CNX Resources (NYSE:CNX) Sees Large Volume Increase – Time to Buy?

CNX Resources Co. (NYSE:CNX) shares saw an uptick in trading volume on Friday . 1,626,940 shares traded hands during mid-day trading, an increase of 23% from the previous session’s volume of 1,327,266 shares.The stock last traded at $36.33 and had previously closed at $37.32.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CNX shares. Stephens boosted their target price on CNX Resources from $26.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, October 25th. Mizuho downgraded shares of CNX Resources from a “neutral” rating to an “underperform” rating and raised their target price for the company from $33.00 to $38.00 in a research note on Monday, December 16th. Bank of America started coverage on shares of CNX Resources in a research report on Monday, October 28th. They set an “underperform” rating and a $34.00 price target for the company. Tudor, Pickering, Holt & Co. cut CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Finally, Piper Sandler increased their target price on CNX Resources from $20.00 to $23.00 and gave the company an “underweight” rating in a research note on Friday, December 6th. Eight analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $30.50.

CNX Resources Trading Down 11.3 %

The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46. The firm has a market cap of $4.94 billion, a P/E ratio of 10.42, a price-to-earnings-growth ratio of 1.85 and a beta of 1.42. The business’s 50 day moving average is $37.55 and its 200-day moving average is $31.55.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. The business had revenue of $424.21 million for the quarter, compared to analyst estimates of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same quarter in the prior year, the business posted $0.35 EPS. As a group, analysts forecast that CNX Resources Co. will post 1.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in shares of CNX Resources by 12.2% during 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 acquiring an additional 202,890 shares in the last quarter. World Investment Advisors LLC bought a new stake in CNX Resources during the third quarter valued at $534,000. Bridges Investment Management Inc. acquired a new stake in shares of CNX Resources during the second quarter worth $916,000. Paralel Advisors LLC bought a new position in shares of CNX Resources in the 2nd quarter worth about $2,338,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of CNX Resources by 311.0% in 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 buying an additional 466,694 shares during the period. Institutional investors own 95.16% of the company’s stock.

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.