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

CNX Resources Co. (NYSE:CNX) saw some unusual options trading on Friday. Investors purchased 42,790 put options on the company. This is an increase of approximately 929% compared to the typical daily volume of 4,160 put options.

Analyst Ratings Changes

Several research analysts have recently commented on CNX shares. Tudor Pickering upgraded CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. Mizuho lowered shares of CNX Resources from a “neutral” rating to an “underperform” rating and boosted their price target for the stock from $33.00 to $38.00 in a research note on Monday, December 16th. Truist Financial raised their price objective on shares of CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Piper Sandler upped their target price on shares of CNX Resources from $20.00 to $23.00 and gave the stock an “underweight” rating in a research note on Friday, December 6th. Finally, BMO Capital Markets raised their price target on shares of CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, October 4th. Eight equities research analysts have rated the stock with a sell rating and five have issued 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 %

NYSE:CNX opened at $33.12 on Friday. The stock has a market cap of $4.94 billion, a P/E ratio of 10.42, a P/E/G ratio of 1.85 and a beta of 1.42. CNX Resources has a 1 year low of $19.07 and a 1 year high of $41.93. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.37. The stock has a 50-day simple moving average of $37.55 and a 200-day simple moving average of $31.55.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $424.21 million for the quarter, compared to the consensus estimate of $398.33 million. During the same quarter last year, the business posted $0.35 EPS. As a group, analysts anticipate that CNX Resources will post 1.54 earnings per share for the current fiscal year.

Institutional Trading of CNX Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNX. American Century Companies Inc. boosted its holdings in CNX Resources by 12.0% in the 2nd quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock valued at $89,890,000 after purchasing an additional 397,729 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of CNX Resources by 0.3% in the third 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 buying an additional 12,333 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in CNX Resources by 12.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock worth $60,607,000 after acquiring an additional 202,890 shares during the period. LSV Asset Management raised its position in CNX Resources by 1.4% in the second quarter. LSV Asset Management now owns 1,780,921 shares of the oil and gas producer’s stock worth $43,276,000 after acquiring an additional 23,800 shares in the last quarter. Finally, Aureus Asset Management LLC raised its position in CNX Resources by 0.6% in the third quarter. Aureus Asset Management LLC now owns 642,289 shares of the oil and gas producer’s stock worth $20,919,000 after acquiring an additional 3,659 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

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.