Convergence Investment Partners LLC Makes New $1.56 Million Investment in CNX Resources Co. (NYSE:CNX)

Convergence Investment Partners LLC bought a new position in CNX Resources Co. (NYSE:CNX) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 42,434 shares of the oil and gas producer’s stock, valued at approximately $1,556,000.

Other large investors have also added to or reduced their stakes in the company. Sequoia Financial Advisors LLC lifted its stake in shares of CNX Resources by 3.5% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 13,135 shares of the oil and gas producer’s stock valued at $428,000 after buying an additional 442 shares in the last quarter. Principal Securities Inc. lifted its position in CNX Resources by 38.5% during the fourth quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer’s stock valued at $91,000 after acquiring an additional 691 shares during the last quarter. SeaBridge Investment Advisors LLC increased its stake in CNX Resources by 0.8% during the 4th quarter. SeaBridge Investment Advisors LLC now owns 90,301 shares of the oil and gas producer’s stock valued at $3,311,000 after purchasing an additional 759 shares in the last quarter. CWM LLC lifted its holdings in shares of CNX Resources by 77.0% in the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after buying an additional 935 shares during the period. Finally, Blue Trust Inc. raised its holdings in 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 worth $64,000 after purchasing an additional 1,131 shares during the period. Institutional investors own 95.16% of the company’s stock.

Insider Activity at CNX Resources

In other CNX Resources news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $31.09, for a total value of $33,421,750.00. Following the completion of the transaction, the insider now owns 13,925,000 shares in the company, valued at approximately $432,928,250. This represents a 7.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 3.10% of the company’s stock.

CNX Resources Price Performance

Shares of NYSE:CNX opened at $30.50 on Wednesday. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. CNX Resources Co. has a fifty-two week low of $19.58 and a fifty-two week high of $41.93. The firm has a 50-day simple moving average of $32.09 and a 200 day simple moving average of $32.57. The company has a market cap of $4.54 billion, a PE ratio of -44.84, a P/E/G ratio of 0.39 and a beta of 1.38.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data 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 negative net margin of 7.14% and a positive return on equity of 6.72%. On average, sell-side analysts anticipate that CNX Resources Co. will post 2.36 EPS for the current year.

Analyst Upgrades and Downgrades

CNX has been the subject of a number of analyst reports. Raymond James upgraded CNX Resources from an “underperform” rating to a “market perform” rating in a research report on Tuesday. Bank of America began coverage on CNX Resources in a research report on Monday, October 28th. They issued an “underperform” rating and a $34.00 price objective for the company. Piper Sandler lowered their price objective on CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a research report on Wednesday, January 29th. StockNews.com cut CNX Resources from a “hold” rating to a “sell” rating in a research note on Thursday, February 13th. Finally, Mizuho reduced their price objective on CNX Resources from $38.00 to $34.00 and set an “underperform” rating on the stock in a research note on Tuesday, January 14th. Nine research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $29.67.

CNX Resources Company Profile

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.