Quantbot Technologies LP Invests $2.71 Million in CNX Resources Co. (NYSE:CNX)

Quantbot Technologies LP bought a new position in shares of CNX Resources Co. (NYSE:CNX) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 73,841 shares of the oil and gas producer’s stock, valued at approximately $2,708,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Victory Capital Management Inc. increased its stake in shares of CNX Resources by 2.8% during the third quarter. Victory Capital Management Inc. now owns 97,972 shares of the oil and gas producer’s stock valued at $3,191,000 after buying an additional 2,663 shares during the period. Natixis Advisors LLC increased its stake in shares of CNX Resources by 3.1% during the third quarter. Natixis Advisors LLC now owns 41,644 shares of the oil and gas producer’s stock valued at $1,356,000 after buying an additional 1,241 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of 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 valued at $60,607,000 after buying an additional 202,890 shares during the period. BNP Paribas Financial Markets increased its stake in shares of 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 valued at $3,399,000 after buying an additional 72,914 shares during the period. Finally, Verition Fund Management LLC purchased a new position in shares of CNX Resources during the third quarter valued at $1,321,000. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Price Performance

Shares of CNX stock opened at $31.79 on Friday. CNX Resources Co. has a fifty-two week low of $22.80 and a fifty-two week high of $41.93. The firm has a market capitalization of $4.73 billion, a price-to-earnings ratio of -46.75, a PEG ratio of 0.42 and a beta of 1.26. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.32 and a current ratio of 0.33. The stock’s 50-day simple moving average is $29.71 and its 200-day simple moving average is $33.09.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. As a group, equities analysts forecast that CNX Resources Co. will post 2.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the sale, the insider now owns 13,925,000 shares of the company’s stock, valued at $432,928,250. The trade was a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 3.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CNX. Truist Financial raised their price target on CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Mizuho cut their price target on CNX Resources from $38.00 to $34.00 and set an “underperform” rating on the stock in a research note on Tuesday, January 14th. Stephens upgraded CNX Resources from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $35.00 to $48.00 in a research note on Tuesday, March 18th. TD Cowen began coverage on CNX Resources in a research note on Wednesday, January 15th. They issued a “hold” rating and a $27.00 target price on the stock. Finally, Morgan Stanley began coverage on CNX Resources in a research note on Friday, January 10th. They issued an “underweight” rating and a $29.00 target price on the stock. Nine analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $30.38.

CNX Resources 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.