Wallace Capital Management Inc. Invests $16.85 Million in CNX Resources Corporation. $CNX

Wallace Capital Management Inc. bought a new stake in CNX Resources Corporation. (NYSE:CNX) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 496,627 shares of the oil and gas producer’s stock, valued at approximately $16,851,000. CNX Resources makes up 1.8% of Wallace Capital Management Inc.’s investment portfolio, making the stock its 14th biggest position.

Other hedge funds have also bought and sold shares of the company. Jupiter Topco LLC acquired a new position in CNX Resources in the second quarter worth about $2,019,000. Canada Pension Plan Investment Board acquired a new stake in CNX Resources during the second quarter valued at approximately $9,222,000. Manatuck Hill Partners LLC bought a new position in CNX Resources during the 2nd quarter worth approximately $679,000. Legal & General Group Plc bought a new position in CNX Resources during the 2nd quarter worth approximately $6,082,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of CNX Resources in the 2nd quarter worth approximately $4,491,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CNX has been the subject of several research reports. Morgan Stanley decreased their price target on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating for the company in a report on Monday, June 29th. Tudor Pickering upgraded shares of CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Barclays cut their target price 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. Weiss Ratings lowered CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 28th. Finally, Truist Financial upgraded CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 price target on the stock in a research report on Wednesday, July 15th. Nine analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, CNX Resources has an average rating of “Reduce” and an average price target of $35.44.

CNX Resources Stock Performance

Shares of CNX opened at $36.04 on Thursday. The firm has a fifty day moving average of $34.33 and a 200-day moving average of $36.76. The company has a market cap of $5.33 billion, a price-to-earnings ratio of 6.02 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 1 year low of $28.70 and a 1 year high of $43.62.

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 for the quarter, topping analysts’ consensus estimates of $0.60 by $0.72. The business had revenue of $618.48 million for the quarter, compared to analysts’ expectations of $475.16 million. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The company’s revenue for the quarter was down 35.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.43 EPS. As a group, equities analysts anticipate that CNX Resources Corporation. will post 3.08 earnings per share for the current 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.