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

CNX Resources Co. (NYSE:CNX) saw unusually large options trading on Tuesday. Traders bought 82,682 put options on the company. This is an increase of approximately 3,405% compared to the average volume of 2,359 put options.

Analyst Ratings Changes

CNX has been the topic of a number of recent research reports. Bank of America started coverage on CNX Resources in a research note on Monday, October 28th. They set an “underperform” rating and a $34.00 price target on the stock. Capital One Financial downgraded shares of CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price target on the stock. in a report on Monday, October 14th. StockNews.com cut shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 3rd. Truist Financial cut CNX Resources from a “buy” rating to a “hold” rating and lowered their price target for the company from $38.00 to $34.00 in a report on Monday, October 28th. Finally, BMO Capital Markets increased their target price on CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Six investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $29.00.

CNX Resources Price Performance

CNX traded down $1.40 during trading on Tuesday, reaching $38.47. The stock had a trading volume of 3,602,582 shares, compared to its average volume of 2,719,125. The stock has a 50 day moving average of $32.79 and a two-hundred day moving average of $27.92. The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46. CNX Resources has a 1-year low of $19.07 and a 1-year high of $40.08. The firm has a market capitalization of $5.74 billion, a price-to-earnings ratio of 12.54, a price-to-earnings-growth ratio of 1.85 and a beta of 1.37.

CNX Resources (NYSE:CNX) last released its quarterly earnings data 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 return on equity of 7.54% and a net margin of 27.79%. The company had revenue of $424.21 million for the quarter, compared to the consensus estimate of $398.33 million. During the same period in the previous year, the business earned $0.35 earnings per share. As a group, equities analysts anticipate that CNX Resources will post 1.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was acquired at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the acquisition, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its stake in shares of CNX Resources by 12.2% in 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 purchasing an additional 202,890 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in CNX Resources by 311.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock valued at $20,087,000 after purchasing an additional 466,694 shares during the last quarter. Natixis Advisors LLC boosted its stake in shares of CNX Resources by 3.1% in the 3rd quarter. Natixis Advisors LLC now owns 41,644 shares of the oil and gas producer’s stock worth $1,356,000 after buying an additional 1,241 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new position in shares of CNX Resources in the 3rd quarter worth approximately $205,000. Finally, Victory Capital Management Inc. lifted its stake in CNX Resources by 2.8% in the third quarter. Victory Capital Management Inc. now owns 97,972 shares of the oil and gas producer’s stock valued at $3,191,000 after purchasing an additional 2,663 shares during the last quarter. 95.16% of the stock is currently 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.