Inceptionr LLC Purchases Shares of 48,744 CNX Resources Co. (NYSE:CNX)

Inceptionr LLC acquired a new position in CNX Resources Co. (NYSE:CNX) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 48,744 shares of the oil and gas producer’s stock, valued at approximately $1,787,000.

A number of other institutional investors have also made changes to their positions in CNX. Private Advisor Group LLC bought a new stake in shares of CNX Resources in the third quarter worth $222,000. International Assets Investment Management LLC bought a new stake in shares of CNX Resources in the third quarter worth $326,000. State of Alaska Department of Revenue lifted its position in shares of CNX Resources by 7.2% in the third quarter. State of Alaska Department of Revenue now owns 17,662 shares of the oil and gas producer’s stock worth $575,000 after purchasing an additional 1,190 shares in the last quarter. Forum Financial Management LP bought a new stake in shares of CNX Resources in the third quarter worth $220,000. Finally, QRG Capital Management Inc. lifted its position in shares of CNX Resources by 1.7% in the third quarter. QRG Capital Management Inc. now owns 193,646 shares of the oil and gas producer’s stock worth $6,307,000 after purchasing an additional 3,148 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

CNX Resources Price Performance

NYSE:CNX opened at $29.66 on Thursday. CNX Resources Co. has a one year low of $21.00 and a one year high of $41.93. The company has a market cap of $4.41 billion, a P/E ratio of -43.61, a P/E/G ratio of 0.42 and a beta of 1.38. The firm’s fifty day moving average price is $30.65 and its two-hundred day moving average price is $32.84. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, beating the consensus estimate 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%. Equities analysts expect that CNX Resources Co. will post 2.18 earnings per share for the current year.

Insider Activity at CNX Resources

In related 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 transaction, the insider now directly owns 13,925,000 shares in the company, valued at approximately $432,928,250. This represents a 7.17 % decrease in their ownership of the stock. 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 corporate insiders.

Analysts Set New Price Targets

CNX has been the topic of a number of research reports. Mizuho cut their price objective on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating on the stock in a research report on Tuesday, January 14th. Truist Financial boosted their target price on shares of CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Morgan Stanley began coverage on shares of CNX Resources in a report on Friday, January 10th. They set an “underweight” rating and a $29.00 target price on the stock. Piper Sandler lowered their target price 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. Finally, Raymond James upgraded shares of CNX Resources from an “underperform” rating to a “market perform” rating in a report on Tuesday, February 18th. Nine equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat.com, CNX Resources currently has an average rating of “Reduce” and an average target price of $29.69.

About CNX Resources

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.