CNX Resources (NYSE:CNX) Shares Gap Down – Here’s Why

CNX Resources Co. (NYSE:CNX)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $36.57, but opened at $35.35. CNX Resources shares last traded at $35.61, with a volume of 206,281 shares traded.

Analysts Set New Price Targets

A number of research firms have weighed in on CNX. Truist Financial lowered shares of CNX Resources from a “buy” rating to a “hold” rating and reduced their target price for the stock from $38.00 to $34.00 in a report on Monday. Scotiabank boosted their price objective on shares of CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Capital One Financial lowered CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 target price for the company. in a research report on Monday, October 14th. JPMorgan Chase & Co. upped their price target on CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Finally, Tudor, Pickering, Holt & Co. downgraded CNX Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Six investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $28.60.

CNX Resources Stock Performance

The company has a debt-to-equity ratio of 0.46, a current ratio of 0.41 and a quick ratio of 0.40. The stock has a fifty day simple moving average of $30.89 and a two-hundred day simple moving average of $26.99. The firm has a market capitalization of $5.45 billion, a P/E ratio of 6.63 and a beta of 1.38.

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 company had revenue of $424.21 million for the quarter, compared to the consensus estimate of $398.33 million. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. During the same quarter in the previous year, the company earned $0.35 EPS. On average, research analysts predict that CNX Resources Co. will post 1.43 EPS for the current year.

Insider Transactions at CNX Resources

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 shares were acquired at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the purchase, the director now owns 401,820 shares in the company, valued at $10,772,794.20. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.10% of the company’s stock.

Institutional Trading of CNX Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Investment Partners Asset Management Inc. acquired a new position in shares of CNX Resources during the third quarter valued at about $224,000. Semanteon Capital Management LP acquired a new position in CNX Resources during the 3rd quarter valued at about $282,000. State of Alaska Department of Revenue increased its holdings in CNX Resources by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 17,662 shares of the oil and gas producer’s stock worth $575,000 after purchasing an additional 1,190 shares in the last quarter. Pullen Investment Management LLC raised its stake in shares of CNX Resources by 14.3% in the third quarter. Pullen Investment Management LLC now owns 31,310 shares of the oil and gas producer’s stock worth $1,020,000 after purchasing an additional 3,911 shares during the last quarter. Finally, Riverwater Partners LLC lifted its holdings in shares of CNX Resources by 124.2% in the third quarter. Riverwater Partners LLC now owns 146,363 shares of the oil and gas producer’s stock valued at $4,839,000 after purchasing an additional 81,092 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

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.