Citigroup Inc. Sells 228,560 Shares of CNX Resources Corporation. $CNX

Citigroup Inc. trimmed its stake in CNX Resources Corporation. (NYSE:CNX) by 60.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,180 shares of the oil and gas producer’s stock after selling 228,560 shares during the period. Citigroup Inc. owned 0.11% of CNX Resources worth $4,727,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of CNX. AlphaQuest LLC raised its stake in CNX Resources by 5,703.1% during the 3rd quarter. AlphaQuest LLC now owns 63,022 shares of the oil and gas producer’s stock worth $2,024,000 after acquiring an additional 61,936 shares during the period. Capital Management Corp VA boosted its position in shares of CNX Resources by 9.0% in the third quarter. Capital Management Corp VA now owns 393,671 shares of the oil and gas producer’s stock worth $12,645,000 after purchasing an additional 32,404 shares during the period. Paradiem LLC bought a new position in shares of CNX Resources in the third quarter worth approximately $984,000. Bayforest Capital Ltd purchased a new stake in shares of CNX Resources in the third quarter worth $579,000. Finally, Hsbc Holdings PLC raised its position in shares of CNX Resources by 548.9% during the 2nd quarter. Hsbc Holdings PLC now owns 48,774 shares of the oil and gas producer’s stock valued at $1,668,000 after purchasing an additional 41,258 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on CNX. Barclays upped their target price on shares of CNX Resources from $34.00 to $35.00 and gave the stock an “underweight” rating in a report on Friday, January 30th. Mizuho upped their price objective on CNX Resources from $35.00 to $43.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Zacks Research upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, February 27th. Morgan Stanley boosted their price target on CNX Resources from $31.00 to $32.00 and gave the stock an “underweight” rating in a report on Friday, January 23rd. Finally, Scotiabank restated a “sector perform” rating and issued a $44.00 price target on shares of CNX Resources in a research note on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and an average target price of $36.00.

Insider Buying and Selling

In other CNX Resources news, Director Bernard Lanigan, Jr. sold 46,119 shares of CNX Resources stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $40.60, for a total value of $1,872,431.40. Following the completion of the transaction, the director directly owned 177,180 shares of the company’s stock, valued at $7,193,508. This trade represents a 20.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 4.59% of the stock is owned by company insiders.

CNX Resources Stock Performance

NYSE CNX opened at $41.88 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.44 and a quick ratio of 0.41. CNX Resources Corporation. has a 1-year low of $27.68 and a 1-year high of $43.12. The business has a 50 day simple moving average of $37.96 and a two-hundred day simple moving average of $35.20. The stock has a market capitalization of $5.96 billion, a PE ratio of 11.38, a P/E/G ratio of 0.43 and a beta of 0.66.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.94. CNX Resources had a return on equity of 9.29% and a net margin of 28.28%.The firm had revenue of $610.48 million during the quarter, compared to the consensus estimate of $422.65 million. During the same period in the prior year, the company earned ($0.97) EPS. The company’s quarterly revenue was up 347.0% compared to the same quarter last year. On average, research analysts predict that CNX Resources Corporation. will post 2.18 EPS for the current fiscal year.

CNX Resources 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.