Engineers Gate Manager LP decreased its position in shares of CNX Resources Corp (NYSE:CNX) by 43.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,702 shares of the oil and gas producer’s stock after selling 14,194 shares during the quarter. Engineers Gate Manager LP’s holdings in CNX Resources were worth $317,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in CNX Resources by 9.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,634 shares of the oil and gas producer’s stock worth $114,000 after purchasing an additional 631 shares during the period. Strategic Global Advisors LLC acquired a new stake in CNX Resources in the third quarter worth about $172,000. Virtu KCG Holdings LLC acquired a new stake in CNX Resources in the second quarter worth about $179,000. Emerald Advisers Inc. PA acquired a new stake in CNX Resources in the third quarter worth about $192,000. Finally, Teacher Retirement System of Texas lifted its holdings in CNX Resources by 4.0% in the second quarter. Teacher Retirement System of Texas now owns 14,921 shares of the oil and gas producer’s stock worth $223,000 after purchasing an additional 577 shares during the period. 99.32% of the stock is owned by institutional investors and hedge funds.
Shares of CNX Resources Corp (CNX) opened at $13.81 on Monday. CNX Resources Corp has a 1-year low of $11.29 and a 1-year high of $16.47. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.94 and a quick ratio of 0.86. The firm has a market cap of $3,098.55, a PE ratio of 72.68 and a beta of 1.53.
CNX Resources announced that its board has initiated a stock buyback program on Tuesday, September 5th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the oil and gas producer to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.
Several research firms recently weighed in on CNX. Zacks Investment Research downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 10th. Jefferies Group reissued a “buy” rating and issued a $20.00 price target on shares of CNX Resources in a report on Tuesday, October 10th. Scotiabank reissued a “hold” rating on shares of CNX Resources in a report on Wednesday, October 4th. Susquehanna Bancshares upped their price target on shares of CNX Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, September 25th. Finally, B. Riley began coverage on shares of CNX Resources in a report on Tuesday, November 21st. They issued a “buy” rating and a $32.00 price target for the company. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $23.00.
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About CNX Resources
CNX Resources Corp., formerly CONSOL Energy Inc, is an integrated energy company. The Company’s divisions include Exploration and Production (E&P), Pennsylvania (PA) Mining Operations and Other. The E&P division operates through four segments: Marcellus Shale, Utica Shale, Coalbed Methane (CBM) and Other Gas, which produce pipeline quality natural gas for sale primarily to gas wholesalers.
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