Matarin Capital Management LLC Takes $11.60 Million Position in CNX Resources (CNX)

Matarin Capital Management LLC acquired a new stake in CNX Resources (NYSE:CNX) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 751,952 shares of the oil and gas producer’s stock, valued at approximately $11,603,000. Matarin Capital Management LLC owned 0.35% of CNX Resources at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Sei Investments Co. boosted its stake in CNX Resources by 10.0% during the fourth quarter. Sei Investments Co. now owns 1,185,530 shares of the oil and gas producer’s stock worth $17,344,000 after buying an additional 108,119 shares during the period. ING Groep NV boosted its stake in CNX Resources by 23.2% during the fourth quarter. ING Groep NV now owns 31,249 shares of the oil and gas producer’s stock worth $457,000 after buying an additional 5,892 shares during the period. Quadrature Capital Ltd purchased a new position in CNX Resources during the fourth quarter worth about $1,012,000. Kestrel Investment Management Corp purchased a new position in CNX Resources during the fourth quarter worth about $9,130,000. Finally, Liberty Mutual Group Asset Management Inc. boosted its stake in CNX Resources by 13.4% during the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 52,559 shares of the oil and gas producer’s stock worth $769,000 after buying an additional 6,225 shares during the period. 96.03% of the stock is owned by hedge funds and other institutional investors.

NYSE CNX opened at $16.15 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.44. CNX Resources has a one year low of $11.29 and a one year high of $18.08. The company has a market capitalization of $3.62 billion, a PE ratio of -100.94 and a beta of 1.26.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, May 3rd. The oil and gas producer reported $0.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.07. CNX Resources had a net margin of 37.74% and a return on equity of 1.36%. The business had revenue of $496.00 million during the quarter, compared to analyst estimates of $408.68 million. During the same quarter last year, the firm posted $0.17 earnings per share. The business’s revenue for the quarter was up 55.0% compared to the same quarter last year. equities research analysts anticipate that CNX Resources will post 0.73 earnings per share for the current year.

Several research analysts have weighed in on CNX shares. Robert W. Baird increased their target price on shares of CNX Resources from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Monday, January 29th. ValuEngine lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Friday, February 2nd. Tudor Pickering raised shares of CNX Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, February 27th. Zacks Investment Research raised shares of CNX Resources from a “sell” rating to a “hold” rating in a research note on Monday, March 12th. Finally, Stifel Nicolaus assumed coverage on shares of CNX Resources in a research note on Tuesday. They issued a “hold” rating and a $18.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $21.50.

CNX Resources Company Profile

CNX Resources Corporation, an independent oil and natural gas company, explores for, develops, and produces natural gas in the Appalachian Basin. As of December 31, 2017, it had 7.6 trillion cubic feet equivalent of proved natural gas reserves. The company also owns, operates, and develops natural gas gathering and other midstream energy assets in the Marcellus Shale in Pennsylvania and West Virginia.

Institutional Ownership by Quarter for CNX Resources (NYSE:CNX)

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