State Street Corp Cuts Stake in CNX Resources Co. (NYSE:CNX)

State Street Corp cut its position in shares of CNX Resources Co. (NYSE:CNX) by 4.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,977,791 shares of the oil and gas producer’s stock after selling 399,972 shares during the period. State Street Corp owned approximately 5.34% of CNX Resources worth $259,837,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CNX. Mizuho Markets Americas LLC bought a new stake in shares of CNX Resources during the 2nd quarter worth approximately $97,200,000. American Century Companies Inc. increased its holdings in CNX Resources by 12.0% during the 2nd quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after purchasing an additional 397,729 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in CNX Resources by 12.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock worth $60,607,000 after purchasing an additional 202,890 shares during the period. LSV Asset Management increased its holdings in CNX Resources by 1.4% during the 2nd quarter. LSV Asset Management now owns 1,780,921 shares of the oil and gas producer’s stock worth $43,276,000 after purchasing an additional 23,800 shares during the period. Finally, Tributary Capital Management LLC increased its holdings in CNX Resources by 0.3% during the 2nd quarter. Tributary Capital Management LLC now owns 901,940 shares of the oil and gas producer’s stock worth $21,917,000 after purchasing an additional 2,535 shares during the period. 95.16% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CNX. Bank of America began coverage on CNX Resources in a report on Monday, October 28th. They issued an “underperform” rating and a $34.00 price target on the stock. Scotiabank lifted their price target on CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Mizuho lifted their price target on CNX Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a report on Monday, October 14th. JPMorgan Chase & Co. downgraded CNX Resources from a “neutral” rating to an “underweight” rating and lifted their price target for the company from $31.00 to $37.00 in a report on Thursday, December 5th. Finally, Tudor, Pickering, Holt & Co. cut CNX Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Seven research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $30.00.

CNX Resources Trading Up 0.5 %

Shares of CNX opened at $36.90 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36. The firm has a 50 day simple moving average of $37.00 and a 200-day simple moving average of $30.17. CNX Resources Co. has a 1-year low of $19.07 and a 1-year high of $41.93. The stock has a market cap of $5.51 billion, a price-to-earnings ratio of 11.60, a price-to-earnings-growth ratio of 1.78 and a beta of 1.43.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, topping the consensus estimate of $0.32 by $0.09. The firm had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same period in the previous year, the company earned $0.35 EPS. Equities analysts forecast that CNX Resources Co. will post 1.53 EPS for the current fiscal year.

About CNX Resources

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.