Texas Permanent School Fund decreased its position in CNX Resources Corp (NYSE:CNX) by 7.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 139,988 shares of the oil and gas producer’s stock after selling 11,163 shares during the quarter. Texas Permanent School Fund owned about 0.06% of CNX Resources worth $2,048,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd purchased a new stake in CNX Resources in the 2nd quarter worth about $573,000. Fox Run Management L.L.C. boosted its stake in CNX Resources by 77.0% during the 4th quarter. Fox Run Management L.L.C. now owns 57,875 shares of the oil and gas producer’s stock valued at $847,000 after purchasing an additional 25,175 shares during the period. Wells Fargo & Company MN boosted its stake in CNX Resources by 121.9% during the 3rd quarter. Wells Fargo & Company MN now owns 229,284 shares of the oil and gas producer’s stock valued at $3,885,000 after purchasing an additional 125,976 shares during the period. Boston Partners bought a new stake in CNX Resources during the 3rd quarter valued at approximately $2,493,000. Finally, Raffles Associates LP boosted its stake in CNX Resources by 22.7% during the 2nd quarter. Raffles Associates LP now owns 270,000 shares of the oil and gas producer’s stock valued at $4,034,000 after purchasing an additional 50,000 shares during the period. Institutional investors and hedge funds own 96.83% of the company’s stock.
Several research firms recently commented on CNX. ValuEngine downgraded CNX Resources from a “hold” rating to a “sell” rating in a research report on Friday, February 2nd. Seaport Global Securities initiated coverage on CNX Resources in a report on Thursday, November 30th. They set a “buy” rating and a $32.00 price target for the company. Barclays set a $16.00 price objective on CNX Resources and gave the stock a “hold” rating in a research note on Tuesday, December 12th. Robert W. Baird lifted their price objective on CNX Resources from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Monday, January 29th. Finally, Stifel Nicolaus started coverage on CNX Resources in a report on Thursday, November 30th. They set a “buy” rating and a $32.00 target price on the stock. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $23.00.
CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Tuesday, January 30th. The oil and gas producer reported $0.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.06. The business had revenue of $333.30 million during the quarter, compared to the consensus estimate of $331.76 million. CNX Resources had a return on equity of 1.36% and a net margin of 14.03%. CNX Resources’s quarterly revenue was up 19.0% on a year-over-year basis. During the same period in the prior year, the business posted ($1.33) earnings per share. equities research analysts expect that CNX Resources Corp will post 0.3 earnings per share for the current year.
CNX Resources announced that its Board of Directors has approved a stock repurchase program on Tuesday, October 31st that authorizes the company to repurchase $369.00 million in shares. This repurchase authorization authorizes the oil and gas producer to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
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CNX Resources Company Profile
CNX Resources Corp., formerly CONSOL Energy Inc, is an integrated energy company. The Company’s divisions include Exploration and Production (E&P), Pennsylvania (PA) Mining Operations and Other. The E&P division operates through four segments: Marcellus Shale, Utica Shale, Coalbed Methane (CBM) and Other Gas, which produce pipeline quality natural gas for sale primarily to gas wholesalers.
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