Choreo LLC Cuts Stock Holdings in CNX Resources Co. (NYSE:CNX)

Choreo LLC cut its position in shares of CNX Resources Co. (NYSE:CNX) by 54.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 13,998 shares of the oil and gas producer’s stock after selling 16,914 shares during the quarter. Choreo LLC’s holdings in CNX Resources were worth $519,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brown Lisle Cummings Inc. acquired a new position in shares of CNX Resources in the fourth quarter worth about $299,000. Longboard Asset Management LP purchased a new position in shares of CNX Resources in the 4th quarter valued at about $212,000. Jennison Associates LLC purchased a new position in shares of CNX Resources in the 4th quarter valued at about $636,000. SeaBridge Investment Advisors LLC raised its holdings in CNX Resources by 0.8% in the 4th quarter. SeaBridge Investment Advisors LLC now owns 90,301 shares of the oil and gas producer’s stock worth $3,311,000 after purchasing an additional 759 shares during the period. Finally, Heck Capital Advisors LLC purchased a new position in CNX Resources during the fourth quarter worth approximately $121,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

CNX has been the subject of a number of recent analyst reports. Truist Financial boosted their price objective on CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, December 6th. TD Cowen began coverage on shares of CNX Resources in a report on Wednesday, January 15th. They issued a “hold” rating and a $27.00 price target for the company. JPMorgan Chase & Co. downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and increased their price objective for the company from $31.00 to $37.00 in a report on Thursday, December 5th. StockNews.com raised shares of CNX Resources from a “sell” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, Bank of America started coverage on shares of CNX Resources in a research note on Monday, October 28th. They issued an “underperform” rating and a $34.00 price target on the stock. Eight equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $29.67.

Insider Activity

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 completion of the sale, the insider now owns 13,925,000 shares in the company, valued at $432,928,250. This trade represents a 7.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.10% of the company’s stock.

CNX Resources Trading Down 2.6 %

CNX opened at $29.85 on Wednesday. The firm has a market capitalization of $4.46 billion, a price-to-earnings ratio of -43.89, a price-to-earnings-growth ratio of 0.39 and a beta of 1.38. The company’s 50 day simple moving average is $32.80 and its two-hundred day simple moving average is $32.42. 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 0.45, a current ratio of 0.33 and a quick ratio of 0.32.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. Analysts expect that CNX Resources Co. will post 2.36 EPS for the current fiscal year.

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.