The Manufacturers Life Insurance Company Invests $4.49 Million in CNX Resources Corporation. $CNX

The Manufacturers Life Insurance Company purchased a new position in shares of CNX Resources Corporation. (NYSE:CNX) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 132,350 shares of the oil and gas producer’s stock, valued at approximately $4,491,000.

Several other large investors have also bought and sold shares of the business. BlackRock Inc. bought a new stake in CNX Resources in the second quarter valued at about $650,689,000. Arrowstreet Capital Limited Partnership boosted its holdings in CNX Resources by 6,057.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer’s stock worth $147,988,000 after buying an additional 3,776,511 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of CNX Resources during the 2nd quarter worth about $41,432,000. Balyasny Asset Management L.P. grew its position in shares of CNX Resources by 601.8% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer’s stock worth $35,507,000 after buying an additional 947,931 shares during the period. Finally, Capital Research Global Investors grew its position in shares of CNX Resources by 20.6% during the 4th quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer’s stock worth $175,210,000 after buying an additional 815,039 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CNX shares. Morgan Stanley cut their price target on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating on the stock in a research report on Monday, June 29th. Truist Financial upgraded shares of CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 price objective for the company in a report on Wednesday, July 15th. Barclays lowered their target price on shares of CNX Resources from $36.00 to $35.00 and set an “underweight” rating for the company in a research note on Tuesday, May 26th. Tudor Pickering upgraded shares of CNX Resources from a “strong sell” rating to a “hold” rating in a report on Friday, May 8th. Finally, Mizuho reduced their price target on shares of CNX Resources from $44.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. Nine analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $35.44.

CNX Resources Trading Up 0.6%

NYSE CNX opened at $36.40 on Tuesday. The firm has a market cap of $5.39 billion, a P/E ratio of 6.08 and a beta of 0.60. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.72 and a quick ratio of 0.67. The stock’s 50-day moving average is $34.53 and its 200-day moving average is $36.69. CNX Resources Corporation. has a one year low of $28.70 and a one year high of $43.62.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.72. CNX Resources had a return on equity of 10.40% and a net margin of 36.53%.The business had revenue of $618.48 million during the quarter, compared to analyst estimates of $475.16 million. During the same period in the previous year, the firm earned $2.43 EPS. CNX Resources’s quarterly revenue was down 35.7% compared to the same quarter last year. Sell-side analysts anticipate that CNX Resources Corporation. will post 3.08 earnings per share for the current fiscal year.

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.