Industry News

Allianz Asset Management GmbH Boosts Position in CNX Resources Corp (NYSE:CNX)

By September 7, 2019 No Comments

Allianz Asset Management GmbH boosted its holdings in CNX Resources Corp (NYSE:CNX) by 12.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 685,065 shares of the oil and gas producer’s stock after buying an additional 75,683 shares during the period. Allianz Asset Management GmbH owned approximately 0.37% of CNX Resources worth $5,007,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Glassman Wealth Services purchased a new stake in shares of CNX Resources during the first quarter valued at approximately $48,000. Signaturefd LLC raised its stake in shares of CNX Resources by 386.5% during the second quarter. Signaturefd LLC now owns 6,641 shares of the oil and gas producer’s stock valued at $49,000 after purchasing an additional 5,276 shares during the period. Pearl River Capital LLC raised its stake in shares of CNX Resources by 1,047.6% during the first quarter. Pearl River Capital LLC now owns 5,738 shares of the oil and gas producer’s stock valued at $62,000 after purchasing an additional 5,238 shares during the period. Magnus Financial Group LLC purchased a new stake in shares of CNX Resources during the second quarter valued at approximately $84,000. Finally, Water Island Capital LLC purchased a new stake in shares of CNX Resources during the first quarter valued at approximately $102,000. Hedge funds and other institutional investors own 98.15% of the company’s stock.

Separately, Zacks Investment Research upgraded shares of CNX Resources from a “sell” rating to a “hold” rating and set a $9.00 price objective on the stock in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $13.60.

CNX stock opened at $8.19 on Friday. CNX Resources Corp has a twelve month low of $6.14 and a twelve month high of $16.09. The company has a current ratio of 0.74, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $1.51 billion, a P/E ratio of 5.35 and a beta of 0.66. The firm has a 50 day simple moving average of $7.34 and a 200-day simple moving average of $8.66.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.06). CNX Resources had a return on equity of 4.09% and a net margin of 17.60%. The company had revenue of $605.03 million for the quarter, compared to analyst estimates of $357.30 million. During the same period in the previous year, the business posted $0.33 EPS. The firm’s quarterly revenue was up 50.5% compared to the same quarter last year. On average, research analysts predict that CNX Resources Corp will post 0.67 EPS for the current year.

In other CNX Resources news, Director Bernard Lanigan, Jr. acquired 200,000 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was purchased at an average price of $6.39 per share, with a total value of $1,278,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director J. Palmer Clarkson acquired 10,000 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was acquired at an average cost of $7.50 per share, with a total value of $75,000.00. The disclosure for this purchase can be found here. Insiders have bought 299,550 shares of company stock valued at $1,992,502 in the last three months. Corporate insiders own 2.40% of the company’s stock.

CNX Resources Profile

CNX Resources Corporation, an independent oil and gas company, explores for, develops, and produces natural gas primarily in the Appalachian Basin. The company operates through two divisions, Exploration and Production (E&P), and Midstream. The E&P division produces pipeline quality natural gas primarily to gas wholesalers.

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Institutional Ownership by Quarter for CNX Resources (NYSE:CNX)

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