CNX Resources Sees Unusually High Options Volume (NYSE:CNX)

CNX Resources Co. (NYSE:CNX) was the target of some unusual options trading activity on Friday. Stock traders bought 22,338 call options on the stock. This is an increase of approximately 3,947% compared to the average daily volume of 552 call options.

Insider Activity

In other news, Director Bernard Lanigan, Jr. bought 75,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CNX. Mizuho Markets Americas LLC purchased a new stake in shares of CNX Resources in the 2nd quarter worth $97,200,000. American Century Companies Inc. grew its holdings in CNX Resources by 12.0% during the 2nd quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after acquiring an additional 397,729 shares in the last quarter. LSV Asset Management increased its position in CNX Resources by 1.4% during the 2nd quarter. LSV Asset Management now owns 1,780,921 shares of the oil and gas producer’s stock valued at $43,276,000 after purchasing an additional 23,800 shares during the period. Tributary Capital Management LLC raised its stake in CNX Resources by 0.3% in the second quarter. Tributary Capital Management LLC now owns 901,940 shares of the oil and gas producer’s stock worth $21,917,000 after buying an additional 2,535 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of CNX Resources by 11.2% in the 1st quarter. Principal Financial Group Inc. now owns 659,497 shares of the oil and gas producer’s stock worth $15,643,000 after acquiring an additional 66,528 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

CNX Resources Stock Performance

CNX stock opened at $36.29 on Friday. CNX Resources has a twelve month low of $19.07 and a twelve month high of $36.96. The firm has a market cap of $5.56 billion, a price-to-earnings ratio of 6.57 and a beta of 1.38. The business’s fifty day simple moving average is $28.93 and its two-hundred day simple moving average is $26.14. The company has a quick ratio of 0.40, a current ratio of 0.41 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.09. The company had revenue of $321.44 million during the quarter, compared to analyst estimates of $387.46 million. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. During the same quarter last year, the business posted $0.29 EPS. Analysts predict that CNX Resources will post 1.43 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Piper Sandler downgraded CNX Resources from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $22.00 to $20.00 in a research report on Thursday, August 15th. Truist Financial boosted their target price on shares of CNX Resources from $31.00 to $38.00 and gave the stock a “buy” rating in a report on Monday, September 30th. JPMorgan Chase & Co. upped their target price on shares of CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Tudor Pickering upgraded CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. Finally, StockNews.com lowered CNX Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 3rd. Five investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $27.22.

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.