Raymond James Financial Inc. Invests $14.27 Million in CNX Resources Co. (NYSE:CNX)

Raymond James Financial Inc. purchased a new stake in shares of CNX Resources Co. (NYSE:CNX - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 389,117 shares of the oil and gas producer's stock, valued at approximately $14,268,000. Raymond James Financial Inc. owned approximately 0.26% of CNX Resources at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Principal Securities Inc. raised its position in CNX Resources by 38.5% in the fourth quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer's stock worth $91,000 after acquiring an additional 691 shares during the period. Blue Trust Inc. raised its position 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. Heck Capital Advisors LLC bought a new stake in CNX Resources in the fourth quarter worth about $121,000. Oppenheimer Asset Management Inc. bought a new stake in CNX Resources in the third quarter worth about $205,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in CNX Resources in the third quarter worth about $209,000. Institutional investors own 95.16% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Mizuho lowered their price objective on shares of CNX Resources from $38.00 to $34.00 and set an "underperform" rating on the stock in a research report on Tuesday, January 14th. Stephens upgraded shares of CNX Resources from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $35.00 to $48.00 in a research note on Tuesday. Truist Financial lifted their target price on shares of CNX Resources from $34.00 to $35.00 and gave the stock a "hold" rating in a research note on Friday, December 6th. JPMorgan Chase & Co. lifted their target price on shares of CNX Resources from $32.00 to $33.00 and gave the stock an "underweight" rating in a research note on Thursday, March 13th. Finally, Piper Sandler reduced their target price on shares of CNX Resources from $23.00 to $22.00 and set an "underweight" rating for the company in a research note on Wednesday, January 29th. Nine research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, CNX Resources has a consensus rating of "Hold" and an average target price of $30.38.

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CNX Resources Price Performance

NYSE:CNX traded down $0.24 during mid-day trading on Friday, hitting $31.79. 2,789,663 shares of the stock traded hands, compared to its average volume of 2,617,044. The business's 50-day moving average price is $29.71 and its 200 day moving average price is $33.05. CNX Resources Co. has a 12-month low of $22.58 and a 12-month high of $41.93. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. The company has a market cap of $4.73 billion, a PE ratio of -46.75, a price-to-earnings-growth ratio of 0.42 and a beta of 1.26.

CNX Resources (NYSE:CNX - Get Free Report) last posted its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.14. CNX Resources had a negative net margin of 7.14% and a positive return on equity of 6.72%. On average, analysts expect that CNX Resources Co. will post 2.18 EPS for the current fiscal year.

Insider Buying and Selling at CNX Resources

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 transaction 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.10% of the company's stock.

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.