Easterly Investment Partners LLC Increases Stock Holdings in CNX Resources Co. (NYSE:CNX)

Easterly Investment Partners LLC raised its stake in CNX Resources Co. (NYSE:CNX) by 36.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 73,750 shares of the oil and gas producer’s stock after purchasing an additional 19,520 shares during the quarter. Easterly Investment Partners LLC’s holdings in CNX Resources were worth $2,402,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of CNX. GAMMA Investing LLC grew its stake in shares of CNX Resources by 54.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock valued at $46,000 after purchasing an additional 666 shares during the last quarter. Blue Trust Inc. grew its stake in shares of CNX Resources by 135.4% in the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock valued at $64,000 after purchasing an additional 1,131 shares during the last quarter. CWM LLC grew its stake in shares of CNX Resources by 77.0% in the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after purchasing an additional 935 shares during the last quarter. Natixis purchased a new position in shares of CNX Resources in the 1st quarter valued at approximately $79,000. Finally, Innealta Capital LLC purchased a new position in shares of CNX Resources in the 2nd quarter valued at approximately $131,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Stock Up 0.3 %

NYSE CNX traded up $0.12 during trading on Friday, hitting $37.92. 443,559 shares of the company traded hands, compared to its average volume of 2,709,136. The company has a market capitalization of $5.66 billion, a P/E ratio of 11.88, a PEG ratio of 1.71 and a beta of 1.37. The business has a fifty day simple moving average of $32.33 and a 200 day simple moving average of $27.66. CNX Resources Co. has a 12 month low of $19.07 and a 12 month high of $38.81. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. The company had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. As a group, sell-side analysts predict that CNX Resources Co. will post 1.5 EPS for the current year.

Analyst Upgrades and Downgrades

CNX has been the topic of a number of analyst reports. Tudor Pickering upgraded CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. Mizuho lifted their price objective on CNX Resources from $32.00 to $33.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. BMO Capital Markets lifted their price objective on CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Capital One Financial cut CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price target for the company. in a report on Monday, October 14th. Finally, JPMorgan Chase & Co. cut their price target on CNX Resources from $32.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Six research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $29.00.

Insider Activity

In related news, Director Bernard Lanigan, Jr. bought 75,000 shares of CNX Resources stock in a transaction that occurred on Monday, September 9th. The stock was purchased at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the purchase, the director now owns 401,820 shares in the company, valued at approximately $10,772,794.20. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.65% of the stock is owned by company insiders.

CNX Resources Company 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.