ClariVest Asset Management LLC Sells 74,500 Shares of CNX Resources Corp (CNX)
ClariVest Asset Management LLC reduced its holdings in shares of CNX Resources Corp (NYSE:CNX) by 54.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,500 shares of the oil and gas producer’s stock after selling 74,500 shares during the quarter. ClariVest Asset Management LLC’s holdings in CNX Resources were worth $880,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. WINTON GROUP Ltd purchased a new position in CNX Resources during the 3rd quarter valued at about $162,000. First Citizens Bank & Trust Co. purchased a new position in CNX Resources during the 3rd quarter valued at about $237,000. Strs Ohio purchased a new position in CNX Resources during the 2nd quarter valued at about $299,000. State of Alaska Department of Revenue increased its holdings in CNX Resources by 36.8% during the 2nd quarter. State of Alaska Department of Revenue now owns 24,460 shares of the oil and gas producer’s stock valued at $434,000 after acquiring an additional 6,580 shares in the last quarter. Finally, Piedmont Investment Advisors LLC purchased a new position in CNX Resources during the 2nd quarter valued at about $463,000.
Several research firms have weighed in on CNX. Raymond James downgraded shares of CNX Resources from a “market perform” rating to an “underperform” rating in a report on Monday, August 6th. They noted that the move was a valuation call. ValuEngine downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Saturday, July 28th. Zacks Investment Research cut shares of CNX Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, October 9th. TheStreet raised shares of CNX Resources from a “d+” rating to a “b” rating in a research note on Tuesday, October 30th. Finally, Goldman Sachs Group cut shares of CNX Resources from a “neutral” rating to a “sell” rating and set a $14.00 price target on the stock. in a research note on Tuesday, September 11th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $19.83.
CNX Resources (NYSE:CNX) last released its quarterly earnings results on Tuesday, October 30th. The oil and gas producer reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.02). CNX Resources had a return on equity of 3.73% and a net margin of 54.81%. The firm had revenue of $397.10 million for the quarter, compared to analyst estimates of $376.23 million. During the same period in the prior year, the business earned ($0.11) earnings per share. CNX Resources’s revenue for the quarter was up 38.3% on a year-over-year basis. As a group, equities research analysts expect that CNX Resources Corp will post 0.86 EPS for the current fiscal year.
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CNX Resources Profile
CNX Resources Corporation, an independent oil and natural gas company, explores for, develops, and produces natural gas in the Appalachian Basin. As of December 31, 2017, it had 7.6 trillion cubic feet equivalent of proved natural gas reserves. The company also owns, operates, and develops natural gas gathering and other midstream energy assets in the Marcellus Shale in Pennsylvania and West Virginia.
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