M&T Bank Corp Acquires 3,663 Shares of CNX Resources Co. (NYSE:CNX)

M&T Bank Corp boosted its holdings in shares of CNX Resources Co. (NYSE:CNX) by 25.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,057 shares of the oil and gas producer’s stock after buying an additional 3,663 shares during the period. M&T Bank Corp’s holdings in CNX Resources were worth $588,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Mizuho Markets Americas LLC acquired a new stake in shares of CNX Resources in the 2nd quarter worth about $97,200,000. American Century Companies Inc. raised its holdings in shares of CNX Resources by 12.0% in the second quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock valued at $89,890,000 after purchasing an additional 397,729 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of CNX Resources by 12.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock valued at $60,607,000 after purchasing an additional 202,890 shares in the last quarter. LSV Asset Management boosted its holdings in CNX Resources by 1.4% during the second 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 last quarter. Finally, Tributary Capital Management LLC grew its position in CNX Resources by 0.3% in 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 in the last quarter. 95.16% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Mizuho cut shares of CNX Resources from a “neutral” rating to an “underperform” rating and lifted their target price for the stock from $33.00 to $38.00 in a research report on Monday. Truist Financial boosted their price objective on CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. BMO Capital Markets raised their target price on CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, October 4th. Bank of America began coverage on shares of CNX Resources in a report on Monday, October 28th. They issued an “underperform” rating and a $34.00 price target on the stock. Finally, Scotiabank raised their price objective on shares of CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Eight research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $30.50.

CNX Resources Stock Performance

Shares of CNX stock opened at $36.53 on Wednesday. CNX Resources Co. has a 12 month low of $19.07 and a 12 month high of $41.93. The stock has a market capitalization of $5.45 billion, a P/E ratio of 11.49, a PEG ratio of 1.85 and a beta of 1.43. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. The firm’s 50 day moving average is $37.36 and its 200 day moving average is $30.60.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.09. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. The firm had revenue of $424.21 million during the quarter, compared to analyst estimates of $398.33 million. During the same period last year, the company earned $0.35 earnings per share. On average, sell-side analysts anticipate that CNX Resources Co. will post 1.54 earnings per share for the current 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.