CNX Resources (NYSE:CNX) Shares Down 2.9% – Time to Sell?

Shares of CNX Resources Co. (NYSE:CNX) dropped 2.9% during mid-day trading on Monday . The company traded as low as $31.67 and last traded at $32.15. Approximately 692,495 shares traded hands during trading, a decline of 84% from the average daily volume of 4,306,194 shares. The stock had previously closed at $33.12.

Wall Street Analyst Weigh In

CNX has been the subject of a number of recent analyst reports. Piper Sandler upped their price target on shares of CNX Resources from $20.00 to $23.00 and gave the company an “underweight” rating in a report on Friday, December 6th. JPMorgan Chase & Co. cut shares of CNX Resources from a “neutral” rating to an “underweight” rating and raised their price target for the stock from $31.00 to $37.00 in a research note on Thursday, December 5th. Tudor Pickering upgraded shares of CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. Capital One Financial lowered shares of CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price objective for the company. in a report on Monday, October 14th. Finally, Tudor, Pickering, Holt & Co. lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Eight investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $30.50.

CNX Resources Price Performance

The firm has a market cap of $4.57 billion, a price-to-earnings ratio of 9.62, a P/E/G ratio of 1.85 and a beta of 1.42. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average of $37.55 and a 200 day moving average of $31.60.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.09. The firm had revenue of $424.21 million during the quarter, compared to the consensus estimate of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same period last year, the business posted $0.35 earnings per share. Equities research analysts predict that CNX Resources Co. will post 1.54 EPS for the current fiscal year.

Institutional Investors Weigh In On CNX Resources

Several hedge funds have recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of CNX Resources by 311.0% in the third 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 in the last quarter. American Century Companies Inc. raised its position in shares of CNX Resources by 12.0% in the second 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 buying an additional 397,729 shares in the last quarter. Renaissance Technologies LLC raised its position in CNX Resources by 197.0% during the second quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock valued at $11,324,000 after purchasing an additional 309,100 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of 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 buying an additional 202,890 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in shares of CNX Resources by 212.5% during the second quarter. Federated Hermes Inc. now owns 147,197 shares of the oil and gas producer’s stock worth $3,577,000 after buying an additional 100,095 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.