Aequim Alternative Investments LP Reduces Stock Position in CNX Resources Co. (NYSE:CNX)

Aequim Alternative Investments LP lowered its stake in shares of CNX Resources Co. (NYSE:CNX) by 13.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,437,927 shares of the oil and gas producer’s stock after selling 369,900 shares during the quarter. CNX Resources accounts for 2.8% of Aequim Alternative Investments LP’s portfolio, making the stock its 9th biggest position. Aequim Alternative Investments LP’s holdings in CNX Resources were worth $79,403,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Blue Trust Inc. lifted its holdings in CNX Resources by 135.4% during the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after acquiring an additional 1,131 shares during the period. CWM LLC raised its stake in shares of CNX Resources by 77.0% during the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock worth $70,000 after purchasing an additional 935 shares during the period. GAMMA Investing LLC boosted its holdings in shares of CNX Resources by 62.1% in the 3rd quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock worth $100,000 after buying an additional 1,177 shares during the last quarter. Innealta Capital LLC bought a new position in CNX Resources during the second quarter valued at about $131,000. Finally, Atomi Financial Group Inc. bought a new stake in CNX Resources in the third quarter worth about $202,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CNX shares. Tudor Pickering raised shares of CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. Mizuho raised their target price on CNX Resources from $32.00 to $33.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Stephens upped their price objective on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. JPMorgan Chase & Co. cut CNX Resources from a “neutral” rating to an “underweight” rating and increased their price objective for the stock from $31.00 to $37.00 in a report on Thursday, December 5th. Finally, Capital One Financial lowered CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 target price for the company. in a report on Monday, October 14th. Seven analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $30.00.

CNX Resources Stock Performance

CNX Resources stock opened at $36.75 on Tuesday. The stock has a market cap of $5.49 billion, a P/E ratio of 11.56, a price-to-earnings-growth ratio of 1.78 and a beta of 1.43. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.37. CNX Resources Co. has a fifty-two week low of $19.07 and a fifty-two week high of $41.93. The firm’s fifty day moving average price is $36.92 and its 200-day moving average price is $30.09.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, beating the consensus estimate of $0.32 by $0.09. The firm had revenue of $424.21 million for the quarter, compared to analyst estimates of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same period in the prior year, the company earned $0.35 EPS. On average, equities research analysts expect that CNX Resources Co. will post 1.53 earnings per share for the current fiscal year.

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.