CNX Resources (NYSE:CNX) Shares Gap Up to $12.11

CNX Resources Co. (NYSE:CNX)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $12.11, but opened at $12.44. CNX Resources shares last traded at $12.67, with a volume of 7,010 shares.

Several equities research analysts have recently commented on the company. Bank of America cut CNX Resources from a “neutral” rating to an “underperform” rating and set a $15.00 price target for the company. in a research note on Monday, June 21st. Wells Fargo & Company increased their price objective on CNX Resources from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 19th. MKM Partners upgraded CNX Resources from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $15.00 to $16.00 in a research report on Thursday, July 8th. BMO Capital Markets cut CNX Resources from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $15.00 to $13.00 in a research report on Friday, August 27th. Finally, Raymond James cut their price objective on CNX Resources from $18.00 to $15.00 and set an “outperform” rating for the company in a research report on Tuesday, August 31st. One analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $15.58.

The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.55. The company has a market cap of $2.77 billion, a price-to-earnings ratio of -9.04, a price-to-earnings-growth ratio of 0.42 and a beta of 1.54. The company has a fifty day simple moving average of $11.99 and a two-hundred day simple moving average of $13.34.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, July 29th. The oil and gas producer reported $0.18 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.07). The firm had revenue of $359.00 million during the quarter, compared to analyst estimates of $390.40 million. CNX Resources had a negative net margin of 4.31% and a positive return on equity of 4.05%. On average, research analysts predict that CNX Resources Co. will post 1.13 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. boosted its stake in shares of CNX Resources by 116.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,872 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 1,007 shares during the last quarter. First Horizon Advisors Inc. acquired a new stake in shares of CNX Resources during the first quarter valued at $46,000. Strs Ohio acquired a new stake in shares of CNX Resources during the first quarter valued at $72,000. Captrust Financial Advisors boosted its stake in shares of CNX Resources by 1,647.6% during the first quarter. Captrust Financial Advisors now owns 7,777 shares of the oil and gas producer’s stock valued at $114,000 after acquiring an additional 7,332 shares during the last quarter. Finally, Maverick Capital Ltd. acquired a new stake in shares of CNX Resources during the second quarter valued at $115,000. 91.29% of the stock is currently owned by institutional investors and hedge funds.

About CNX Resources (NYSE:CNX)

CNX Resources Corp. is an independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian basin. The company deploys an organic growth strategy focused on responsibly developing its resource base. The firm operates through the Marcellus Shale, and Coalbed Methane segments.

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