Retirement Systems of Alabama Reduces Stock Position in CNX Resources Co. (NYSE:CNX)

Retirement Systems of Alabama cut its holdings in CNX Resources Co. (NYSE:CNX) by 2.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 183,706 shares of the oil and gas producer’s stock after selling 5,436 shares during the period. Retirement Systems of Alabama owned about 0.12% of CNX Resources worth $5,983,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CNX. Mizuho Markets Americas LLC bought a new stake in CNX Resources during the second quarter worth approximately $97,200,000. American Century Companies Inc. raised its holdings in CNX Resources by 12.0% during the 2nd quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock valued at $89,890,000 after buying an additional 397,729 shares during the period. Geode Capital Management LLC raised its holdings in CNX Resources by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer’s stock valued at $117,366,000 after buying an additional 12,333 shares during the period. Charles Schwab Investment Management Inc. lifted its position in CNX Resources by 12.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock worth $60,607,000 after buying an additional 202,890 shares during the last quarter. Finally, LSV Asset Management boosted its stake in CNX Resources by 1.4% during the second quarter. LSV Asset Management now owns 1,780,921 shares of the oil and gas producer’s stock worth $43,276,000 after buying an additional 23,800 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Price Performance

Shares of CNX stock opened at $35.20 on Thursday. CNX Resources Co. has a twelve month low of $19.07 and a twelve month high of $41.93. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. The stock has a fifty day simple moving average of $37.38 and a two-hundred day simple moving average of $30.63. The stock has a market capitalization of $5.25 billion, a price-to-earnings ratio of 11.07, a P/E/G ratio of 1.85 and a beta of 1.43.

CNX Resources (NYSE:CNX) last released its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.09. The company had revenue of $424.21 million during the quarter, compared to analyst estimates of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same period in the prior year, the firm earned $0.35 earnings per share. On average, analysts predict that CNX Resources Co. will post 1.54 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CNX has been the topic of several recent analyst reports. BMO Capital Markets increased their target price on shares of CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Mizuho downgraded shares of CNX Resources from a “neutral” rating to an “underperform” rating and raised their price objective for the stock from $33.00 to $38.00 in a research note on Monday. Piper Sandler boosted their target price on CNX Resources from $20.00 to $23.00 and gave the company an “underweight” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. downgraded CNX Resources from a “neutral” rating to an “underweight” rating and increased their price target for the stock from $31.00 to $37.00 in a report on Thursday, December 5th. Finally, Bank of America assumed coverage on CNX Resources in a report on Monday, October 28th. They set an “underperform” rating and a $34.00 price objective for the company. Eight equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $30.50.

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.