Glenorchy Capital Ltd Purchases New Shares in CNX Resources Co. (NYSE:CNX)

Glenorchy Capital Ltd purchased a new position in CNX Resources Co. (NYSE:CNX) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 63,937 shares of the oil and gas producer’s stock, valued at approximately $1,279,000.

Several other hedge funds also recently made changes to their positions in the business. Neo Ivy Capital Management purchased a new stake in shares of CNX Resources during the third quarter valued at $26,000. BluePath Capital Management LLC acquired a new position in CNX Resources in the 3rd quarter valued at approximately $32,000. Castleview Partners LLC acquired a new stake in CNX Resources in the 3rd quarter valued at about $41,000. Adirondack Trust Co. bought a new position in shares of CNX Resources during the 3rd quarter worth approximately $54,000. Finally, Nomura Asset Management Co. Ltd. grew its stake in CNX Resources by 30.3% in the third quarter. Nomura Asset Management Co. Ltd. now owns 2,540 shares of the oil and gas producer’s stock valued at $57,000 after purchasing an additional 590 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Insider Activity

In other CNX Resources news, EVP Timothy Scott Bedard sold 1,226 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $20.83, for a total value of $25,537.58. Following the completion of the transaction, the executive vice president now directly owns 67,982 shares in the company, valued at $1,416,065.06. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 4.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CNX. Piper Sandler increased their price objective on CNX Resources from $18.00 to $22.00 and gave the company a “neutral” rating in a report on Friday. Roth Mkm lifted their price objective on shares of CNX Resources from $18.00 to $22.00 and gave the company a “neutral” rating in a research report on Tuesday, April 2nd. Truist Financial upped their target price on shares of CNX Resources from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, April 5th. Bank of America raised CNX Resources from an “underperform” rating to a “neutral” rating and set a $23.00 price target on the stock in a research report on Friday, January 5th. Finally, Scotiabank upped their price target on shares of CNX Resources from $20.00 to $25.00 and gave the company a “sector underperform” rating in a research note on Thursday, April 11th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $24.43.

CNX Resources Stock Performance

CNX stock traded down $0.03 during midday trading on Tuesday, reaching $24.07. 2,215,425 shares of the company’s stock traded hands, compared to its average volume of 2,944,573. The stock’s 50-day moving average is $22.33 and its 200 day moving average is $21.38. The stock has a market cap of $3.69 billion, a P/E ratio of 2.65 and a beta of 1.33. CNX Resources Co. has a 52-week low of $14.36 and a 52-week high of $24.82. The company has a current ratio of 0.51, a quick ratio of 0.49 and a debt-to-equity ratio of 0.43.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, January 25th. The oil and gas producer reported $2.89 EPS for the quarter, topping the consensus estimate of $0.30 by $2.59. The firm had revenue of $999.50 million during the quarter, compared to analyst estimates of $401.62 million. CNX Resources had a return on equity of 9.00% and a net margin of 50.34%. CNX Resources’s revenue was down 38.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.64 EPS. As a group, analysts anticipate that CNX Resources Co. will post 1.31 EPS for the current year.

CNX Resources Profile

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of 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.