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

Prudential Financial Inc. trimmed its position in shares of CNX Resources Co. (NYSE:CNX - Free Report) by 36.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 122,229 shares of the oil and gas producer's stock after selling 71,296 shares during the period. Prudential Financial Inc. owned about 0.08% of CNX Resources worth $4,482,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Harvest Fund Management Co. Ltd bought a new position in CNX Resources during the 4th quarter valued at approximately $39,000. VSM Wealth Advisory LLC purchased a new position in shares of CNX Resources during the fourth quarter valued at approximately $55,000. Principal Securities Inc. raised its holdings in shares of CNX Resources by 38.5% during the fourth quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer's stock valued at $91,000 after acquiring an additional 691 shares in the last quarter. Blue Trust Inc. lifted its stake in CNX Resources by 65.1% in the fourth quarter. Blue Trust Inc. now owns 3,246 shares of the oil and gas producer's stock worth $119,000 after acquiring an additional 1,280 shares during the period. Finally, Heck Capital Advisors LLC bought a new stake in CNX Resources in the fourth quarter valued at $121,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Stock Down 6.2 %

Shares of CNX traded down $1.95 on Friday, hitting $29.29. 4,051,841 shares of the stock traded hands, compared to its average volume of 2,660,635. CNX Resources Co. has a one year low of $22.82 and a one year high of $41.93. The company has a market capitalization of $4.31 billion, a PE ratio of -43.08, a P/E/G ratio of 0.42 and a beta of 1.26. The business has a 50 day simple moving average of $30.03 and a 200 day simple moving average of $33.38. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.32 and a current ratio of 0.33.

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CNX Resources (NYSE:CNX - Get Free Report) last posted its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 EPS 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%. As a group, equities analysts forecast that CNX Resources Co. will post 2.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 13,925,000 shares in the company, valued at $432,928,250. The trade was a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have commented on CNX shares. TD Cowen initiated coverage on shares of CNX Resources in a report on Wednesday, January 15th. They issued a "hold" rating and a $27.00 price objective for the company. Roth Capital set a $30.00 price objective on shares of CNX Resources in a report on Thursday, January 23rd. Piper Sandler lowered their target price on CNX Resources from $23.00 to $22.00 and set an "underweight" rating for the company in a research note on Wednesday, January 29th. StockNews.com cut CNX Resources from a "hold" rating to a "sell" rating in a research note on Thursday, February 13th. Finally, Raymond James raised CNX Resources from an "underperform" rating to a "market perform" rating in a research report on Tuesday, February 18th. Nine investment analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $30.83.

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.