Kestrel Investment Management Corp Sells 40,800 Shares of CNX Resources Co. (NYSE:CNX)

Kestrel Investment Management Corp decreased its position in shares of CNX Resources Co. (NYSE:CNX) by 16.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 212,450 shares of the oil and gas producer’s stock after selling 40,800 shares during the quarter. CNX Resources makes up 2.9% of Kestrel Investment Management Corp’s holdings, making the stock its 16th largest holding. Kestrel Investment Management Corp owned about 0.13% of CNX Resources worth $4,249,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CNX. Neo Ivy Capital Management bought a new stake in CNX Resources during the third quarter valued at about $26,000. BluePath Capital Management LLC bought a new stake in CNX Resources during the third quarter valued at about $32,000. Castleview Partners LLC bought a new stake in CNX Resources during the third quarter valued at about $41,000. Adirondack Trust Co. bought a new stake in CNX Resources during the third quarter valued at about $54,000. Finally, Nomura Asset Management Co. Ltd. boosted its position in CNX Resources by 30.3% during the third quarter. Nomura Asset Management Co. Ltd. now owns 2,540 shares of the oil and gas producer’s stock valued at $57,000 after purchasing an additional 590 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CNX shares. Mizuho increased their price target on CNX Resources from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Bank of America upgraded CNX Resources from an “underperform” rating to a “neutral” rating and set a $23.00 price target for the company in a research note on Friday, January 5th. Roth Mkm increased their price target on CNX Resources from $18.00 to $22.00 and gave the company a “neutral” rating in a research note on Tuesday, April 2nd. Piper Sandler increased their price target on CNX Resources from $18.00 to $22.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Scotiabank increased their price target on CNX Resources from $20.00 to $25.00 and gave the company a “sector underperform” rating in a research note on Thursday, April 11th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $24.43.

Insider Buying and Selling

In related news, EVP Timothy Scott Bedard sold 1,226 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $20.83, for a total transaction of $25,537.58. Following the sale, the executive vice president now directly owns 67,982 shares of the company’s stock, valued at $1,416,065.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.10% of the stock is owned by corporate insiders.

CNX Resources Stock Performance

Shares of NYSE:CNX traded up $0.32 during trading on Friday, hitting $24.02. The stock had a trading volume of 2,013,326 shares, compared to its average volume of 2,966,391. CNX Resources Co. has a 12-month low of $14.36 and a 12-month high of $24.82. The stock has a market capitalization of $3.68 billion, a price-to-earnings ratio of 2.64 and a beta of 1.33. The company has a quick ratio of 0.49, a current ratio of 0.51 and a debt-to-equity ratio of 0.43. The stock has a 50-day simple moving average of $22.16 and a two-hundred day simple moving average of $21.35.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, January 25th. The oil and gas producer reported $2.89 EPS for the quarter, topping the consensus estimate of $0.30 by $2.59. The firm had revenue of $999.50 million for the quarter, compared to analyst estimates of $401.62 million. CNX Resources had a return on equity of 9.00% and a net margin of 50.34%. CNX Resources’s revenue for the quarter was down 38.9% compared to the same quarter last year. During the same period last year, the company earned $1.64 earnings per share. On average, equities research analysts expect that CNX Resources Co. will post 1.31 earnings per share for the current fiscal year.

CNX Resources Profile

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.