CNX Resources Target of Unusually High Options Trading (NYSE:CNX)

CNX Resources Co. (NYSE:CNX) was the recipient of some unusual options trading activity on Tuesday. Investors acquired 82,682 put options on the stock. This represents an increase of approximately 3,405% compared to the average volume of 2,359 put options.

Insider Activity

In other news, Director Bernard Lanigan, Jr. acquired 75,000 shares of CNX Resources stock in a transaction on Monday, September 9th. The stock was purchased at an average price of $26.81 per share, with a total value of $2,010,750.00. Following the completion of the purchase, the director now owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CNX Resources

Large investors have recently added to or reduced their stakes in the company. Mizuho Markets Americas LLC purchased a new position in shares of CNX Resources in the second quarter worth about $97,200,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of CNX Resources by 311.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock worth $20,087,000 after acquiring an additional 466,694 shares in the last quarter. American Century Companies Inc. lifted its position in shares of CNX Resources by 12.0% during the second quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after acquiring an additional 397,729 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of CNX Resources by 197.0% in the second quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock valued at $11,324,000 after purchasing an additional 309,100 shares in the last quarter. Finally, Levin Capital Strategies L.P. bought a new stake in shares of CNX Resources during the 1st quarter valued at $4,813,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

CNX Resources Stock Performance

Shares of CNX Resources stock traded up $0.30 on Thursday, reaching $38.95. 156,009 shares of the company traded hands, compared to its average volume of 2,707,049. The company has a 50 day moving average of $33.25 and a 200 day moving average of $28.10. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36. CNX Resources has a 52 week low of $19.07 and a 52 week high of $40.08. The firm has a market capitalization of $5.81 billion, a PE ratio of 12.15, a PEG ratio of 1.86 and a beta of 1.37.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.09. The business had revenue of $424.21 million during the quarter, compared to analyst estimates of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same period in the prior year, the company earned $0.35 earnings per share. Equities analysts forecast that CNX Resources will post 1.53 earnings per share for the current year.

Analyst Upgrades and Downgrades

CNX has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of CNX Resources from $32.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. StockNews.com lowered CNX Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 3rd. Mizuho raised their target price on CNX Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Tudor, Pickering, Holt & Co. downgraded CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Finally, Bank of America assumed coverage on shares of CNX Resources in a report on Monday, October 28th. They set an “underperform” rating and a $34.00 price objective on the stock. Six research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, CNX Resources currently has an average rating of “Hold” and a consensus target price of $29.00.

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.