Victory Capital Management Inc. Cuts Stock Position in CNX Resources Co. (NYSE:CNX)

Victory Capital Management Inc. lessened its holdings in CNX Resources Co. (NYSE:CNX) by 17.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 81,220 shares of the oil and gas producer’s stock after selling 16,752 shares during the quarter. Victory Capital Management Inc.’s holdings in CNX Resources were worth $2,978,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Congress Asset Management Co. increased its stake in CNX Resources by 7.2% in the 4th quarter. Congress Asset Management Co. now owns 266,447 shares of the oil and gas producer’s stock worth $9,771,000 after buying an additional 17,951 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in CNX Resources by 12.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock worth $60,607,000 after buying an additional 202,890 shares in the last quarter. World Investment Advisors LLC purchased a new stake in CNX Resources in the 3rd quarter worth $534,000. Convergence Investment Partners LLC purchased a new stake in CNX Resources in the 4th quarter worth $1,556,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in CNX Resources by 311.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock worth $20,087,000 after buying an additional 466,694 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analyst Ratings Changes

CNX has been the subject of several research reports. StockNews.com downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Thursday, February 13th. Morgan Stanley initiated coverage on shares of CNX Resources in a report on Friday, January 10th. They set an “underweight” rating and a $29.00 price objective for the company. Roth Capital set a $30.00 price objective on shares of CNX Resources in a report on Thursday, January 23rd. Piper Sandler dropped their price objective on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a report on Wednesday, January 29th. Finally, TD Cowen initiated coverage on shares of CNX Resources in a report on Wednesday, January 15th. They set a “hold” rating and a $27.00 price objective for the company. Nine analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $29.38.

Insider Buying and Selling

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the firm’s 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 transaction, the insider now directly owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. This trade represents a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.65% of the stock is currently owned by corporate insiders.

CNX Resources Stock Performance

CNX Resources stock opened at $30.51 on Monday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32. CNX Resources Co. has a 1-year low of $21.07 and a 1-year high of $41.93. The firm has a market capitalization of $4.54 billion, a P/E ratio of -44.87, a price-to-earnings-growth ratio of 0.42 and a beta of 1.26. The company’s 50-day moving average is $29.61 and its 200 day moving average is $32.99.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates 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%. Research analysts forecast that CNX Resources Co. will post 2.18 EPS for the current year.

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.