CNX Resources (NYSE:CNX) Shares Down 2.9% – Here’s Why

CNX Resources Co. (NYSE:CNX) dropped 2.9% during mid-day trading on Monday . The stock traded as low as $31.67 and last traded at $32.15. Approximately 692,495 shares traded hands during trading, a decline of 84% from the average daily volume of 4,306,194 shares. The stock had previously closed at $33.12.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CNX. Piper Sandler lifted their price objective on CNX Resources from $20.00 to $23.00 and gave the company an “underweight” rating in a report on Friday, December 6th. JPMorgan Chase & Co. downgraded CNX Resources from a “neutral” rating to an “underweight” rating and lifted their price target for the company from $31.00 to $37.00 in a research note on Thursday, December 5th. Bank of America started coverage on CNX Resources in a research report on Monday, October 28th. They issued an “underperform” rating and a $34.00 price objective for the company. Truist Financial raised their target price on CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a report on Friday, December 6th. Finally, Capital One Financial cut shares of CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price target on the stock. in a research note on Monday, October 14th. Eight research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $30.50.

CNX Resources Stock Up 2.3 %

The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36. The firm has a market capitalization of $4.66 billion, a price-to-earnings ratio of 9.81, a price-to-earnings-growth ratio of 1.85 and a beta of 1.42. The firm’s 50-day moving average price is $37.37 and its 200 day moving average price is $31.69.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.09. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. The company had revenue of $424.21 million during the quarter, compared to the consensus estimate of $398.33 million. During the same quarter last year, the business posted $0.35 earnings per share. Sell-side analysts expect that CNX Resources Co. will post 1.54 EPS for the current year.

Insider Activity at CNX Resources

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the transaction, the insider now owns 13,925,000 shares of the company’s stock, valued at $432,928,250. This represents a 7.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 4.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CNX Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNX. American Century Companies Inc. increased its position in CNX Resources by 12.0% during the 2nd quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after purchasing an additional 397,729 shares in the last quarter. Geode Capital Management LLC increased its position in shares of CNX Resources by 0.3% in the third quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer’s stock worth $117,366,000 after acquiring an additional 12,333 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in CNX Resources by 12.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock worth $60,607,000 after purchasing an additional 202,890 shares during the period. LSV Asset Management increased its holdings in CNX Resources by 1.4% in the 2nd quarter. LSV Asset Management now owns 1,780,921 shares of the oil and gas producer’s stock valued at $43,276,000 after purchasing an additional 23,800 shares in the last quarter. Finally, Aureus Asset Management LLC raised its position in CNX Resources by 0.6% in the third quarter. Aureus Asset Management LLC now owns 642,289 shares of the oil and gas producer’s stock valued at $20,919,000 after purchasing an additional 3,659 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

CNX Resources Company Profile

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.