L2 Asset Management LLC Buys New Position in CNX Resources Corporation. $CNX

L2 Asset Management LLC purchased a new position in shares of CNX Resources Corporation. (NYSE:CNX) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 21,241 shares of the oil and gas producer’s stock, valued at approximately $721,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Smartleaf Asset Management LLC grew its position in CNX Resources by 56.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock valued at $30,000 after acquiring an additional 293 shares in the last quarter. State of Wyoming acquired a new position in shares of CNX Resources during the second quarter worth $29,000. Los Angeles Capital Management LLC acquired a new position in shares of CNX Resources during the fourth quarter worth $34,000. Kestra Advisory Services LLC purchased a new position in shares of CNX Resources in the fourth quarter valued at $50,000. Finally, Highlander Partners L.P. purchased a new position in shares of CNX Resources in the fourth quarter valued at $56,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

CNX Resources Stock Up 0.4%

Shares of NYSE:CNX opened at $36.49 on Tuesday. The firm has a market cap of $5.40 billion, a PE ratio of 6.09 and a beta of 0.60. The company has a fifty day simple moving average of $34.22 and a 200 day simple moving average of $36.80. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46. CNX Resources Corporation. has a 12-month low of $28.57 and a 12-month high of $43.62.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.72. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The firm had revenue of $618.48 million for the quarter, compared to the consensus estimate of $475.16 million. During the same period in the prior year, the firm posted $2.43 EPS. The firm’s revenue was down 35.7% compared to the same quarter last year. On average, equities research analysts anticipate that CNX Resources Corporation. will post 3.08 EPS for the current fiscal year.

Analysts Set New Price Targets

CNX has been the topic of several analyst reports. Tudor Pickering raised shares of CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Morgan Stanley decreased their price objective on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating for the company in a research report on Monday, June 29th. Barclays lowered their target price on CNX Resources from $36.00 to $35.00 and set an “underweight” rating for the company in a research note on Tuesday, May 26th. Mizuho dropped their target price on CNX Resources from $44.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. Finally, Truist Financial upgraded CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 price target on the stock in a research note on Wednesday, July 15th. Nine research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $35.44.

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.