Bridgefront Capital LLC Takes Position in CNX Resources Corporation. $CNX

Bridgefront Capital LLC purchased a new stake in CNX Resources Corporation. (NYSE:CNX) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 13,031 shares of the oil and gas producer’s stock, valued at approximately $419,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. State of Wyoming acquired a new position in CNX Resources during the second quarter worth $29,000. Caitlin John LLC acquired a new stake in shares of CNX Resources in the third quarter valued at about $31,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of CNX Resources during the second quarter worth about $46,000. EverSource Wealth Advisors LLC increased its stake in shares of CNX Resources by 393.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,925 shares of the oil and gas producer’s stock worth $65,000 after purchasing an additional 1,535 shares in the last quarter. Finally, MTM Investment Management LLC acquired a new position in shares of CNX Resources during the 2nd quarter worth about $67,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

CNX Resources Stock Performance

CNX opened at $41.96 on Tuesday. CNX Resources Corporation. has a twelve month low of $27.68 and a twelve month high of $43.62. The firm has a market capitalization of $5.97 billion, a PE ratio of 11.40, a PEG ratio of 0.44 and a beta of 0.66. The company has a current ratio of 0.44, a quick ratio of 0.41 and a debt-to-equity ratio of 0.52. The firm’s 50-day moving average price is $38.80 and its 200 day moving average price is $36.01.

CNX Resources (NYSE:CNX) last released its quarterly earnings data 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 net margin of 28.28% and a return on equity of 9.29%. The company had revenue of $610.48 million during the quarter, compared to the consensus estimate of $422.65 million. During the same quarter in the prior year, the firm earned ($0.97) EPS. CNX Resources’s quarterly revenue was up 347.0% on a year-over-year basis. As a group, sell-side analysts expect that CNX Resources Corporation. will post 2.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CNX has been the topic of a number of research reports. Scotiabank reaffirmed a “sector perform” rating and issued a $44.00 price target on shares of CNX Resources in a research note on Wednesday, January 21st. Morgan Stanley increased their target price on CNX Resources from $31.00 to $32.00 and gave the company an “underweight” rating in a report on Friday, January 23rd. Barclays raised their target price on CNX Resources from $35.00 to $36.00 and gave the company an “underweight” rating in a research report on Monday. JPMorgan Chase & Co. raised CNX Resources from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $36.00 to $38.00 in a research note on Monday, December 8th. Finally, Zacks Research upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, February 27th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, CNX Resources presently has an average rating of “Reduce” and an average price target of $36.10.

Insider Activity

In related news, Director Bernard Lanigan, Jr. sold 46,119 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $40.60, for a total value of $1,872,431.40. Following the completion of the sale, the director owned 177,180 shares of the company’s stock, valued at approximately $7,193,508. This trade represents a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.10% of the stock is owned by company insiders.

About CNX Resources

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.