Glenorchy Capital Ltd Buys Shares of 63,937 CNX Resources Co. (NYSE:CNX)

Glenorchy Capital Ltd bought a new stake in shares of CNX Resources Co. (NYSE:CNX) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 63,937 shares of the oil and gas producer’s stock, valued at approximately $1,279,000.

Other hedge funds have also added to or reduced their stakes in the company. Invesco Ltd. grew its position in shares of CNX Resources by 11.7% during the 3rd quarter. Invesco Ltd. now owns 3,587,664 shares of the oil and gas producer’s stock valued at $81,009,000 after acquiring an additional 376,245 shares during the period. American Century Companies Inc. boosted its holdings in CNX Resources by 11.2% in the 3rd quarter. American Century Companies Inc. now owns 2,154,145 shares of the oil and gas producer’s stock worth $48,641,000 after buying an additional 217,753 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in CNX Resources by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,445,994 shares of the oil and gas producer’s stock worth $32,651,000 after buying an additional 15,283 shares during the period. Brandywine Global Investment Management LLC boosted its holdings in CNX Resources by 5.1% in the 3rd quarter. Brandywine Global Investment Management LLC now owns 927,237 shares of the oil and gas producer’s stock worth $20,937,000 after buying an additional 44,690 shares during the period. Finally, Jacobs Levy Equity Management Inc. bought a new position in CNX Resources in the 3rd quarter worth $19,018,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Stock Performance

Shares of NYSE CNX traded down $0.03 during midday trading on Tuesday, reaching $24.07. The company had a trading volume of 2,215,425 shares, compared to its average volume of 2,944,573. The company has a current ratio of 0.51, a quick ratio of 0.49 and a debt-to-equity ratio of 0.43. The business’s 50-day simple moving average is $22.33 and its 200 day simple moving average is $21.38. CNX Resources Co. has a 1 year low of $14.36 and a 1 year high of $24.82. The stock has a market cap of $3.69 billion, a P/E ratio of 2.65 and a beta of 1.33.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, January 25th. The oil and gas producer reported $2.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $2.59. CNX Resources had a net margin of 50.34% and a return on equity of 9.00%. The firm had revenue of $999.50 million during the quarter, compared to analysts’ expectations of $401.62 million. During the same quarter last year, the company posted $1.64 earnings per share. The firm’s revenue was down 38.9% compared to the same quarter last year. On average, analysts forecast that CNX Resources Co. will post 1.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Timothy Scott Bedard acquired 1,226 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was bought at an average price of $20.50 per share, with a total value of $25,133.00. Following the completion of the acquisition, the executive vice president now owns 1,226 shares of the company’s stock, valued at $25,133. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.65% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CNX shares. Piper Sandler upped their target price on shares of CNX Resources from $18.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday. Scotiabank increased their price objective on shares of CNX Resources from $20.00 to $25.00 and gave the stock a “sector underperform” rating in a research report on Thursday, April 11th. Truist Financial increased their price objective on shares of CNX Resources from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Bank of America raised shares of CNX Resources from an “underperform” rating to a “neutral” rating and set a $23.00 price objective on the stock in a research report on Friday, January 5th. Finally, Mizuho upped their target price on shares of CNX Resources from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Two analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $24.43.

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.