Reduction of Holdings in CNX Resources Co. by Eubel Brady & Suttman Asset Management Inc.

Eubel Brady & Suttman Asset Management Inc. has reduced its holdings in CNX Resources Co. (NYSE:CNX) by 29.6% during the fourth quarter, as indicated in the firm's recent filing with the Securities & Exchange Commission. After selling 159,665 shares during this period, the institutional investor now owns 380,212 shares of the oil and gas producer's stock. CNX Resources accounts for around 1.8% of Eubel Brady & Suttman’s overall holdings, positioning it as the 28th largest investment within their portfolio. At the last report, the firm owned approximately 0.25% of CNX Resources, valued at around $13,942,000.

Other institutional investors and hedge funds have also made adjustments to their positions in CNX Resources recently. For instance, CWM LLC increased its stake in CNX Resources by 77.0% during the third quarter and now holds 2,149 shares valued at $70,000 after acquiring an additional 935 shares. Creative Planning raised its position in CNX Resources by 17.5%, now owning 36,735 shares worth $1,196,000 after an increase of 5,470 shares in the last quarter. Additionally, Blue Trust Inc. grew its holdings by 135.4%, now possessing 1,966 shares valued at $64,000 after buying 1,131 more shares. Sequoia Financial Advisors LLC increased its stake by 3.5%, owning 13,135 shares worth $428,000 after acquiring an additional 442 shares. Moreover, Private Advisor Group LLC purchased a new stake valued at around $222,000 in the third quarter. Currently, hedge funds and institutional investors collectively hold approximately 95.16% of the stock.

Insider Activities

In related news, Mfn Partners, Lp, a major shareholder, sold 1,075,000 shares of CNX Resources on January 6th. The transaction occurred at an average price of $31.09 per share, amounting to a total of $33,421,750. Following this sale, the insider’s ownership dropped to 13,925,000 shares, which are valued at around $432,928,250. This represents a decrease of 7.17% in their hold on the company. The sale was reported in a filing with the SEC.

Current Stock Performance

As of the latest trading session, CNX Resources shares are down by 0.4%, opening at $29.51. The company possesses a market capitalization of $4.39 billion, with a price-to-earnings (P/E) ratio of -43.39 and a PEG ratio of 0.40. CNX Resources has a debt-to-equity ratio of 0.45, a quick ratio of 0.32, and a current ratio of 0.33. Over the past year, the stock has experienced a low of $20.30 and a high of $41.93. The company’s fifty-day and two-hundred day moving averages are $31.58 and $32.58, respectively.

In its most recent earnings report dated January 30th, CNX Resources announced earnings per share (EPS) of $0.57 for the quarter, exceeding analysts' expected EPS of $0.43 by $0.14. The company recorded a negative net margin of 7.14% but demonstrated a positive return on equity of 6.72%. Analysts predict that CNX Resources will post an EPS of 2.36 for the current year.

Changes in Analyst Ratings

Recent reports from various equities analysts regarding CNX Resources have included several notable updates. Mizuho has downgraded its price target from $38.00 to $34.00, while rating the stock as "underperform." Piper Sandler has also lowered its price target from $23.00 to $22.00 and assigned an "underweight" rating. In contrast, Stephens increased its price objective from $26.00 to $35.00, giving CNX Resources an "equal weight" rating. Bank of America recently started coverage with an "underperform" rating and a price target of $34.00. Additionally, JPMorgan Chase downgraded CNX from "neutral" to "underweight" while raising the target price from $31.00 to $37.00. Presently, nine research analysts have issued sell ratings, while seven recommend holding the stock. According to MarketBeat, the consensus price target for CNX Resources stands at $29.67.

Company Overview

CNX Resources Corporation is an independent company focused on natural gas exploration and production, primarily operating within the Appalachian Basin. The company engages in acquiring, exploring, developing, and producing natural gas properties, and operates in two segments: Shale and Coalbed Methane (CBM). The company’s main product is pipeline quality natural gas, primarily supplied to gas wholesalers.

CNX, Eubel, Shares