Franklin Resources Inc. Trims Stake in CNX Resources Co. (NYSE:CNX)

Franklin Resources Inc. reduced its holdings in CNX Resources Co. (NYSE:CNX - Free Report) by 25.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 166,453 shares of the oil and gas producer's stock after selling 55,345 shares during the quarter. Franklin Resources Inc. owned about 0.11% of CNX Resources worth $5,834,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Blue Trust Inc. lifted its holdings in CNX Resources by 135.4% in the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer's stock worth $64,000 after buying an additional 1,131 shares during the period. CWM LLC lifted its stake in shares of CNX Resources by 77.0% in 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 period. GAMMA Investing LLC boosted its position in shares of CNX Resources by 62.1% during the third quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer's stock valued at $100,000 after purchasing an additional 1,177 shares in the last quarter. Innealta Capital LLC purchased a new stake in CNX Resources in the second quarter worth $131,000. Finally, Atomi Financial Group Inc. bought a new position in CNX Resources in the third quarter worth $202,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CNX has been the topic of a number of research reports. Mizuho cut shares of CNX Resources from a "neutral" rating to an "underperform" rating and boosted their target price for the company from $33.00 to $38.00 in a report on Monday, December 16th. BMO Capital Markets boosted their price objective on shares of CNX Resources from $26.00 to $29.00 and gave the stock a "market perform" rating in a research note on Friday, October 4th. JPMorgan Chase & Co. downgraded shares of CNX Resources from a "neutral" rating to an "underweight" rating and raised their target price for the company from $31.00 to $37.00 in a research note on Thursday, December 5th. Piper Sandler lifted their target price on shares of CNX Resources from $20.00 to $23.00 and gave the company an "underweight" rating in a report on Friday, December 6th. Finally, Bank of America began coverage on CNX Resources in a research note on Monday, October 28th. They issued an "underperform" rating and a $34.00 price target on the stock. Eight research analysts have rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat.com, CNX Resources has a consensus rating of "Reduce" and an average target price of $30.50.

CNX Resources Stock Performance

Shares of CNX Resources stock traded down $0.01 during trading on Monday, hitting $36.24. 1,831,241 shares of the company's stock traded hands, compared to its average volume of 2,652,461. CNX Resources Co. has a 1 year low of $19.07 and a 1 year high of $41.93. The business has a 50-day simple moving average of $37.39 and a 200-day simple moving average of $30.81. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36. The stock has a market capitalization of $5.41 billion, a P/E ratio of 11.40, a PEG ratio of 1.85 and a beta of 1.43.

CNX Resources (NYSE:CNX - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.09. The firm had revenue of $424.21 million for the quarter, compared to the consensus estimate of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same quarter last year, the firm posted $0.35 EPS. As a group, analysts forecast that CNX Resources Co. will post 1.54 EPS for the current year.

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.