CNX Resources (NYSE:CNX) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of CNX Resources Co. (NYSE:CNX) saw strong trading volume on Friday . 1,626,940 shares changed hands during mid-day trading, an increase of 23% from the previous session’s volume of 1,327,266 shares.The stock last traded at $36.33 and had previously closed at $37.32.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CNX. Mizuho lowered CNX Resources from a “neutral” rating to an “underperform” rating and raised their price target for the stock from $33.00 to $38.00 in a research note on Monday, December 16th. Truist Financial increased their target price on CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Bank of America began coverage on CNX Resources in a report on Monday, October 28th. They set an “underperform” rating and a $34.00 price target on the stock. Tudor, Pickering, Holt & Co. downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Finally, Stephens upped their target price on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. Eight investment analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $30.50.

CNX Resources Stock Performance

The business has a 50 day simple moving average of $37.62 and a two-hundred day simple moving average of $31.43. The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46. The firm has a market cap of $5.03 billion, a PE ratio of 10.59, a price-to-earnings-growth ratio of 1.85 and a beta of 1.43.

CNX Resources (NYSE:CNX) last issued its 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 business had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. During the same period in the prior year, the business earned $0.35 EPS. As a group, equities research analysts forecast that CNX Resources Co. will post 1.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CNX Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNX. Blue Trust Inc. grew its stake in CNX Resources by 135.4% during the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after buying an additional 1,131 shares during the last quarter. CWM LLC raised its stake in shares of CNX Resources by 77.0% in the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock worth $70,000 after purchasing an additional 935 shares during the last quarter. GAMMA Investing LLC boosted its position in CNX Resources by 62.1% in the third quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock valued at $100,000 after buying an additional 1,177 shares during the last quarter. Atomi Financial Group Inc. purchased a new position in CNX Resources during the 3rd quarter worth approximately $202,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of CNX Resources in the 3rd quarter valued at $205,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

About CNX Resources

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.