Traders Purchase Large Volume of CNX Resources Put Options (NYSE:CNX)

CNX Resources Co. (NYSE:CNX) was the recipient of unusually large options trading on Tuesday. Stock investors purchased 20,923 put options on the company. This is an increase of 2,199% compared to the average volume of 910 put options.

Insiders Place Their Bets

In related news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were acquired at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the acquisition, the director now directly owns 401,820 shares in the company, valued at approximately $10,772,794.20. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CNX Resources

A number of hedge funds have recently added to or reduced their stakes in the business. Creative Planning lifted its position in shares of CNX Resources by 17.5% in the 3rd quarter. Creative Planning now owns 36,735 shares of the oil and gas producer’s stock worth $1,196,000 after buying an additional 5,470 shares during the last quarter. CHICAGO TRUST Co NA bought a new position in CNX Resources in the third quarter worth about $233,000. CWM LLC boosted its stake in CNX Resources by 77.0% in the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after acquiring an additional 935 shares during the period. Atomi Financial Group Inc. bought a new position in shares of CNX Resources during the third quarter valued at approximately $202,000. Finally, GAMMA Investing LLC raised its position in shares of CNX Resources by 62.1% during the 3rd quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock worth $100,000 after purchasing an additional 1,177 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on CNX shares. Stephens reaffirmed an “equal weight” rating and set a $27.00 price target on shares of CNX Resources in a research report on Monday, July 15th. Tudor Pickering upgraded CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. Mizuho boosted their price target on CNX Resources from $32.00 to $33.00 and gave the stock a “neutral” rating in a research report on Monday. JPMorgan Chase & Co. lifted their price objective on shares of CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Finally, Piper Sandler downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $22.00 to $20.00 in a research note on Thursday, August 15th. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $27.10.

CNX Resources Stock Performance

Shares of CNX Resources stock opened at $34.08 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.40 and a current ratio of 0.41. CNX Resources has a 1 year low of $19.07 and a 1 year high of $36.96. The firm’s 50-day simple moving average is $29.34 and its 200-day simple moving average is $26.34. The firm has a market cap of $5.22 billion, a PE ratio of 6.17 and a beta of 1.38.

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

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.