Retirement Systems of Alabama Sells 5,436 Shares of CNX Resources Co. (NYSE:CNX)

Retirement Systems of Alabama lowered its stake in shares of CNX Resources Co. (NYSE:CNX) by 2.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 183,706 shares of the oil and gas producer’s stock after selling 5,436 shares during the quarter. Retirement Systems of Alabama’s holdings in CNX Resources were worth $5,983,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CNX. Charles Schwab Investment Management Inc. boosted its holdings in shares of CNX Resources by 12.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock valued at $60,607,000 after buying an additional 202,890 shares in the last quarter. Bridges Investment Management Inc. purchased a new stake in CNX Resources during the second quarter valued at approximately $916,000. Paralel Advisors LLC acquired a new stake in CNX Resources in the second quarter valued at approximately $2,338,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in CNX Resources by 311.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock worth $20,087,000 after purchasing an additional 466,694 shares during the last quarter. Finally, World Investment Advisors LLC acquired a new position in shares of CNX Resources during the third quarter worth $534,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

CNX Resources Trading Down 3.7 %

Shares of CNX Resources stock opened at $35.20 on Thursday. CNX Resources Co. has a 1 year low of $19.07 and a 1 year high of $41.93. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36. The stock has a market cap of $5.25 billion, a PE ratio of 11.07, a price-to-earnings-growth ratio of 1.85 and a beta of 1.43. The firm has a fifty day moving average price of $37.38 and a 200 day moving average price of $30.63.

CNX Resources (NYSE:CNX) last released its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. The business had revenue of $424.21 million during the quarter, compared to analyst estimates of $398.33 million. During the same quarter last year, the business posted $0.35 EPS. Equities research analysts predict that CNX Resources Co. will post 1.54 earnings per share for the current year.

Analyst Upgrades and Downgrades

CNX has been the subject of a number of recent analyst reports. Piper Sandler raised their price objective on CNX Resources from $20.00 to $23.00 and gave the stock an “underweight” rating in a research report on Friday, December 6th. Truist Financial raised their price target on CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, December 6th. JPMorgan Chase & Co. downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and upped their price objective for the company from $31.00 to $37.00 in a report on Thursday, December 5th. Bank of America initiated coverage on shares of CNX Resources in a research note on Monday, October 28th. They issued an “underperform” rating and a $34.00 target price for the company. Finally, Stephens upped their price target on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. Eight investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $30.50.

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.