CNX Resources (NYSE:CNX) Sees Large Volume Increase – Here’s Why

CNX Resources Co. (NYSE:CNX) saw unusually-high trading volume on Friday . Approximately 1,626,940 shares changed hands during 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

Several brokerages recently weighed in on CNX. Tudor, Pickering, Holt & Co. lowered CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Piper Sandler upped their price objective on shares of CNX Resources from $20.00 to $23.00 and gave the company an “underweight” rating in a research note on Friday, December 6th. BMO Capital Markets lifted their price target on CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. JPMorgan Chase & Co. lowered shares of CNX Resources from a “neutral” rating to an “underweight” rating and upped their price objective for the company from $31.00 to $37.00 in a report on Thursday, December 5th. Finally, Stephens increased their price target on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. Eight analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $30.50.

CNX Resources Price Performance

The company’s 50 day simple moving average is $37.62 and its 200 day simple moving average is $31.43. The stock has a market capitalization of $5.03 billion, a PE ratio of 10.59, a PEG ratio of 1.85 and a beta of 1.43. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) 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 net margin of 27.79% and a return on equity of 7.54%. During the same period in the previous year, the firm earned $0.35 earnings per share. On average, equities analysts anticipate that CNX Resources Co. will post 1.54 earnings per share for the current year.

Institutional Trading of CNX Resources

Institutional investors have recently modified their holdings of the company. World Investment Advisors LLC purchased a new stake in CNX Resources during the 3rd quarter worth $534,000. Geode Capital Management LLC lifted its holdings in CNX Resources by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer’s stock worth $117,366,000 after buying an additional 12,333 shares in the last quarter. M&T Bank Corp boosted its holdings in CNX Resources by 25.4% in the third quarter. M&T Bank Corp now owns 18,057 shares of the oil and gas producer’s stock valued at $588,000 after purchasing an additional 3,663 shares during the last quarter. Hodges Capital Management Inc. bought a new stake in shares of CNX Resources in the third quarter worth $212,000. Finally, XTX Topco Ltd bought a new position in shares of CNX Resources in the 3rd quarter worth about $804,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.