Renaissance Technologies LLC Sells 1,085,721 Shares of CNX Resources Co. (NYSE:CNX)

Posted by on Mar 5th, 2023

Renaissance Technologies LLC lowered its position in shares of CNX Resources Co. (NYSE:CNX – Get Rating) by 55.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 859,895 shares of the oil and gas producer’s stock after selling 1,085,721 shares during the period. Renaissance Technologies LLC owned about 0.48% of CNX Resources worth $13,354,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp lifted its stake in CNX Resources by 15.6% during the first quarter. State Street Corp now owns 13,033,827 shares of the oil and gas producer’s stock worth $270,061,000 after purchasing an additional 1,760,214 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of CNX Resources by 2.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,962,241 shares of the oil and gas producer’s stock valued at $46,004,000 after acquiring an additional 61,682 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of CNX Resources by 0.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,533,370 shares of the oil and gas producer’s stock valued at $52,492,000 after acquiring an additional 22,477 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of CNX Resources by 70.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,794,301 shares of the oil and gas producer’s stock valued at $29,534,000 after acquiring an additional 744,682 shares during the last quarter. Finally, Deutsche Bank AG lifted its stake in shares of CNX Resources by 110.5% in the 2nd quarter. Deutsche Bank AG now owns 1,631,995 shares of the oil and gas producer’s stock valued at $26,863,000 after acquiring an additional 856,729 shares during the last quarter. Institutional investors own 93.66% of the company’s stock.

CNX Resources Stock Up 2.1 %

Shares of NYSE:CNX opened at $16.32 on Friday. CNX Resources Co. has a 1 year low of $14.55 and a 1 year high of $24.21. The company has a market cap of $2.78 billion, a PE ratio of -15.25, a P/E/G ratio of 0.36 and a beta of 1.32. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.44 and a quick ratio of 0.42. The stock’s 50-day moving average is $16.18 and its 200 day moving average is $16.80.

CNX Resources (NYSE:CNX – Get Rating) last posted its earnings results on Thursday, January 26th. The oil and gas producer reported $5.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $5.11. CNX Resources had a positive return on equity of 21.25% and a negative net margin of 5.36%. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $510.19 million. During the same quarter in the prior year, the business earned $0.31 EPS. The business’s revenue for the quarter was up 26.8% on a year-over-year basis. Sell-side analysts anticipate that CNX Resources Co. will post 2.14 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CNX. StockNews.com lowered CNX Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, February 7th. Mizuho initiated coverage on CNX Resources in a report on Monday, January 9th. They set an “underperform” rating and a $19.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $21.86.

About CNX Resources

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CNX Resources Corp. engages in the exploration, development, production, and acquisition of natural gas properties in the Appalachian Basin. It operates through the following segments: Shale, Coalbed Methane, and Other Gas. The Shale segment refers to primary reserves, production, and capital investments.

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Institutional Ownership by Quarter for CNX Resources (NYSE:CNX)

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