Canada Pension Plan Investment Board cut its position in CNX Resources Corp (NYSE:CNX) by 14.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 572,059 shares of the oil and gas producer’s stock after selling 98,900 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.28% of CNX Resources worth $8,186,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the business. BlackRock Inc. raised its holdings in CNX Resources by 7.6% in the third quarter. BlackRock Inc. now owns 18,067,786 shares of the oil and gas producer’s stock worth $258,551,000 after purchasing an additional 1,271,520 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in CNX Resources by 4.6% in the second quarter. Dimensional Fund Advisors LP now owns 15,624,816 shares of the oil and gas producer’s stock worth $277,803,000 after purchasing an additional 686,988 shares in the last quarter. Van ECK Associates Corp raised its holdings in CNX Resources by 3.4% in the second quarter. Van ECK Associates Corp now owns 5,466,394 shares of the oil and gas producer’s stock worth $97,192,000 after purchasing an additional 178,483 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in CNX Resources by 3.3% in the third quarter. Bank of New York Mellon Corp now owns 3,232,922 shares of the oil and gas producer’s stock worth $46,263,000 after purchasing an additional 103,196 shares in the last quarter. Finally, FMR LLC raised its holdings in CNX Resources by 396.5% in the third quarter. FMR LLC now owns 2,400,788 shares of the oil and gas producer’s stock worth $34,355,000 after purchasing an additional 1,917,291 shares in the last quarter. Institutional investors and hedge funds own 98.11% of the company’s stock.
CNX opened at $13.37 on Friday. CNX Resources Corp has a 52-week low of $11.69 and a 52-week high of $18.37. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.57 and a current ratio of 0.59. The stock has a market cap of $2.78 billion, a PE ratio of -83.56 and a beta of 0.70.
CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Tuesday, October 30th. The oil and gas producer reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.02). CNX Resources had a net margin of 54.81% and a return on equity of 3.73%. The company had revenue of $397.10 million for the quarter, compared to analyst estimates of $376.23 million. During the same quarter last year, the company earned ($0.11) EPS. The business’s revenue was up 38.3% compared to the same quarter last year. On average, analysts anticipate that CNX Resources Corp will post 0.97 earnings per share for the current fiscal year.
CNX has been the subject of a number of recent research reports. Raymond James reiterated a “sell” rating on shares of CNX Resources in a report on Thursday, August 30th. ValuEngine upgraded shares of CNX Resources from a “strong sell” rating to a “sell” rating in a report on Friday, October 12th. MKM Partners started coverage on shares of CNX Resources in a report on Wednesday. They issued a “buy” rating and a $19.00 target price for the company. Goldman Sachs Group downgraded shares of CNX Resources from a “neutral” rating to a “sell” rating and set a $14.00 price objective on the stock. in a report on Tuesday, September 11th. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded shares of CNX Resources from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a report on Wednesday, October 10th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $17.67.
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About CNX Resources
CNX Resources Corporation, an independent oil and natural gas company, explores for, develops, and produces natural gas in the Appalachian Basin. As of December 31, 2017, it had 7.6 trillion cubic feet equivalent of proved natural gas reserves. The company also owns, operates, and develops natural gas gathering and other midstream energy assets in the Marcellus Shale in Pennsylvania and West Virginia.
Further Reading: Asset Allocation
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