CNX Resources Co. (NYSE:CNX) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC decreased its holdings in CNX Resources Co. (NYSE:CNX - Free Report) by 19.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 160,505 shares of the oil and gas producer's stock after selling 37,618 shares during the quarter. Wedge Capital Management L L P NC owned about 0.11% of CNX Resources worth $5,228,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. CHICAGO TRUST Co NA acquired a new stake in shares of CNX Resources in the 3rd quarter worth $233,000. CWM LLC lifted its position in CNX Resources by 77.0% during the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer's stock worth $70,000 after acquiring an additional 935 shares during the period. Atomi Financial Group Inc. acquired a new stake in CNX Resources during the 3rd quarter worth about $202,000. GAMMA Investing LLC lifted its position in CNX Resources by 62.1% during the 3rd quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer's stock worth $100,000 after acquiring an additional 1,177 shares during the period. Finally, SG Americas Securities LLC lifted its position in CNX Resources by 829.9% during the 3rd quarter. SG Americas Securities LLC now owns 42,982 shares of the oil and gas producer's stock worth $1,400,000 after acquiring an additional 38,360 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

Insider Activity

In related news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the company's stock in a transaction dated Monday, September 9th. The stock was acquired at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the transaction, the director now directly owns 401,820 shares of the company's stock, valued at approximately $10,772,794.20. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CNX. JPMorgan Chase & Co. lifted their price target on CNX Resources from $26.00 to $27.00 and gave the stock a "neutral" rating in a research report on Thursday, September 12th. StockNews.com cut CNX Resources from a "hold" rating to a "sell" rating in a research report on Saturday, August 3rd. Piper Sandler cut CNX Resources from a "neutral" rating to an "underweight" rating and decreased their price objective for the company from $22.00 to $20.00 in a report on Thursday, August 15th. Tudor, Pickering, Holt & Co. cut CNX Resources from a "hold" rating to a "sell" rating in a report on Tuesday, October 1st. Finally, Scotiabank boosted their price objective on CNX Resources from $25.00 to $27.00 and gave the company a "sector underperform" rating in a report on Tuesday, August 20th. Five equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $27.10.

CNX Resources Price Performance

NYSE:CNX traded down $0.97 during trading hours on Tuesday, hitting $34.08. 3,260,412 shares of the stock were exchanged, compared to its average volume of 2,723,308. CNX Resources Co. has a 52-week low of $19.07 and a 52-week high of $36.96. The firm's fifty day moving average price is $29.34 and its 200 day moving average price is $26.34. The company has a current ratio of 0.41, a quick ratio of 0.40 and a debt-to-equity ratio of 0.46. The company has a market cap of $5.22 billion, a P/E ratio of 6.17 and a beta of 1.38.

CNX Resources (NYSE:CNX - Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.09. The business had revenue of $321.44 million during the quarter, compared to analyst estimates of $387.46 million. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. During the same period in the prior year, the business earned $0.29 earnings per share. As a group, equities research analysts anticipate that CNX Resources Co. will post 1.43 EPS for the current fiscal year.

About CNX Resources

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.