CNX Resources Co. (NYSE:CNX) Short Interest Up 17.6% in July

CNX Resources Co. (NYSE:CNX) saw a large growth in short interest in the month of July. As of July 31st, there was short interest totalling 30,120,000 shares, a growth of 17.6% from the July 15th total of 25,610,000 shares. Currently, 20.9% of the shares of the company are sold short. Based on an average daily volume of 2,740,000 shares, the days-to-cover ratio is currently 11.0 days.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CNX shares. Mizuho increased their price objective on CNX Resources from $25.00 to $29.00 and gave the company a “neutral” rating in a report on Monday, May 13th. Truist Financial increased their price target on CNX Resources from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Piper Sandler cut CNX Resources from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $22.00 to $20.00 in a research note on Thursday. StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 3rd. Finally, Stephens reissued an “equal weight” rating and issued a $27.00 price target on shares of CNX Resources in a research report on Monday, July 15th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $25.29.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CNX. GAMMA Investing LLC boosted its stake in CNX Resources by 54.1% during the second quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock valued at $46,000 after buying an additional 666 shares during the period. Hexagon Capital Partners LLC grew its holdings in shares of CNX Resources by 113.4% during the first quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 1,136 shares in the last quarter. First Eagle Investment Management LLC purchased a new position in shares of CNX Resources during the fourth quarter worth about $55,000. Natixis bought a new position in shares of CNX Resources in the first quarter worth approximately $79,000. Finally, Innealta Capital LLC purchased a new stake in CNX Resources in the second quarter valued at approximately $131,000. Institutional investors own 95.16% of the company’s stock.

CNX Resources Price Performance

CNX stock traded up $0.12 during mid-day trading on Friday, reaching $26.75. 1,293,146 shares of the company traded hands, compared to its average volume of 2,829,336. The company has a fifty day moving average price of $25.30 and a 200-day moving average price of $23.68. CNX Resources has a 52-week low of $19.07 and a 52-week high of $27.33. The company has a market capitalization of $4.10 billion, a P/E ratio of 4.85 and a beta of 1.37. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.41 and a quick ratio of 0.40.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas producer reported $0.36 EPS for the quarter, beating the consensus estimate of $0.27 by $0.09. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. The company had revenue of $321.44 million during the quarter, compared to analysts’ expectations of $387.46 million. During the same quarter in the previous year, the company earned $0.29 earnings per share. As a group, analysts anticipate that CNX Resources will post 1.36 earnings per share for the current year.

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.