ExodusPoint Capital Management LP Takes $8.07 Million Position in CNX Resources Co. (NYSE:CNX)

ExodusPoint Capital Management LP purchased a new position in CNX Resources Co. (NYSE:CNX) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 220,119 shares of the oil and gas producer’s stock, valued at approximately $8,072,000.

A number of other large investors also recently modified their holdings of CNX. Alliancebernstein L.P. lifted its stake in CNX Resources by 1.6% in the 4th quarter. Alliancebernstein L.P. now owns 304,517 shares of the oil and gas producer’s stock worth $11,167,000 after purchasing an additional 4,859 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of CNX Resources in the fourth quarter worth $37,923,000. Pictet Asset Management Holding SA boosted its stake in CNX Resources by 9.9% during the fourth quarter. Pictet Asset Management Holding SA now owns 20,786 shares of the oil and gas producer’s stock valued at $762,000 after buying an additional 1,873 shares during the period. SwitchPoint Financial Planning LLC purchased a new position in CNX Resources during the fourth quarter worth about $236,000. Finally, Stevens Capital Management LP bought a new position in CNX Resources in the 4th quarter worth about $205,000. 95.16% of the stock is currently owned by institutional investors.

Insider Buying and Selling at CNX Resources

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $31.09, for a total value of $33,421,750.00. Following the sale, the insider now directly owns 13,925,000 shares of the company’s stock, valued at $432,928,250. This trade represents a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.10% of the company’s stock.

CNX Resources Price Performance

CNX opened at $29.29 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32. The stock’s 50 day simple moving average is $30.03 and its 200 day simple moving average is $33.35. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of -43.08, a PEG ratio of 0.42 and a beta of 1.26. CNX Resources Co. has a 1 year low of $22.82 and a 1 year high of $41.93.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.14. CNX Resources had a negative net margin of 7.14% and a positive return on equity of 6.72%. As a group, analysts predict that CNX Resources Co. will post 2.18 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CNX. Raymond James upgraded CNX Resources from an “underperform” rating to a “market perform” rating in a research report on Tuesday, February 18th. Morgan Stanley set a $33.00 target price on shares of CNX Resources and gave the company an “underweight” rating in a research report on Wednesday, March 26th. Piper Sandler decreased their price target on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a report on Wednesday, January 29th. Mizuho dropped their price objective on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Tuesday, January 14th. Finally, Bank of America reduced their target price on CNX Resources from $32.00 to $27.00 and set an “underperform” rating on the stock in a research note on Tuesday. Nine equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $30.83.

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.