Empirical Asset Management LLC Makes New $9.28 Million Investment in CNX Resources Co. (NYSE:CNX)

Empirical Asset Management LLC bought a new stake in shares of CNX Resources Co. (NYSE:CNX) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 253,105 shares of the oil and gas producer’s stock, valued at approximately $9,281,000. Empirical Asset Management LLC owned approximately 0.17% of CNX Resources at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. CWA Asset Management Group LLC acquired a new stake in CNX Resources during the fourth quarter valued at $241,000. World Investment Advisors LLC purchased a new stake in shares of CNX Resources during the 3rd quarter worth about $534,000. Geode Capital Management LLC grew its position in shares of CNX Resources by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer’s stock valued at $117,366,000 after acquiring an additional 12,333 shares during the period. M&T Bank Corp grew its position in shares of CNX Resources by 25.4% during the 3rd quarter. M&T Bank Corp now owns 18,057 shares of the oil and gas producer’s stock valued at $588,000 after acquiring an additional 3,663 shares during the period. Finally, Hodges Capital Management Inc. purchased a new position in shares of CNX Resources in the 3rd quarter valued at about $212,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

CNX Resources Trading Down 0.7 %

Shares of CNX Resources stock opened at $30.62 on Friday. CNX Resources Co. has a 1-year low of $19.07 and a 1-year high of $41.93. 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 stock has a market cap of $4.57 billion, a P/E ratio of 9.63, a P/E/G ratio of 1.09 and a beta of 1.42. The stock’s 50 day simple moving average is $36.69 and its 200-day simple moving average is $31.89.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.09. The company had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same period in the prior year, the business earned $0.35 EPS. Analysts predict that CNX Resources Co. will post 1.57 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on the company. JPMorgan Chase & Co. lowered CNX Resources from a “neutral” rating to an “underweight” rating and raised their price objective for the company from $31.00 to $37.00 in a report on Thursday, December 5th. Piper Sandler lifted their price target on shares of CNX Resources from $20.00 to $23.00 and gave the company an “underweight” rating in a research note on Friday, December 6th. Truist Financial upped their price objective on shares of CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Stephens lifted their target price on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. Finally, TD Cowen started coverage on shares of CNX Resources in a research note on Wednesday. They set a “hold” rating and a $27.00 target price for the company. Nine analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $29.75.

Insider Activity

In other CNX Resources news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the sale, the insider now directly owns 13,925,000 shares in the company, valued at $432,928,250. This represents a 7.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 4.65% of the company’s stock.

CNX Resources 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.