Northwestern Mutual Investment Management Company LLC cut its holdings in CNX Resources Corp (NYSE:CNX) by 8.3% in the first quarter, HoldingsChannel reports. The institutional investor owned 35,285 shares of the oil and gas producer’s stock after selling 3,202 shares during the quarter. Northwestern Mutual Investment Management Company LLC’s holdings in CNX Resources were worth $380,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of CNX. Millennium Management LLC increased its position in shares of CNX Resources by 25.6% during the fourth quarter. Millennium Management LLC now owns 4,314,333 shares of the oil and gas producer’s stock worth $49,270,000 after purchasing an additional 878,654 shares in the last quarter. Norges Bank purchased a new stake in CNX Resources in the 4th quarter valued at $41,498,000. Prudential Financial Inc. grew its holdings in CNX Resources by 4.9% in the 4th quarter. Prudential Financial Inc. now owns 2,300,835 shares of the oil and gas producer’s stock valued at $26,275,000 after buying an additional 107,412 shares in the last quarter. SG Americas Securities LLC grew its holdings in CNX Resources by 11.0% in the 4th quarter. SG Americas Securities LLC now owns 31,557 shares of the oil and gas producer’s stock valued at $360,000 after buying an additional 3,131 shares in the last quarter. Finally, Tibra Equities Europe Ltd purchased a new stake in CNX Resources in the 4th quarter valued at $313,000. Institutional investors and hedge funds own 95.93% of the company’s stock.
In other CNX Resources news, Director Bernard Lanigan, Jr. purchased 198,000 shares of the firm’s stock in a transaction dated Friday, May 31st. The shares were acquired at an average price of $7.56 per share, with a total value of $1,496,880.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director J. Palmer Clarkson purchased 10,000 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was acquired at an average cost of $7.50 per share, for a total transaction of $75,000.00. The disclosure for this purchase can be found here. Corporate insiders own 2.40% of the company’s stock.
CNX has been the subject of several analyst reports. TheStreet cut CNX Resources from a “b-” rating to a “c+” rating in a report on Wednesday, March 6th. Zacks Investment Research upgraded CNX Resources from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a report on Tuesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $14.20.
Shares of CNX Resources stock traded down $0.09 during trading hours on Wednesday, hitting $7.17. The company’s stock had a trading volume of 23,541 shares, compared to its average volume of 3,755,842. CNX Resources Corp has a twelve month low of $7.21 and a twelve month high of $18.37. The firm has a market cap of $1.38 billion, a PE ratio of 4.67 and a beta of 0.79. The company has a quick ratio of 0.59, a current ratio of 0.62 and a debt-to-equity ratio of 0.49.
CNX Resources (NYSE:CNX) last announced its quarterly earnings results on Tuesday, April 30th. The oil and gas producer reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.07). CNX Resources had a net margin of 12.00% and a return on equity of 5.66%. The business had revenue of $278.40 million during the quarter, compared to analyst estimates of $408.29 million. During the same period last year, the company earned $0.19 EPS. The business’s revenue for the quarter was down 43.8% on a year-over-year basis. As a group, equities analysts expect that CNX Resources Corp will post 0.67 earnings per share for the current year.
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CNX Resources Profile
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.
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