DAVENPORT & Co LLC Has $15.13 Million Holdings in CNX Resources Co. (NYSE:CNX)

DAVENPORT & Co LLC trimmed its stake in shares of CNX Resources Co. (NYSE:CNX) by 32.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 412,523 shares of the oil and gas producer’s stock after selling 198,553 shares during the period. DAVENPORT & Co LLC owned approximately 0.28% of CNX Resources worth $15,127,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CNX. Blue Trust Inc. lifted its holdings in CNX Resources by 135.4% during the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after buying an additional 1,131 shares in the last quarter. CWM LLC lifted its stake in shares of CNX Resources by 77.0% during the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after acquiring an additional 935 shares during the period. GAMMA Investing LLC boosted its holdings in CNX Resources by 62.1% in the third quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock valued at $100,000 after acquiring an additional 1,177 shares during the last quarter. Heck Capital Advisors LLC acquired a new stake in CNX Resources in the fourth quarter worth about $121,000. Finally, Atomi Financial Group Inc. bought a new stake in CNX Resources during the 3rd quarter worth about $202,000. 95.16% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CNX has been the topic of several recent research reports. 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 target price on the stock. TD Cowen assumed coverage on shares of CNX Resources in a report on Wednesday, January 15th. They set a “hold” rating and a $27.00 target price for the company. Mizuho dropped their target price on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating for the company in a research report on Tuesday, January 14th. Stephens raised their price target on CNX Resources from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. Finally, Morgan Stanley began coverage on CNX Resources in a report on Friday, January 10th. They issued an “underweight” rating and a $29.00 price objective for the company. Nine research 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 an average price target of $29.67.

Insider Activity

In related 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 stock was sold at an average price of $31.09, for a total value of $33,421,750.00. Following the sale, the insider now owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. This trade represents a 7.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.10% of the company’s stock.

CNX Resources Stock Performance

Shares of CNX stock opened at $27.41 on Monday. 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 52 week low of $19.07 and a 52 week high of $41.93. The company’s 50 day moving average price is $34.35 and its two-hundred day moving average price is $32.24. The company has a market capitalization of $4.09 billion, a P/E ratio of 8.62, a price-to-earnings-growth ratio of 0.37 and a beta of 1.42.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data 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 net margin of 27.79% and a return on equity of 7.54%. On average, analysts expect that CNX Resources Co. will post 1.6 earnings per share for the current fiscal year.

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.