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Verition Fund Management LLC Invests $1.32 Million in CNX Resources Co. (NYSE:CNX)

CNX Resources logo with Oils/Energy background

Verition Fund Management LLC purchased a new stake in shares of CNX Resources Co. (NYSE:CNX - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 40,563 shares of the oil and gas producer's stock, valued at approximately $1,321,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. GAMMA Investing LLC raised its stake in CNX Resources by 54.1% during the 2nd quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer's stock valued at $46,000 after acquiring an additional 666 shares in the last quarter. Blue Trust Inc. raised its stake in shares of CNX Resources by 135.4% during the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer's stock valued at $64,000 after purchasing an additional 1,131 shares in the last quarter. CWM LLC lifted its holdings in CNX Resources by 77.0% in the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer's stock worth $70,000 after purchasing an additional 935 shares during the period. Innealta Capital LLC acquired a new stake in CNX Resources in the second quarter worth about $131,000. Finally, Atomi Financial Group Inc. acquired a new position in CNX Resources during the 3rd quarter valued at about $202,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was acquired at an average price of $26.81 per share, with a total value of $2,010,750.00. Following the purchase, the director now owns 401,820 shares in the company, valued at $10,772,794.20. This represents a 22.95 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Bank of America started coverage on shares of CNX Resources in a research note on Monday, October 28th. They issued an "underperform" rating and a $34.00 price target for the company. Capital One Financial cut CNX Resources from an "overweight" rating to an "equal weight" rating and set a $25.00 target price for the company. in a research note on Monday, October 14th. Stephens raised their price objective on shares of CNX Resources from $26.00 to $35.00 and gave the company an "equal weight" rating in a research report on Friday, October 25th. JPMorgan Chase & Co. downgraded shares of CNX Resources from a "neutral" rating to an "underweight" rating and boosted their target price for the stock from $31.00 to $37.00 in a report on Thursday. Finally, Tudor Pickering upgraded shares of CNX Resources to a "strong sell" rating in a report on Tuesday, October 1st. Seven investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company's stock. Based on data from MarketBeat, CNX Resources currently has an average rating of "Reduce" and a consensus target price of $30.00.

Read Our Latest Research Report on CNX

CNX Resources Stock Down 3.6 %

Shares of CNX stock traded down $1.36 on Friday, reaching $36.82. 2,894,990 shares of the company's stock traded hands, compared to its average volume of 1,923,707. The business's 50 day moving average price is $36.83 and its two-hundred day moving average price is $29.96. The company has a market capitalization of $5.50 billion, a P/E ratio of 11.58, a price-to-earnings-growth ratio of 1.85 and a beta of 1.43. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.37. CNX Resources Co. has a 12-month low of $19.07 and a 12-month high of $41.93.

CNX Resources (NYSE:CNX - Get Free Report) last released its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.09. The company had revenue of $424.21 million for the quarter, compared to analysts' expectations of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same quarter in the previous year, the business posted $0.35 EPS. On average, equities analysts forecast that CNX Resources Co. will post 1.53 earnings per share for the current year.

About CNX Resources

(Free Report)

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.

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Institutional Ownership by Quarter for CNX Resources (NYSE:CNX)

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