Insider Selling: CNX Resources Co. (NYSE:CNX) Major Shareholder Sells 1,075,000 Shares of Stock

CNX Resources Co. (NYSE:CNX) major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction on Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the transaction, the insider now directly owns 13,925,000 shares in the company, valued at $432,928,250. The trade was a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

CNX Resources Price Performance

Shares of NYSE CNX traded up $0.71 during midday trading on Wednesday, hitting $31.20. The company had a trading volume of 5,790,913 shares, compared to its average volume of 6,913,301. CNX Resources Co. has a twelve month low of $19.07 and a twelve month high of $41.93. 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 firm has a market capitalization of $4.66 billion, a price-to-earnings ratio of 9.81, a price-to-earnings-growth ratio of 1.85 and a beta of 1.42. The business has a 50-day simple moving average of $37.37 and a two-hundred day simple moving average of $31.69.

CNX Resources (NYSE:CNX) last released its quarterly 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. The business had revenue of $424.21 million for the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same quarter in the prior year, the firm posted $0.35 EPS. Equities research analysts anticipate that CNX Resources Co. will post 1.54 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CNX shares. Stephens raised their price objective on shares of CNX Resources from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. BMO Capital Markets raised 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. Tudor, Pickering, Holt & Co. downgraded CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Truist Financial increased their price target on CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Finally, Capital One Financial cut shares of CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price objective on the stock. in a research note on Monday, October 14th. Eight analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $30.50.

Hedge Funds Weigh In On CNX Resources

Hedge funds have recently added to or reduced their stakes in the business. CWA Asset Management Group LLC purchased a new position in shares of CNX Resources during the 4th quarter worth $241,000. World Investment Advisors LLC acquired a new position in CNX Resources in the third quarter valued at $534,000. Geode Capital Management LLC lifted its position in CNX Resources by 0.3% during the third quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer’s stock worth $117,366,000 after buying an additional 12,333 shares during the period. M&T Bank Corp boosted its stake in CNX Resources by 25.4% in the 3rd quarter. M&T Bank Corp now owns 18,057 shares of the oil and gas producer’s stock worth $588,000 after buying an additional 3,663 shares during the last quarter. Finally, Hodges Capital Management Inc. acquired a new stake in CNX Resources in the 3rd quarter worth about $212,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.