CNX Resources Co. (NYSE:CNX) Short Interest Update

CNX Resources Co. (NYSE:CNX) was the recipient of a significant decline in short interest in the month of October. As of October 15th, there was short interest totalling 30,010,000 shares, a decline of 5.5% from the September 30th total of 31,740,000 shares. Based on an average daily volume of 2,550,000 shares, the short-interest ratio is currently 11.8 days. Currently, 20.8% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CNX. BMO Capital Markets upped their price target on shares of CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Capital One Financial cut CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 target price on the stock. in a research report on Monday, October 14th. Piper Sandler lowered CNX Resources from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $22.00 to $20.00 in a research report on Thursday, August 15th. Tudor Pickering raised CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. Finally, Stephens boosted their target price on shares of CNX Resources from $26.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, October 25th. Six equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $29.00.

CNX Resources Price Performance

Shares of CNX stock opened at $33.95 on Friday. The firm has a market capitalization of $5.07 billion, a price-to-earnings ratio of 10.67, a PEG ratio of 1.73 and a beta of 1.38. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.37. The stock’s 50-day simple moving average is $31.65 and its 200-day simple moving average is $27.32. CNX Resources has a fifty-two week low of $19.07 and a fifty-two week high of $37.57.

CNX Resources (NYSE:CNX) last issued its quarterly 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 business had revenue of $424.21 million for the quarter, compared to analyst estimates of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same quarter in the prior year, the business posted $0.35 EPS. As a group, equities analysts forecast that CNX Resources will post 1.5 earnings per share for the current fiscal year.

Insider Activity at CNX Resources

In other news, Director Bernard Lanigan, Jr. acquired 75,000 shares of CNX Resources stock in a transaction on Monday, September 9th. The shares were bought at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the acquisition, the director now directly owns 401,820 shares of the company’s stock, valued at $10,772,794.20. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On CNX Resources

Hedge funds have recently made changes to their positions in the company. Mizuho Markets Americas LLC acquired a new stake in CNX Resources during the 2nd quarter worth about $97,200,000. American Century Companies Inc. raised its stake in shares of CNX Resources by 12.0% in 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 purchasing an additional 397,729 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of CNX Resources by 197.0% during the second quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock worth $11,324,000 after purchasing an additional 309,100 shares during the period. LSV Asset Management boosted its position in CNX Resources by 18.0% in the first quarter. LSV Asset Management now owns 1,757,121 shares of the oil and gas producer’s stock valued at $41,679,000 after buying an additional 267,768 shares during the last quarter. Finally, Quantbot Technologies LP increased its holdings in CNX Resources by 533.4% in the 1st quarter. Quantbot Technologies LP now owns 286,480 shares of the oil and gas producer’s stock worth $6,795,000 after buying an additional 241,250 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

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.