Citigroup Inc. Lowers Stock Position in CNX Resources Co. (NYSE:CNX)

Citigroup Inc. reduced its stake in shares of CNX Resources Co. (NYSE:CNX) by 31.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 457,399 shares of the oil and gas producer’s stock after selling 208,519 shares during the period. Citigroup Inc.’s holdings in CNX Resources were worth $14,897,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Mizuho Markets Americas LLC purchased a new position in CNX Resources in the 2nd quarter worth approximately $97,200,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in CNX Resources by 311.0% in the 3rd 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 purchasing an additional 466,694 shares in the last quarter. American Century Companies Inc. lifted its holdings in CNX Resources by 12.0% in the 2nd quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after purchasing an additional 397,729 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in CNX Resources by 197.0% in the 2nd quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock worth $11,324,000 after purchasing an additional 309,100 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in CNX Resources by 12.2% in the 3rd 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 purchasing an additional 202,890 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were acquired at an average price of $26.81 per share, with a total value of $2,010,750.00. Following the transaction, the director now owns 401,820 shares of the company’s stock, valued at $10,772,794.20. This represents a 22.95 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.65% of the company’s stock.

CNX Resources Stock Performance

CNX stock opened at $40.34 on Thursday. The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46. The business’s fifty day simple moving average is $35.49 and its two-hundred day simple moving average is $29.16. CNX Resources Co. has a twelve month low of $19.07 and a twelve month high of $41.93. The firm has a market cap of $6.02 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 1.95 and a beta of 1.37.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $398.33 million. During the same quarter last year, the firm posted $0.35 earnings per share. Analysts predict that CNX Resources Co. will post 1.53 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently commented on CNX. BMO Capital Markets boosted their price target on CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. JPMorgan Chase & Co. reduced their price objective on CNX Resources from $32.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. StockNews.com downgraded CNX Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 3rd. Stephens boosted their target price on CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. Finally, Scotiabank boosted their target price on CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Six equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat.com, CNX Resources has a consensus rating of “Hold” and a consensus price target of $29.00.

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.