Spirit of America Management Corp NY Trims Stake in CNX Resources Co. (NYSE:CNX)

Spirit of America Management Corp NY lowered its stake in shares of CNX Resources Co. (NYSE:CNX) by 4.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,500 shares of the oil and gas producer’s stock after selling 1,000 shares during the quarter. Spirit of America Management Corp NY’s holdings in CNX Resources were worth $752,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of CNX. Connor Clark & Lunn Investment Management Ltd. boosted its stake in CNX Resources by 311.0% during 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 acquiring an additional 466,694 shares in the last quarter. Empirical Asset Management LLC bought a new stake in CNX Resources during the fourth quarter worth about $9,281,000. Charles Schwab Investment Management Inc. boosted its stake in CNX Resources by 12.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock worth $60,607,000 after acquiring an additional 202,890 shares in the last quarter. Riverwater Partners LLC boosted its stake in CNX Resources by 124.2% during the third quarter. Riverwater Partners LLC now owns 146,363 shares of the oil and gas producer’s stock worth $4,839,000 after acquiring an additional 81,092 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in CNX Resources by 231.9% during the third quarter. BNP Paribas Financial Markets now owns 104,361 shares of the oil and gas producer’s stock worth $3,399,000 after acquiring an additional 72,914 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insider Buying and Selling at CNX Resources

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction 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 transaction, the insider now owns 13,925,000 shares in the company, valued at approximately $432,928,250. The trade was a 7.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.65% of the stock is owned by corporate insiders.

CNX Resources Trading Up 3.1 %

Shares of CNX Resources stock opened at $28.46 on Wednesday. The company’s 50 day moving average is $33.85 and its 200 day moving average is $32.27. CNX Resources Co. has a twelve month low of $19.07 and a twelve month high of $41.93. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.32 and a current ratio of 0.33.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates 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%. Research analysts predict that CNX Resources Co. will post 2.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CNX shares. StockNews.com raised shares of CNX Resources from a “sell” rating to a “hold” rating in a research note on Monday. Piper Sandler dropped their target price on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 29th. Bank of America began 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 on the stock. Stephens upped their target price on shares of CNX Resources from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Finally, JPMorgan Chase & Co. downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and upped their target price for the stock from $31.00 to $37.00 in a research note on Thursday, December 5th. Eight research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $29.67.

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.