Summit Investment Advisors Inc. Trims Stake in CNX Resources Co. (NYSE:CNX)

Summit Investment Advisors Inc. cut its holdings in shares of CNX Resources Co. (NYSE:CNX) by 1.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 45,165 shares of the oil and gas producer’s stock after selling 539 shares during the quarter. Summit Investment Advisors Inc.’s holdings in CNX Resources were worth $1,656,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Congress Asset Management Co. lifted its position in CNX Resources by 7.2% in the fourth quarter. Congress Asset Management Co. now owns 266,447 shares of the oil and gas producer’s stock valued at $9,771,000 after buying an additional 17,951 shares during the last quarter. World Investment Advisors LLC acquired a new position in shares of CNX Resources in the 3rd quarter worth approximately $534,000. Convergence Investment Partners LLC acquired a new position in shares of CNX Resources in the 4th quarter worth approximately $1,556,000. Charles Schwab Investment Management Inc. boosted its position in shares of CNX Resources by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,000,464 shares of the oil and gas producer’s stock worth $73,357,000 after purchasing an additional 139,647 shares during the period. Finally, Wakefield Asset Management LLLP acquired a new stake in CNX Resources in the 4th quarter valued at approximately $1,047,000. 95.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. StockNews.com lowered CNX Resources from a “hold” rating to a “sell” rating in a research report on Thursday, February 13th. Piper Sandler lowered their target price on CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a report on Wednesday, January 29th. TD Cowen initiated coverage on shares of CNX Resources in a research note on Wednesday, January 15th. They set a “hold” rating and a $27.00 price target on the stock. JPMorgan Chase & Co. increased their price target on shares of CNX Resources from $32.00 to $33.00 and gave the stock an “underweight” rating in a research report on Thursday, March 13th. Finally, Bank of America dropped their price objective on shares of CNX Resources from $32.00 to $27.00 and set an “underperform” rating for the company in a report on Tuesday, April 1st. Eight research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $31.25.

CNX Resources Trading Up 0.4 %

Shares of NYSE:CNX opened at $30.81 on Wednesday. The company has a market cap of $4.54 billion, a PE ratio of -45.30, a P/E/G ratio of 0.42 and a beta of 1.33. The company’s 50 day moving average is $30.27 and its two-hundred day moving average is $33.28. CNX Resources Co. has a 52 week low of $22.82 and a 52 week high of $41.93. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, beating the consensus estimate of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. Equities analysts predict that CNX Resources Co. will post 2.18 earnings per share for the current fiscal year.

CNX Resources Company 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.