CNX Resources (NYSE:CNX) Shares Gap Up – Time to Buy?

CNX Resources Co. (NYSE:CNX) shares gapped up before the market opened on Tuesday . The stock had previously closed at $30.73, but opened at $31.63. CNX Resources shares last traded at $32.41, with a volume of 297,915 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. StockNews.com lowered CNX Resources from a “hold” rating to a “sell” rating in a report on Thursday, February 13th. Truist Financial boosted their target price on shares of CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Mizuho lowered their price target on CNX Resources from $38.00 to $34.00 and set an “underperform” rating on the stock in a research report on Tuesday, January 14th. Raymond James raised CNX Resources from an “underperform” rating to a “market perform” rating in a research report on Tuesday, February 18th. Finally, Morgan Stanley initiated coverage on CNX Resources in a report on Friday, January 10th. They issued an “underweight” rating and a $29.00 target price on the stock. Nine analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $30.38.

CNX Resources Trading Up 2.1 %

The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. The business’s fifty day moving average is $29.66 and its two-hundred day moving average is $33.03. The firm has a market cap of $4.83 billion, a price-to-earnings ratio of -47.73, a price-to-earnings-growth ratio of 0.42 and a beta of 1.26.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, beating the consensus estimate of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. Equities analysts anticipate that CNX Resources Co. will post 2.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the sale, the insider now owns 13,925,000 shares in the company, valued at $432,928,250. The trade was a 7.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of CNX. Geode Capital Management LLC lifted its stake in shares of CNX Resources by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer’s stock valued at $117,366,000 after purchasing an additional 12,333 shares during the period. Northern Trust Corp lifted its stake in CNX Resources by 20.5% in the fourth quarter. Northern Trust Corp now owns 2,421,387 shares of the oil and gas producer’s stock valued at $88,792,000 after buying an additional 411,485 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in CNX Resources by 7.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,000,464 shares of the oil and gas producer’s stock worth $73,357,000 after buying an additional 139,647 shares during the last quarter. Woodline Partners LP bought a new position in CNX Resources during the fourth quarter worth about $71,971,000. Finally, Capital Research Global Investors grew its position in shares of CNX Resources by 31.8% during the 4th quarter. Capital Research Global Investors now owns 1,450,000 shares of the oil and gas producer’s stock worth $53,172,000 after buying an additional 350,000 shares during the period. 95.16% of the stock is owned by institutional investors.

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.