L2 Asset Management LLC Makes New Investment in CNX Resources Corporation. $CNX

L2 Asset Management LLC acquired a new position in shares of CNX Resources Corporation. (NYSE:CNX) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 21,241 shares of the oil and gas producer’s stock, valued at approximately $721,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CNX. Northwestern Mutual Wealth Management Co. boosted its stake in CNX Resources by 3,227.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 90,603 shares of the oil and gas producer’s stock worth $3,331,000 after buying an additional 87,880 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of CNX Resources by 98.4% during the 1st quarter. Principal Financial Group Inc. now owns 579,120 shares of the oil and gas producer’s stock valued at $22,325,000 after acquiring an additional 287,240 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of CNX Resources by 6,057.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer’s stock valued at $147,988,000 after acquiring an additional 3,776,511 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of CNX Resources by 81.9% during the 1st quarter. First Trust Advisors LP now owns 965,371 shares of the oil and gas producer’s stock worth $37,215,000 after acquiring an additional 434,620 shares during the period. Finally, Deutsche Bank AG acquired a new stake in shares of CNX Resources in the second quarter worth approximately $7,742,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

CNX Resources Trading Up 0.4%

NYSE CNX opened at $36.49 on Tuesday. The firm has a market capitalization of $5.40 billion, a price-to-earnings ratio of 6.09 and a beta of 0.60. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.72. CNX Resources Corporation. has a one year low of $28.57 and a one year high of $43.62. The company’s 50 day moving average price is $34.22 and its 200 day moving average price is $36.80.

CNX Resources (NYSE:CNX) last released its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share (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 earned $2.43 earnings per share. CNX Resources’s revenue for the quarter was down 35.7% on a year-over-year basis. On average, sell-side analysts predict that CNX Resources Corporation. will post 3.08 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CNX shares. Truist Financial upgraded shares of CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 target price for the company in a report on Wednesday, July 15th. Barclays decreased their price target on shares of CNX Resources from $36.00 to $35.00 and set an “underweight” rating on the stock in a report on Tuesday, May 26th. Morgan Stanley lowered their price objective on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating for the company in a research note on Monday, June 29th. Tudor Pickering upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a report on Friday, May 8th. Finally, Zacks Research lowered CNX Resources from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Nine equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $35.44.

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.