CNX Resources (NYSE:CNX) Reaches New 1-Year High Following Better-Than-Expected Earnings

Shares of CNX Resources Co. (NYSE:CNX) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $37.02 and last traded at $36.80, with a volume of 1172290 shares. The stock had previously closed at $35.85.

The oil and gas producer reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.09. The firm had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. During the same quarter in the previous year, the business earned $0.35 earnings per share.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. BMO Capital Markets upped their target price on shares of CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a report on Friday, October 4th. 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 research note on Friday. Mizuho lifted their target price on CNX Resources from $32.00 to $33.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Tudor Pickering raised CNX Resources to a “strong sell” rating in a report on Tuesday, October 1st. Finally, Scotiabank lifted their target price on shares of CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, CNX Resources presently has a consensus rating of “Hold” and a consensus price target of $27.90.

Insider Activity at CNX Resources

In other news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the business’s stock in a transaction on Monday, September 9th. The stock was bought at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the transaction, 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 purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CNX Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its holdings in shares of CNX Resources by 54.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock valued at $46,000 after buying an additional 666 shares during the period. Blue Trust Inc. raised its position in CNX Resources by 135.4% in the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after acquiring an additional 1,131 shares in the last quarter. Hexagon Capital Partners LLC lifted its holdings in CNX Resources by 113.4% in the first quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock valued at $51,000 after acquiring an additional 1,136 shares during the period. CWM LLC boosted its position in shares of CNX Resources by 77.0% during the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock worth $70,000 after purchasing an additional 935 shares in the last quarter. Finally, Natixis acquired a new position in shares of CNX Resources during the 1st quarter worth $79,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

CNX Resources Price Performance

The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.40 and a current ratio of 0.41. The stock’s fifty day moving average price is $30.89 and its 200-day moving average price is $26.96. The firm has a market cap of $5.60 billion, a PE ratio of 6.63 and a beta of 1.38.

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.