Wellington Management Group LLP Has $31.37 Million Stock Position in CNX Resources Corporation. $CNX

Wellington Management Group LLP boosted its stake in CNX Resources Corporation. (NYSE:CNX) by 192.4% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 924,662 shares of the oil and gas producer’s stock after acquiring an additional 608,386 shares during the period. Wellington Management Group LLP’s holdings in CNX Resources were worth $31,374,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. SwitchPoint Financial Planning LLC acquired a new position in CNX Resources in the second quarter valued at $220,000. Empowered Funds LLC bought a new position in shares of CNX Resources in the 2nd quarter worth about $1,519,000. Caitlin John LLC bought a new position in shares of CNX Resources in the 2nd quarter worth about $33,000. Transamerica Financial Advisors LLC acquired a new position in shares of CNX Resources in the 2nd quarter valued at about $94,000. Finally, Corient Private Wealth LP acquired a new position in shares of CNX Resources in the 2nd quarter valued at about $1,110,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on CNX shares. Weiss Ratings cut CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 28th. Barclays dropped their target price on shares of CNX Resources from $36.00 to $35.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 26th. Tudor Pickering upgraded shares of CNX Resources from a “strong sell” rating to a “hold” rating in a report on Friday, May 8th. Mizuho decreased their price target on shares of CNX Resources from $44.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. Finally, Truist Financial upgraded shares of CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 price objective on the stock in a report on Wednesday, July 15th. Nine research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $35.44.

CNX Resources Stock Down 0.8%

CNX Resources stock opened at $37.47 on Friday. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of 6.26 and a beta of 0.61. The firm’s fifty day moving average price is $34.85 and its two-hundred day moving average price is $36.65. CNX Resources Corporation. has a 1-year low of $28.82 and a 1-year high of $43.62. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 EPS for the quarter, topping the consensus estimate of $0.60 by $0.72. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The company had revenue of $618.48 million during the quarter, compared to the consensus estimate of $475.16 million. During the same period in the previous year, the firm posted $2.43 earnings per share. The firm’s revenue for the quarter was down 35.7% on a year-over-year basis. On average, equities research analysts predict that CNX Resources Corporation. will post 3.08 earnings per share for the current fiscal year.

CNX Resources Company Profile

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.