DAVENPORT & Co LLC Sells 198,553 Shares of CNX Resources Co. (NYSE:CNX)

DAVENPORT & Co LLC lessened its stake in shares of CNX Resources Co. (NYSE:CNX) by 32.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 412,523 shares of the oil and gas producer’s stock after selling 198,553 shares during the period. DAVENPORT & Co LLC’s holdings in CNX Resources were worth $15,127,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. SeaBridge Investment Advisors LLC raised its stake in shares of 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 worth $3,311,000 after purchasing an additional 759 shares in the last quarter. Heck Capital Advisors LLC acquired a new position in CNX Resources during the fourth quarter worth $121,000. Stonegate Investment Group LLC bought a new stake in CNX Resources during the fourth quarter worth $232,000. KBC Group NV lifted its stake in CNX Resources by 41.0% in the fourth quarter. KBC Group NV now owns 6,216 shares of the oil and gas producer’s stock valued at $228,000 after acquiring an additional 1,806 shares during the last quarter. Finally, Blue Trust Inc. grew its position in shares of CNX Resources by 65.1% in the 4th quarter. Blue Trust Inc. now owns 3,246 shares of the oil and gas producer’s stock valued at $119,000 after acquiring an additional 1,280 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CNX shares. TD Cowen began coverage on shares of CNX Resources in a report on Wednesday, January 15th. They issued a “hold” rating and a $27.00 target price on the stock. 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. Truist Financial boosted their target price on CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Stephens raised their price target on CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. Finally, Piper Sandler decreased their price objective on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a report on Wednesday, January 29th. Nine analysts have rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $29.67.

CNX Resources Stock Performance

Shares of NYSE:CNX opened at $27.41 on Monday. The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46. CNX Resources Co. has a 12-month low of $19.07 and a 12-month high of $41.93. The company’s 50 day moving average price is $34.35 and its two-hundred day moving average price is $32.24. The firm has a market cap of $4.09 billion, a PE ratio of 8.62, a PEG ratio of 0.37 and a beta of 1.42.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. Equities research analysts predict that CNX Resources Co. will post 1.6 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the sale, the insider now owns 13,925,000 shares in the company, valued at approximately $432,928,250. This trade represents a 7.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 3.10% of the stock is currently owned by company insiders.

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.