Entropy Technologies LP Makes New $519,000 Investment in CNX Resources Co. (NYSE:CNX)

Entropy Technologies LP purchased a new stake in CNX Resources Co. (NYSE:CNX) in the 3rd quarter, HoldingsChannel reports. The fund purchased 15,938 shares of the oil and gas producer’s stock, valued at approximately $519,000.

A number of other hedge funds also recently made changes to their positions in CNX. Legacy Capital Wealth Partners LLC increased its position in CNX Resources by 28.8% during the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 10,844 shares of the oil and gas producer’s stock valued at $353,000 after purchasing an additional 2,427 shares during the period. Leavell Investment Management Inc. bought a new stake in shares of CNX Resources in the 3rd quarter valued at $250,000. Easterly Investment Partners LLC increased its position in shares of CNX Resources by 36.0% during the third quarter. Easterly Investment Partners LLC now owns 73,750 shares of the oil and gas producer’s stock worth $2,402,000 after buying an additional 19,520 shares during the period. TFB Advisors LLC bought a new position in CNX Resources during the third quarter worth $223,000. Finally, Pittenger & Anderson Inc. lifted its holdings in CNX Resources by 488.4% in the third quarter. Pittenger & Anderson Inc. now owns 25,095 shares of the oil and gas producer’s stock valued at $817,000 after buying an additional 20,830 shares during the period. 95.16% of the stock is currently owned by institutional investors.

Insider Activity

In other CNX Resources news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were acquired at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the acquisition, the director now owns 401,820 shares of the company’s stock, valued at $10,772,794.20. The trade was a 22.95 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 3.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Bank of America began coverage on CNX Resources in a report on Monday, October 28th. They set an “underperform” rating and a $34.00 price target for the company. BMO Capital Markets lifted their target price on CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Tudor, Pickering, Holt & Co. cut CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Mizuho lifted their price objective on shares of CNX Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Finally, StockNews.com downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 3rd. Six investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat.com, CNX Resources currently has a consensus rating of “Hold” and a consensus price target of $29.00.

CNX Resources Stock Down 0.7 %

CNX Resources stock opened at $38.18 on Friday. The firm has a market capitalization of $5.70 billion, a price-to-earnings ratio of 12.01, a price-to-earnings-growth ratio of 1.87 and a beta of 1.37. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. CNX Resources Co. has a 1-year low of $19.07 and a 1-year high of $40.08. The firm’s fifty day moving average price is $33.69 and its two-hundred day moving average price is $28.27.

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

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.