Wedge Capital Management L L P NC Sells 37,618 Shares of CNX Resources Co. (NYSE:CNX)

Wedge Capital Management L L P NC trimmed its position in shares of CNX Resources Co. (NYSE:CNX) by 19.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 160,505 shares of the oil and gas producer’s stock after selling 37,618 shares during the period. Wedge Capital Management L L P NC’s holdings in CNX Resources were worth $5,228,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of CNX. Congress Asset Management Co. MA boosted its position in shares of CNX Resources by 0.4% during the fourth quarter. Congress Asset Management Co. MA now owns 265,558 shares of the oil and gas producer’s stock valued at $5,311,000 after purchasing an additional 945 shares in the last quarter. Gateway Investment Advisers LLC bought a new stake in shares of CNX Resources during the 1st quarter valued at $231,000. Hexagon Capital Partners LLC grew its position in shares of CNX Resources by 113.4% in the 1st quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock worth $51,000 after buying an additional 1,136 shares during the period. AlphaMark Advisors LLC increased its stake in shares of CNX Resources by 36.7% in the 1st quarter. AlphaMark Advisors LLC now owns 15,225 shares of the oil and gas producer’s stock worth $361,000 after acquiring an additional 4,091 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in CNX Resources by 243.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 72,656 shares of the oil and gas producer’s stock valued at $1,723,000 after acquiring an additional 51,490 shares during the period. 95.16% of the stock is owned by institutional investors.

CNX Resources Trading Down 3.4 %

Shares of CNX Resources stock opened at $35.04 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.40 and a current ratio of 0.41. The company has a fifty day moving average of $29.14 and a 200 day moving average of $26.26. The company has a market capitalization of $5.37 billion, a P/E ratio of 6.35 and a beta of 1.38. CNX Resources Co. has a fifty-two week low of $19.07 and a fifty-two week high of $36.96.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.09. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. The firm had revenue of $321.44 million during the quarter, compared to analysts’ expectations of $387.46 million. During the same quarter last year, the business posted $0.29 earnings per share. On average, sell-side analysts anticipate that CNX Resources Co. will post 1.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Tudor, Pickering, Holt & Co. cut shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Truist Financial raised their price objective on CNX Resources from $31.00 to $38.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Scotiabank boosted their target price on CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Stephens reiterated an “equal weight” rating and issued a $27.00 price target on shares of CNX Resources in a research note on Monday, July 15th. Finally, Piper Sandler cut shares of CNX Resources from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $22.00 to $20.00 in a report on Thursday, August 15th. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $27.10.

Insider Activity

In related news, Director Bernard Lanigan, Jr. bought 75,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was purchased at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the transaction, the director now owns 401,820 shares in the company, valued at $10,772,794.20. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 3.10% of the company’s stock.

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.