Pacer Advisors Inc. Lowers Position in CNX Resources Co. (NYSE:CNX)

Posted by Defense World Staff on Jul 30th, 2023

Pacer Advisors Inc. cut its holdings in shares of CNX Resources Co. (NYSE:CNX – Free Report) by 97.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,165 shares of the oil and gas producer’s stock after selling 263,463 shares during the quarter. Pacer Advisors Inc.’s holdings in CNX Resources were worth $115,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Quadrant Capital Group LLC boosted its holdings in CNX Resources by 87.9% during the 4th quarter. Quadrant Capital Group LLC now owns 1,599 shares of the oil and gas producer’s stock valued at $27,000 after acquiring an additional 748 shares during the period. Ronald Blue Trust Inc. boosted its holdings in CNX Resources by 219.9% during the 4th quarter. Ronald Blue Trust Inc. now owns 2,553 shares of the oil and gas producer’s stock valued at $40,000 after acquiring an additional 1,755 shares during the period. Ameritas Advisory Services LLC purchased a new position in CNX Resources during the 1st quarter valued at about $53,000. Allspring Global Investments Holdings LLC boosted its holdings in CNX Resources by 29.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 3,190 shares of the oil and gas producer’s stock valued at $54,000 after acquiring an additional 727 shares during the period. Finally, Point72 Middle East FZE purchased a new position in CNX Resources during the 4th quarter valued at about $132,000. 94.60% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Price Performance

CNX stock opened at $19.93 on Friday. The business has a 50 day moving average price of $17.23 and a 200 day moving average price of $16.32. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of 2.10, a PEG ratio of 1.92 and a beta of 1.33. CNX Resources Co. has a fifty-two week low of $14.36 and a fifty-two week high of $20.28. The company has a quick ratio of 0.46, a current ratio of 0.58 and a debt-to-equity ratio of 0.54.

CNX Resources (NYSE:CNX – Get Free Report) last posted its earnings results on Thursday, July 27th. The oil and gas producer reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.05. The firm had revenue of $839.70 million during the quarter, compared to analysts’ expectations of $386.68 million. CNX Resources had a return on equity of 12.98% and a net margin of 49.95%. The firm’s revenue was up 99.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.61 earnings per share. Equities research analysts anticipate that CNX Resources Co. will post 1.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CNX Resources news, Director Bernard Lanigan, Jr. bought 137,835 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The stock was purchased at an average price of $15.24 per share, for a total transaction of $2,100,605.40. Following the completion of the purchase, the director now directly owns 137,835 shares in the company, valued at $2,100,605.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CNX shares. Stephens started coverage on CNX Resources in a research report on Monday, April 24th. They issued an “equal weight” rating and a $17.00 price target on the stock. Truist Financial increased their price target on CNX Resources from $15.00 to $17.00 in a research report on Monday, July 24th. StockNews.com started coverage on CNX Resources in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Mizuho increased their price target on CNX Resources from $17.00 to $18.00 in a research report on Wednesday, July 12th. Finally, Piper Sandler increased their price target on CNX Resources from $15.00 to $16.00 in a research report on Friday. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $18.20.

About CNX Resources

(Free Report)

CNX Resources Corporation, an independent natural gas and midstream company, acquires, explores for, develops, and produces 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.