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.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. StockNews.com downgraded CNX Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 3rd. Piper Sandler cut shares of CNX Resources from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $22.00 to $20.00 in a research note on Thursday, August 15th. Stephens boosted 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 report on Friday, October 25th. Capital One Financial lowered shares of 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. Finally, BMO Capital Markets boosted their price target on CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a report on Friday, October 4th. Six investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $28.60.

CNX Resources Trading Down 0.5 %

The company has a market capitalization of $5.37 billion, a PE ratio of 6.35 and a beta of 1.38. The company has a quick ratio of 0.40, a current ratio of 0.41 and a debt-to-equity ratio of 0.46. The firm’s 50 day simple moving average is $31.21 and its 200-day simple moving average is $27.14.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, topping the consensus estimate of $0.32 by $0.09. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. The firm had revenue of $424.21 million for the quarter, compared to analyst estimates of $398.33 million. During the same period in the previous year, the company posted $0.35 EPS. As a group, equities research analysts anticipate that CNX Resources Co. will post 1.43 EPS for the current year.

Insider Activity

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 purchased at an average price of $26.81 per share, with a total value of $2,010,750.00. Following the purchase, the director now directly owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CNX Resources

A number of institutional investors and hedge funds have recently bought and sold shares of CNX. Hexagon Capital Partners LLC grew its stake 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 purchasing an additional 1,136 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of CNX Resources by 243.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 72,656 shares of the oil and gas producer’s stock valued at $1,723,000 after buying an additional 51,490 shares in the last quarter. SeaBridge Investment Advisors LLC raised its position in CNX Resources by 10.1% during the first quarter. SeaBridge Investment Advisors LLC now owns 77,277 shares of the oil and gas producer’s stock valued at $1,833,000 after acquiring an additional 7,082 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of CNX Resources by 15.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 83,943 shares of the oil and gas producer’s stock worth $1,991,000 after buying an additional 10,993 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of CNX Resources by 14.0% in the first quarter. Janney Montgomery Scott LLC now owns 117,125 shares of the oil and gas producer’s stock valued at $2,778,000 after acquiring an additional 14,383 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

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.