CNX Resources sees 32.2% decrease in holdings by AQR Capital Management LLC in 2nd quarter
October 12, 2024
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CNX ($NYSE:CNX) Resources is a leading independent natural gas exploration and production company, primarily operating in the Appalachian Basin. With a focus on responsible and sustainable energy production, CNX Resources has established itself as a leader in the industry. The company’s stock, listed on the New York Stock Exchange under the ticker symbol “CNX,” has been closely watched by investors for its performance in the volatile natural gas market. In the 2nd quarter of this year, AQR Capital Management LLC, a global investment management firm, made a significant change in its holding of CNX Resources. According to the 13F filing with the Securities and Exchange Commission, AQR Capital Management LLC reduced its ownership of CNX Resources Co. by 32.2%. This decrease in holdings indicates a shift in the investment strategy of AQR Capital Management, as well as potential implications for the stock of CNX Resources. The filing provides information on the holdings of these managers, including stocks, options, and other securities. This allows investors to track changes in holdings and make informed decisions about their investments.
However, it is important to note that the 13F filing only provides a snapshot of a specific quarter and does not necessarily reflect the long-term outlook for a company’s stock. Other factors such as market conditions and company performance may also play a significant role in determining the stock’s performance. CNX Resources has been actively working on reducing its debt and improving its financial position, which has been positively received by investors. The company’s focus on increasing its natural gas production and expanding its presence in the Appalachian Basin also bodes well for its future growth potential.
Additionally, the recent acquisition of Dominion Energy’s natural gas producing assets is expected to further strengthen the company’s position in the industry. CNX Resources continues to be a strong player in the natural gas industry, and with its focus on responsible and sustainable energy production, the company is well-positioned for future success.
Analysis
In analyzing the financials of CNX RESOURCES, I took a comprehensive look at their profitability, assets, dividend, and growth. Based on the data, I concluded that CNX RESOURCES is strong in profitability, with a steady and consistent track record. However, they are only medium in terms of assets and have a weaker performance in terms of dividends and growth. Using Star Chart, I also assessed CNX RESOURCES’ overall health score. Based on its cashflows and debt, the company has received an intermediate score of 6/10. This suggests that while they may have some debt, they have the ability to pay it off and continue funding their operations in the future. CNX RESOURCES falls under the ‘rhino’ category, which means it has achieved moderate revenue or earnings growth. This is a positive sign for investors as it shows the potential for future growth and success. In terms of which type of investors may be interested in CNX RESOURCES, I believe it would appeal to those looking for a steady and profitable company. It may particularly interest risk-averse investors who value stability and consistent returns. Additionally, with moderate growth potential and an intermediate health score, CNX RESOURCES may also attract investors seeking a balance between risk and reward. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Cnx Resources. More…
| Total Revenues | Net Income | Net Margin |
| 1.51k | 1.74k | 8.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Cnx Resources. More…
| Operations | Investing | Financing |
| 814.59 | -509.38 | -326.09 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Cnx Resources. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 8.64k | 4.25k | 27.6 |
Key Ratios Snapshot
Some of the financial key ratios for Cnx Resources are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 11.6% | 116.5% | 159.1% |
| FCF Margin | ROE | ROA |
| 9.0% | 35.9% | 17.3% |
Peers
The competition between CNX Resources Corp and its competitors is fierce. All of the companies are vying for the same market share, and each is trying to outdo the other in terms of product quality and customer service.
However, CNX Resources Corp has an edge over its competitors because it has a strong brand presence and a loyal customer base.
– HighPeak Energy Inc ($NASDAQ:HPK)
HighPeak Energy Inc is a Canadian oil and gas company with a market cap of 2.44B as of 2022. The company has a Return on Equity of 14.7%. HighPeak Energy is engaged in the exploration, development and production of oil and natural gas in the Western Canadian Sedimentary Basin.
– Earthstone Energy Inc ($NYSE:ESTE)
Stone Energy is an oil and gas exploration and production company with operations primarily in the Gulf of Mexico. The company was founded in 1993 and is headquartered in Lafayette, Louisiana.
As of 2022, Stone Energy has a market capitalization of 1.6 billion dollars and a return on equity of 18.64%. The company’s primary business is the exploration and production of oil and gas, mostly in the Gulf of Mexico. Over the past few years, Stone Energy has been transitioning its portfolio to focus more on natural gas assets. The company is currently active in several major gas plays in the Gulf, including the Haynesville Shale and the Mississippi Lime play.
– Carbon Energy Corp ($OTCPK:CRBO)
Carbon Energy Corp is a Canadian oil and gas company with a market cap of 20.76k as of 2022. The company has a Return on Equity of -36.04%. Carbon Energy Corp is engaged in the exploration, development and production of oil and gas properties in Canada. The company’s operations are focused in the Western Canadian Sedimentary Basin.
Summary
AQR Capital Management LLC, a well-known investment management firm, has reduced its stake in CNX Resources Co. by 32.2% in the second quarter. This indicates that the company has either sold off a significant portion of its shares or has not added to its existing holdings. This move by AQR could suggest a lack of confidence in CNX Resources’ future performance, or a desire to reallocate funds to other potentially more promising investments. It is worth noting that this decrease in holdings does not necessarily reflect poorly on CNX Resources’ financial health, but rather reflects AQR’s strategic decision-making as an investment management firm.
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