Pacer Advisors Inc. bought a new position in shares of CNX Resources Corp (NYSE:CNX) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 67,408 shares of the oil and gas producer’s stock, valued at approximately $489,000.
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in CNX Resources by 26.6% during the second quarter. BlackRock Inc. now owns 22,888,655 shares of the oil and gas producer’s stock worth $167,316,000 after purchasing an additional 4,816,203 shares during the period. JPMorgan Chase & Co. lifted its stake in CNX Resources by 138.4% during the second quarter. JPMorgan Chase & Co. now owns 3,151,053 shares of the oil and gas producer’s stock worth $22,499,000 after purchasing an additional 1,829,495 shares during the period. Caymus Capital Partners L.P. bought a new position in CNX Resources during the second quarter worth about $7,885,000. Paloma Partners Management Co lifted its stake in CNX Resources by 562.0% during the second quarter. Paloma Partners Management Co now owns 1,072,446 shares of the oil and gas producer’s stock worth $7,839,000 after purchasing an additional 910,448 shares during the period. Finally, Nuveen Asset Management LLC bought a new position in CNX Resources during the second quarter worth about $5,657,000. 95.90% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Bernard Lanigan, Jr. bought 200,000 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was bought at an average price of $6.39 per share, for a total transaction of $1,278,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.40% of the company’s stock.
CNX Resources (NYSE:CNX) last posted its earnings results on Tuesday, July 30th. The oil and gas producer reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.06). CNX Resources had a net margin of 17.60% and a return on equity of 4.09%. The firm had revenue of $605.03 million during the quarter, compared to the consensus estimate of $357.30 million. During the same quarter last year, the firm posted $0.33 EPS. The business’s revenue was up 50.5% on a year-over-year basis. As a group, analysts forecast that CNX Resources Corp will post 0.63 EPS for the current fiscal year.
A number of brokerages have commented on CNX. ValuEngine upgraded shares of CNX Resources from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. 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 research note on Thursday, August 1st. Finally, KeyCorp began coverage on shares of CNX Resources in a research note on Wednesday, October 9th. They set a “sector weight” rating and a $7.11 price target for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $12.22.
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.
Further Reading: What is Depreciation?
Receive News & Ratings for CNX Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CNX Resources and related companies with MarketBeat.com's FREE daily email newsletter.