CNX Resources Corp (NYSE:CNX) saw a significant drop in short interest in September. As of September 15th, there was short interest totalling 31,490,000 shares, a drop of 6.9% from the August 15th total of 33,820,000 shares. Based on an average daily trading volume, of 5,110,000 shares, the short-interest ratio is presently 6.2 days. Approximately 17.0% of the shares of the stock are sold short.
In related news, Director Bernard Lanigan, Jr. purchased 200,000 shares of the company’s stock in a transaction on Friday, July 26th. The stock was bought at an average price of $6.39 per share, with a total value of $1,278,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.40% of the company’s stock.
Several large investors have recently made changes to their positions in CNX. BlackRock Inc. grew its position in shares of CNX Resources by 26.6% in the second quarter. BlackRock Inc. now owns 22,888,655 shares of the oil and gas producer’s stock valued at $167,316,000 after purchasing an additional 4,816,203 shares during the period. JPMorgan Chase & Co. grew its position in shares of CNX Resources by 138.4% in the second quarter. JPMorgan Chase & Co. now owns 3,151,053 shares of the oil and gas producer’s stock valued at $22,499,000 after purchasing an additional 1,829,495 shares during the period. Caymus Capital Partners L.P. purchased a new stake in shares of CNX Resources in the second quarter valued at $7,885,000. Paloma Partners Management Co grew its position in shares of CNX Resources by 562.0% in the second quarter. Paloma Partners Management Co now owns 1,072,446 shares of the oil and gas producer’s stock valued at $7,839,000 after purchasing an additional 910,448 shares during the period. Finally, Nuveen Asset Management LLC purchased a new stake in shares of CNX Resources in the second quarter valued at $5,657,000. 95.90% of the stock is owned by institutional investors and hedge funds.
CNX Resources stock traded up $0.11 during mid-day trading on Monday, hitting $7.26. 4,615,326 shares of the company were exchanged, compared to its average volume of 4,216,216. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.74 and a quick ratio of 0.72. The business’s 50 day simple moving average is $7.72 and its two-hundred day simple moving average is $8.40. The company has a market capitalization of $1.31 billion, a P/E ratio of 4.75 and a beta of 0.66. CNX Resources has a 12-month low of $6.14 and a 12-month high of $16.09.
CNX Resources (NYSE:CNX) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.06). The company had revenue of $605.03 million for the quarter, compared to analysts’ expectations of $357.30 million. CNX Resources had a return on equity of 4.09% and a net margin of 17.60%. The business’s quarterly revenue was up 50.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.33 EPS. Equities research analysts predict that CNX Resources will post 0.65 earnings per share for the current year.
Separately, Zacks Investment Research raised CNX Resources from a “sell” rating to a “hold” rating and set a $9.00 price target for the company in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. CNX Resources has a consensus rating of “Hold” and a consensus price target of $13.50.
CNX Resources Company Profile
CNX Resources Corporation, an independent oil and gas company, explores for, develops, and produces natural gas primarily in the Appalachian Basin. The company operates through two divisions, Exploration and Production (E&P), and Midstream. The E&P division produces pipeline quality natural gas primarily to gas wholesalers.
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