CNX Resources (NYSE:CNX) Stock Price Down 4.7% – Time to Sell?

CNX Resources Co. (NYSE:CNX)’s share price traded down 4.7% during mid-day trading on Friday . The stock traded as low as $36.33 and last traded at $36.37. 237,535 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 2,651,250 shares. The stock had previously closed at $38.18.

Analyst Upgrades and Downgrades

CNX has been the subject of several recent research reports. Tudor Pickering raised CNX Resources to a “strong sell” rating in a report on Tuesday, October 1st. Piper Sandler lifted their price target on shares of CNX Resources from $20.00 to $23.00 and gave the stock an “underweight” rating in a research report on Friday. Tudor, Pickering, Holt & Co. lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Mizuho raised their price objective on shares of CNX Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Finally, JPMorgan Chase & Co. cut shares of CNX Resources from a “neutral” rating to an “underweight” rating and upped their target price for the company from $31.00 to $37.00 in a research report on Thursday. Seven equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat, CNX Resources currently has an average rating of “Reduce” and a consensus target price of $30.00.

CNX Resources Stock Performance

The stock’s 50-day moving average is $36.83 and its 200 day moving average is $29.96. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.37. The firm has a market cap of $5.50 billion, a P/E ratio of 11.58, a PEG ratio of 1.85 and a beta of 1.43.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.09. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. The company had revenue of $424.21 million for the quarter, compared to analyst estimates of $398.33 million. During the same quarter last year, the firm posted $0.35 earnings per share. On average, research analysts predict that CNX Resources Co. will post 1.53 earnings per share for the current year.

Insider Activity

In other news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were bought at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the acquisition, the director now directly owns 401,820 shares in the company, valued at approximately $10,772,794.20. This trade represents a 22.95 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CNX. GAMMA Investing LLC boosted its position in CNX Resources by 54.1% during the 2nd quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock worth $46,000 after acquiring an additional 666 shares during the last quarter. Blue Trust Inc. lifted its position in shares of CNX Resources by 135.4% in the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after purchasing an additional 1,131 shares in the last quarter. CWM LLC boosted its holdings in CNX Resources by 77.0% during 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. Innealta Capital LLC bought a new position in CNX Resources in the second quarter valued at $131,000. Finally, Atomi Financial Group Inc. bought a new stake in CNX Resources during the 3rd quarter worth about $202,000. 95.16% of the stock is currently owned by institutional investors.

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.