Shares of NYSE CNX traded up $0.02 during trading hours on Monday, reaching $31.65. The stock had a trading volume of 537,937 shares, compared to its average volume of 2,655,268. The firm has a 50-day moving average of $29.84 and a 200-day moving average of $33.30. The firm has a market cap of $4.66 billion, a price-to-earnings ratio of -46.59, a PEG ratio of 0.42 and a beta of 1.26. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45. CNX Resources Co. has a fifty-two week low of $22.82 and a fifty-two week high of $41.93.

CNX Resources (NYSE:CNX - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, beating the consensus estimate 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%. Equities research analysts predict that CNX Resources Co. will post 2.18 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CNX shares. JPMorgan Chase & Co. increased their price target on CNX Resources from $32.00 to $33.00 and gave the company an "underweight" rating in a research report on Thursday, March 13th. Piper Sandler reduced their target price on shares of CNX Resources from $23.00 to $22.00 and set an "underweight" rating on the stock in a report on Wednesday, January 29th. TD Cowen started coverage on shares of CNX Resources in a report on Wednesday, January 15th. They set a "hold" rating and a $27.00 price target for the company. Truist Financial raised their price objective on shares of CNX Resources from $34.00 to $35.00 and gave the company a "hold" rating in a report on Friday, December 6th. Finally, Stephens upgraded shares of CNX Resources from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $35.00 to $48.00 in a research note on Tuesday, March 18th. Nine analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $30.69.

CNX Resources Company 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.