CNX Resources (NYSE:CNX) Shares Down 2.9% – What’s Next?

CNX Resources Co. (NYSE:CNX)’s share price was down 2.9% on Monday . The stock traded as low as $31.67 and last traded at $32.15. Approximately 692,495 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 4,306,194 shares. The stock had previously closed at $33.12.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CNX shares. Stephens upped their price objective on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. BMO Capital Markets upped their target price on shares of CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Tudor, Pickering, Holt & Co. lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Tudor Pickering upgraded shares of CNX Resources to a “strong sell” rating in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. lowered shares of CNX Resources from a “neutral” rating to an “underweight” rating and upped their target price for the stock from $31.00 to $37.00 in a report on Thursday, December 5th. Eight investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat.com, CNX Resources has an average rating of “Reduce” and an average price target of $30.50.

CNX Resources Stock Down 7.6 %

The stock’s 50-day moving average price is $37.55 and its two-hundred day moving average price is $31.60. The stock has a market capitalization of $4.57 billion, a P/E ratio of 9.62, a P/E/G ratio of 1.85 and a beta of 1.42. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. The firm had revenue of $424.21 million during the quarter, compared to the consensus estimate of $398.33 million. During the same period in the prior year, the firm earned $0.35 EPS. As a group, research analysts expect that CNX Resources Co. will post 1.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its position in shares of CNX Resources by 12.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock valued at $60,607,000 after buying an additional 202,890 shares in the last quarter. World Investment Advisors LLC purchased a new position in CNX Resources in the 3rd quarter worth $534,000. Bridges Investment Management Inc. purchased a new position in CNX Resources in the 2nd quarter worth $916,000. Paralel Advisors LLC purchased a new position in CNX Resources in the 2nd quarter worth $2,338,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in CNX Resources by 311.0% in the 3rd 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 during the last quarter. 95.16% of the stock is owned by institutional investors.

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.