CNX Resources (NYSE:CNX) Hits New 1-Year High Following Strong Earnings

Shares of CNX Resources Co. (NYSE:CNX) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $37.02 and last traded at $36.80, with a volume of 1172290 shares traded. The stock had previously closed at $35.85.

The oil and gas producer reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. The firm had revenue of $424.21 million during the quarter, compared to the consensus estimate of $398.33 million. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. During the same period last year, the company earned $0.35 earnings per share.

Analysts Set New Price Targets

A number of research analysts have weighed in on CNX shares. Stephens raised their price target on CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday. BMO Capital Markets raised their price target on CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Piper Sandler downgraded CNX Resources from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $22.00 to $20.00 in a research note on Thursday, August 15th. Scotiabank raised their price target on CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Finally, Tudor Pickering raised CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, CNX Resources currently has a consensus rating of “Hold” and a consensus price target of $27.90.

Insider Buying and Selling

In other news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was acquired at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the acquisition, the director now owns 401,820 shares in the company, valued at approximately $10,772,794.20. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.10% of the stock is currently owned by insiders.

Institutional Trading of CNX Resources

Several hedge funds have recently added to or reduced their stakes in the company. Investment Partners Asset Management Inc. acquired a new stake in CNX Resources during the 3rd quarter worth approximately $224,000. Semanteon Capital Management LP acquired a new position in CNX Resources in the 3rd quarter valued at $282,000. State of Alaska Department of Revenue raised its holdings in CNX Resources by 7.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 17,662 shares of the oil and gas producer’s stock valued at $575,000 after acquiring an additional 1,190 shares in the last quarter. Pullen Investment Management LLC raised its holdings in CNX Resources by 14.3% in the 3rd quarter. Pullen Investment Management LLC now owns 31,310 shares of the oil and gas producer’s stock valued at $1,020,000 after acquiring an additional 3,911 shares in the last quarter. Finally, Riverwater Partners LLC raised its holdings in CNX Resources by 124.2% in the 3rd quarter. Riverwater Partners LLC now owns 146,363 shares of the oil and gas producer’s stock valued at $4,839,000 after acquiring an additional 81,092 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

CNX Resources Price Performance

The stock has a market capitalization of $5.61 billion, a price-to-earnings ratio of 6.63 and a beta of 1.38. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.40 and a current ratio of 0.41. The company has a fifty day simple moving average of $30.89 and a two-hundred day simple moving average of $26.96.

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.