Longboard Asset Management LP Purchases New Shares in CNX Resources Co. (NYSE:CNX)

Longboard Asset Management LP purchased a new position in CNX Resources Co. (NYSE:CNX) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 5,794 shares of the oil and gas producer’s stock, valued at approximately $212,000.

A number of other hedge funds also recently bought and sold shares of CNX. Blue Trust Inc. lifted its position in shares of CNX Resources by 135.4% in the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock valued at $64,000 after acquiring an additional 1,131 shares in the last quarter. CWM LLC raised its stake in CNX Resources by 77.0% during the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after purchasing an additional 935 shares during the period. GAMMA Investing LLC raised its stake in CNX Resources by 62.1% during the 3rd quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock valued at $100,000 after purchasing an additional 1,177 shares during the period. Heck Capital Advisors LLC purchased a new stake in CNX Resources in the 4th quarter worth about $121,000. Finally, Atomi Financial Group Inc. acquired a new stake in shares of CNX Resources during the 3rd quarter valued at $202,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Stephens boosted their target price on shares of CNX Resources from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. Morgan Stanley began coverage on shares of CNX Resources in a report on Friday, January 10th. They issued an “underweight” rating and a $29.00 price objective for the company. JPMorgan Chase & Co. lowered CNX Resources from a “neutral” rating to an “underweight” rating and raised their target price for the company from $31.00 to $37.00 in a report on Thursday, December 5th. Mizuho reduced their price target on CNX Resources from $38.00 to $34.00 and set an “underperform” rating for the company in a research report on Tuesday, January 14th. Finally, Piper Sandler lowered their price objective on CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a report on Wednesday, January 29th. Eight analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $29.67.

CNX Resources Stock Up 0.8 %

NYSE CNX opened at $27.60 on Tuesday. CNX Resources Co. has a 1-year low of $19.07 and a 1-year 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 stock’s 50 day moving average is $34.10 and its two-hundred day moving average is $32.25.

CNX Resources (NYSE:CNX) last announced its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. As a group, equities analysts expect that CNX Resources Co. will post 2.36 EPS for the current year.

Insider Transactions at CNX Resources

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction dated 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 completion of the transaction, the insider now directly owns 13,925,000 shares of the company’s stock, valued at $432,928,250. This trade represents a 7.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.65% of the stock is owned by insiders.

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.