ITEM 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The Company's common stock is listed on the New York Stock Exchange under the symbol CNX.
As of December 31, 2020, there were 102 holders of record of our common stock.
The following performance graph compares the yearly percentage change in the cumulative total shareholder return on the common stock of CNX to the cumulative shareholder return for the same period of a peer group and the Standard & Poor's 500 Stock Index. The current peer group is comprised of CNX, Antero Resources Corporation, Cabot Oil & Gas Corporation, EQT Corporation, Gulfport Energy Corporation, Range Resources Corporation and Southwestern Energy Co. The graph assumes that the value of the investment in CNX common stock and each index was $100 at December 31, 2015. The graph also assumes that all dividends were reinvested and that the investments were held through December 31, 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
CNX Resources Corporation
|
|
100.0
|
|
|
230.9
|
|
|
214.0
|
|
|
167.2
|
|
|
129.6
|
|
|
158.1
|
|
|
Peer Group
|
|
100.0
|
|
|
130.1
|
|
|
107.3
|
|
|
60.4
|
|
|
39.1
|
|
|
43.2
|
|
|
S&P 500 Stock Index
|
|
100.0
|
|
|
109.5
|
|
|
130.7
|
|
|
122.6
|
|
|
158.1
|
|
|
183.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative Total Shareholder Return Among CNX Resources Corporation, Peer Group and S&P 500 Stock Index
The above information is being furnished pursuant to Regulation S-K, Item 201 (e) (Performance Graph).
The determination to declare and pay dividends is made by CNX's Board of Directors. CNX suspended its quarterly dividend starting in March 2016 to support the Company's increased emphasis on growth at that time. Any determination to pay dividends in the future will depend upon, among other things, general business conditions, CNX’s financial results, contractual and legal restrictions regarding the payment of dividends by CNX, planned investments by CNX, and other factors as the Board of Directors deems relevant.
The Company's Credit Facility currently limits CNX's ability to pay dividends in excess of an annual rate of $0.10 per share when the Company's net leverage ratio exceeds 3.00 to 1.00 and is subject to availability under the Credit Facility of at least 15% of the aggregate commitments. The Company's net leverage ratio was 2.45 to 1.00 at December 31, 2020. The Credit Facility does not permit dividend payments in the event of default. The indentures to the 7.25% Senior Notes due in March 2027 and the 6.00% Senior Notes due in January 2029 limit dividends to $0.50 per share annually unless several conditions are met. These conditions include no defaults, ability to incur additional debt and other payment limitations under the indentures. There were no defaults under the Company’s Credit Facility or Notes in the year ended December 31, 2020.
Unregistered Sales of Equity Securities and Use of Proceeds
The following table sets forth repurchases of our common stock during the three months ended December 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ISSUER PURCHASES OF EQUITY SECURITIES
|
|
Period
|
Total Number of Shares Purchased (1)
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
|
Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (000's omitted)
|
October 1, 2020-
October 31, 2020
|
—
|
|
$
|
—
|
|
—
|
|
$
|
148,466
|
|
November 1, 2020-
November 30, 2020
|
725,784
|
|
$
|
9.63
|
|
725,641
|
|
$
|
141,480
|
|
December 1, 2020-
December 31, 2020
|
3,418,437
|
|
$
|
10.60
|
|
3,412,886
|
|
$
|
105,302
|
|
|
Total
|
4,144,221
|
|
|
|
|
(1) Includes shares withheld from employees to satisfy minimum tax withholding obligations associated with the vesting of restricted stock during the period.
(2) Shares repurchased as part of the Company's current $750 million share repurchase program authorized by the Board of Directors on October 30, 2017 and subsequently amended from time to time, which is not subject to an expiration date. The amount of shares that may yet be purchased under the Plan does not include a $150 million increase authorized by the Board of Directors on January 26, 2021 (See Note 5 - Stock Repurchase in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information).
See Part III. Item 12. “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” for information relating to CNX's equity compensation plans.
