Industry News

Janney Montgomery Scott LLC Decreases Stock Position in CNX Resources Corp (NYSE:CNX)

By September 8, 2019 No Comments

Janney Montgomery Scott LLC reduced its position in shares of CNX Resources Corp (NYSE:CNX) by 41.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,205 shares of the oil and gas producer’s stock after selling 17,487 shares during the quarter. Janney Montgomery Scott LLC’s holdings in CNX Resources were worth $177,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in CNX Resources by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 15,751,720 shares of the oil and gas producer’s stock valued at $179,888,000 after buying an additional 192,424 shares during the last quarter. FMR LLC raised its holdings in CNX Resources by 29.3% during the 1st quarter. FMR LLC now owns 3,326,024 shares of the oil and gas producer’s stock worth $35,821,000 after purchasing an additional 752,984 shares during the last quarter. LSV Asset Management raised its holdings in CNX Resources by 291.2% during the 1st quarter. LSV Asset Management now owns 2,138,100 shares of the oil and gas producer’s stock worth $23,027,000 after purchasing an additional 1,591,600 shares during the last quarter. Geode Capital Management LLC raised its holdings in CNX Resources by 4.2% during the 4th quarter. Geode Capital Management LLC now owns 1,999,815 shares of the oil and gas producer’s stock worth $22,837,000 after purchasing an additional 79,739 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in CNX Resources by 140.8% during the 1st quarter. First Trust Advisors LP now owns 1,301,469 shares of the oil and gas producer’s stock worth $14,017,000 after purchasing an additional 761,000 shares during the last quarter. 98.15% of the stock is currently owned by hedge funds and other institutional investors.

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

In other news, Director Bernard Lanigan, Jr. bought 35,400 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was acquired at an average price of $7.06 per share, with a total value of $249,924.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director J. Palmer Clarkson bought 10,000 shares of the business’s stock in a transaction on Monday, June 10th. The stock was purchased 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. 2.40% of the stock is owned by insiders.

NYSE CNX traded down $0.15 during mid-day trading on Friday, hitting $8.19. The company’s stock had a trading volume of 3,679,172 shares, compared to its average volume of 3,451,712. CNX Resources Corp has a twelve month low of $6.14 and a twelve month high of $16.09. The company’s 50 day simple moving average is $7.34 and its 200 day simple moving average is $8.66. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of 5.35 and a beta of 0.66. The company has a current ratio of 0.74, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54.

CNX Resources (NYSE:CNX) last announced its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported $0.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.06). CNX Resources had a net margin of 17.60% and a return on equity of 4.09%. The company had revenue of $605.03 million for the quarter, compared to the consensus estimate of $357.30 million. During the same quarter in the prior year, the company earned $0.33 earnings per share. The company’s quarterly revenue was up 50.5% on a year-over-year basis. As a group, research analysts forecast that CNX Resources Corp will post 0.67 EPS for the current year.

About CNX Resources

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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