Manatuck Hill Partners LLC Acquires New Position in CNX Resources Corporation. $CNX

Manatuck Hill Partners LLC bought a new position in CNX Resources Corporation. (NYSE:CNX) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 20,000 shares of the oil and gas producer’s stock, valued at approximately $679,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State of Wyoming purchased a new position in CNX Resources during the second quarter valued at approximately $29,000. Smartleaf Asset Management LLC increased its stake in shares of CNX Resources by 56.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock worth $30,000 after purchasing an additional 293 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of CNX Resources during the 4th quarter valued at $34,000. Kestra Advisory Services LLC bought a new stake in shares of CNX Resources during the 4th quarter valued at $50,000. Finally, Highlander Partners L.P. purchased a new position in shares of CNX Resources during the 4th quarter valued at $56,000. Institutional investors own 95.16% of the company’s stock.

CNX Resources Stock Performance

CNX opened at $36.07 on Wednesday. The stock has a market capitalization of $5.34 billion, a price-to-earnings ratio of 6.02 and a beta of 0.60. The company has a fifty day moving average of $34.27 and a 200 day moving average of $36.78. CNX Resources Corporation. has a fifty-two week low of $28.57 and a fifty-two week high of $43.62. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.72.

CNX Resources (NYSE:CNX) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 EPS for the quarter, topping the consensus estimate of $0.60 by $0.72. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The business had revenue of $618.48 million for the quarter, compared to analysts’ expectations of $475.16 million. During the same quarter in the previous year, the company earned $2.43 EPS. The business’s quarterly revenue was down 35.7% compared to the same quarter last year. As a group, sell-side analysts forecast that CNX Resources Corporation. will post 3.08 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CNX. Tudor Pickering upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Zacks Research downgraded CNX Resources from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Barclays dropped their price objective on CNX Resources from $36.00 to $35.00 and set an “underweight” rating for the company in a research note on Tuesday, May 26th. Morgan Stanley cut their target price on CNX Resources from $34.00 to $32.00 and set an “underweight” rating for the company in a research report on Monday, June 29th. Finally, Truist Financial raised CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 target price on the stock in a research note on Wednesday, July 15th. Nine analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, CNX Resources presently has a consensus rating of “Reduce” and a consensus price target of $35.44.

CNX Resources Company Profile

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.