Insider Selling: CNX Resources (NYSE:CNX) Director Sells $1,872,431.40 in Stock

CNX Resources Corporation. (NYSE:CNX) Director Bernard Lanigan, Jr. sold 46,119 shares of the company’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $40.60, for a total transaction of $1,872,431.40. Following the sale, the director owned 177,180 shares of the company’s stock, valued at $7,193,508. The trade was a 20.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

CNX Resources Stock Up 3.2%

NYSE:CNX opened at $38.76 on Thursday. The company has a quick ratio of 0.41, a current ratio of 0.44 and a debt-to-equity ratio of 0.52. CNX Resources Corporation. has a 12-month low of $27.68 and a 12-month high of $42.13. The stock’s fifty day simple moving average is $37.65 and its 200-day simple moving average is $34.81. The firm has a market capitalization of $5.52 billion, a P/E ratio of 10.53, a P/E/G ratio of 0.39 and a beta of 0.66.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.94. The firm had revenue of $610.48 million for the quarter, compared to analyst estimates of $422.65 million. CNX Resources had a return on equity of 9.29% and a net margin of 28.28%.The company’s quarterly revenue was up 347.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.97) earnings per share. Equities research analysts expect that CNX Resources Corporation. will post 2.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. upgraded shares of CNX Resources from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $36.00 to $38.00 in a report on Monday, December 8th. Morgan Stanley raised their price objective on CNX Resources from $31.00 to $32.00 and gave the stock an “underweight” rating in a research note on Friday, January 23rd. Mizuho lifted their target price on CNX Resources from $35.00 to $43.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Barclays increased their price target on CNX Resources from $34.00 to $35.00 and gave the stock an “underweight” rating in a report on Friday, January 30th. Finally, Scotiabank reaffirmed a “sector perform” rating and set a $44.00 price target on shares of CNX Resources in a research report on Wednesday, January 21st. Two analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $36.00.

Institutional Trading of CNX Resources

Institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of CNX Resources by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 86,878 shares of the oil and gas producer’s stock worth $2,735,000 after buying an additional 3,785 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of CNX Resources during the 1st quarter worth approximately $583,000. CWM LLC raised its holdings in shares of CNX Resources by 26.0% in the second quarter. CWM LLC now owns 3,405 shares of the oil and gas producer’s stock valued at $115,000 after purchasing an additional 703 shares during the last quarter. Pullen Investment Management LLC lifted its position in shares of CNX Resources by 1.3% in the second quarter. Pullen Investment Management LLC now owns 33,068 shares of the oil and gas producer’s stock worth $1,114,000 after purchasing an additional 435 shares in the last quarter. Finally, Riverwater Partners LLC boosted its holdings in CNX Resources by 11.5% during the second quarter. Riverwater Partners LLC now owns 89,399 shares of the oil and gas producer’s stock worth $3,011,000 after purchasing an additional 9,226 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Company Profile

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.