CNX Resources (NYSE:CNX) Stock Passes Above 200 Day Moving Average – Here’s What Happened

CNX Resources Corporation. (NYSE:CNX)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $33.00 and traded as high as $37.81. CNX Resources shares last traded at $37.6550, with a volume of 6,879,289 shares traded.

Wall Street Analysts Forecast Growth

CNX has been the subject of a number of research reports. Scotiabank increased their target price on CNX Resources from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research note on Friday, November 21st. Morgan Stanley reduced their price target on shares of CNX Resources from $32.00 to $31.00 and set an “underweight” rating for the company in a report on Tuesday, October 14th. JPMorgan Chase & Co. raised shares of CNX Resources from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $36.00 to $38.00 in a research report on Monday, December 8th. Mizuho boosted their price objective on shares of CNX Resources from $35.00 to $43.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of CNX Resources in a report on Monday, December 15th. One equities research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $34.00.

CNX Resources Trading Up 1.6%

The company has a debt-to-equity ratio of 0.55, a current ratio of 0.34 and a quick ratio of 0.31. The business’s 50-day moving average is $36.11 and its two-hundred day moving average is $33.01. The firm has a market cap of $5.08 billion, a P/E ratio of 26.33, a P/E/G ratio of 0.35 and a beta of 0.64.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, October 30th. The oil and gas producer reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.09. The company had revenue of $423.00 million during the quarter, compared to the consensus estimate of $408.80 million. CNX Resources had a net margin of 16.56% and a return on equity of 9.10%. CNX Resources’s quarterly revenue was up 37.6% on a year-over-year basis. As a group, analysts predict that CNX Resources Corporation. will post 2.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors boosted its holdings in shares of CNX Resources by 38.6% in the 3rd quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer’s stock valued at $126,874,000 after buying an additional 1,100,000 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in CNX Resources by 514.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,200,000 shares of the oil and gas producer’s stock valued at $37,776,000 after acquiring an additional 1,004,545 shares during the last quarter. Balyasny Asset Management L.P. grew its position in shares of CNX Resources by 601.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer’s stock valued at $35,507,000 after acquiring an additional 947,931 shares during the period. Mackenzie Financial Corp increased its stake in shares of CNX Resources by 5,262.2% during the 2nd quarter. Mackenzie Financial Corp now owns 555,473 shares of the oil and gas producer’s stock worth $18,708,000 after purchasing an additional 545,114 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of CNX Resources by 112.2% in the 2nd quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer’s stock valued at $33,932,000 after purchasing an additional 532,770 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

About CNX Resources

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.