Short Interest in CNX Resources Co. (NYSE:CNX) Declines By 6.8%

CNX Resources Co. (NYSE:CNX) was the target of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 27,700,000 shares, a drop of 6.8% from the March 15th total of 29,720,000 shares. Currently, 18.9% of the company’s stock are short sold. Based on an average daily volume of 3,070,000 shares, the days-to-cover ratio is presently 9.0 days.

Analysts Set New Price Targets

CNX has been the topic of a number of analyst reports. Scotiabank lifted their price objective on shares of CNX Resources from $20.00 to $25.00 and gave the stock a “sector underperform” rating in a report on Thursday, April 11th. Mizuho lifted their price objective on shares of CNX Resources from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Bank of America raised shares of CNX Resources from an “underperform” rating to a “neutral” rating and set a $23.00 price target on the stock in a report on Friday, January 5th. Piper Sandler boosted their price target on shares of CNX Resources from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Thursday, March 7th. Finally, Roth Mkm boosted their price target on shares of CNX Resources from $18.00 to $22.00 and gave the stock a “neutral” rating in a report on Tuesday, April 2nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $23.86.

CNX Resources Stock Performance

CNX Resources stock traded up $0.05 during midday trading on Wednesday, reaching $23.83. The stock had a trading volume of 2,383,261 shares, compared to its average volume of 2,594,807. The company has a quick ratio of 0.49, a current ratio of 0.51 and a debt-to-equity ratio of 0.43. CNX Resources has a 12 month low of $14.36 and a 12 month high of $24.82. The firm’s 50-day moving average price is $21.93 and its 200 day moving average price is $21.30. The firm has a market capitalization of $3.65 billion, a PE ratio of 2.62 and a beta of 1.33.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, January 25th. The oil and gas producer reported $2.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $2.59. CNX Resources had a return on equity of 9.00% and a net margin of 50.34%. The company had revenue of $999.50 million during the quarter, compared to analysts’ expectations of $401.62 million. During the same quarter in the previous year, the business earned $1.64 EPS. CNX Resources’s revenue was down 38.9% compared to the same quarter last year. As a group, research analysts predict that CNX Resources will post 1.31 earnings per share for the current fiscal year.

Insider Activity at CNX Resources

In related news, EVP Timothy Scott Bedard sold 1,226 shares of CNX Resources stock in a transaction on Monday, February 26th. The shares were sold at an average price of $20.83, for a total value of $25,537.58. Following the completion of the sale, the executive vice president now owns 67,982 shares of the company’s stock, valued at approximately $1,416,065.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 4.65% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Algert Global LLC purchased a new position in shares of CNX Resources in the third quarter worth about $350,000. QRG Capital Management Inc. purchased a new stake in shares of CNX Resources in the 3rd quarter valued at $3,542,000. Comerica Bank purchased a new stake in shares of CNX Resources in the 3rd quarter valued at about $4,054,000. IFP Advisors Inc lifted its holdings in shares of CNX Resources by 3,621.9% in the 3rd quarter. IFP Advisors Inc now owns 21,066 shares of the oil and gas producer’s stock valued at $476,000 after purchasing an additional 20,500 shares during the last quarter. Finally, Stifel Financial Corp lifted its holdings in shares of CNX Resources by 444.1% in the 3rd quarter. Stifel Financial Corp now owns 137,247 shares of the oil and gas producer’s stock valued at $3,099,000 after purchasing an additional 112,023 shares during the last quarter. 95.16% of the stock is 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.