CNX Resources (NYSE:CNX) Stock Price Down 11.8%

CNX Resources Corp (NYSE:CNX) was down 11.8% during trading on Thursday . The company traded as low as $7.05 and last traded at $7.25, approximately 6,599,324 shares changed hands during mid-day trading. An increase of 60% from the average daily volume of 4,131,165 shares. The stock had previously closed at $8.22.

Separately, Zacks Investment Research upgraded CNX Resources from a “sell” rating to a “hold” rating and set a $9.00 target price for the company in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $13.60.

The firm’s 50 day simple moving average is $7.18. The company has a quick ratio of 0.59, a current ratio of 0.74 and a debt-to-equity ratio of 0.54. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 4.75 and a beta of 0.67.

CNX Resources (NYSE:CNX) last issued its earnings results on Tuesday, July 30th. The oil and gas producer reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.06). CNX Resources had a net margin of 17.60% and a return on equity of 4.09%. The firm had revenue of $605.03 million during the quarter, compared to analyst estimates of $357.30 million. During the same quarter in the previous year, the company posted $0.33 earnings per share. The business’s revenue for the quarter was up 50.5% compared to the same quarter last year. As a group, equities research analysts expect that CNX Resources Corp will post 0.58 earnings per share for the current fiscal year.

In related news, Director J. Palmer Clarkson acquired 10,000 shares of the company’s stock in a transaction on Monday, June 10th. The stock was purchased at an average cost of $7.50 per share, for a total transaction of $75,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Bernard Lanigan, Jr. acquired 198,000 shares of the company’s stock in a transaction on Friday, May 31st. The shares were bought at an average price of $7.56 per share, with a total value of $1,496,880.00. The disclosure for this purchase can be found here. Insiders have acquired 497,550 shares of company stock valued at $3,489,382 over the last quarter. Corporate insiders own 2.40% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans grew its holdings in shares of CNX Resources by 2.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 52,186 shares of the oil and gas producer’s stock worth $596,000 after purchasing an additional 1,232 shares during the last quarter. Texas Permanent School Fund grew its holdings in shares of CNX Resources by 1.1% during the first quarter. Texas Permanent School Fund now owns 134,666 shares of the oil and gas producer’s stock worth $1,450,000 after purchasing an additional 1,433 shares during the last quarter. Weiss Asset Management LP grew its holdings in shares of CNX Resources by 17.2% during the first quarter. Weiss Asset Management LP now owns 14,540 shares of the oil and gas producer’s stock worth $157,000 after purchasing an additional 2,129 shares during the last quarter. Virtu Financial LLC grew its holdings in shares of CNX Resources by 16.2% during the first quarter. Virtu Financial LLC now owns 17,487 shares of the oil and gas producer’s stock worth $188,000 after purchasing an additional 2,438 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC grew its holdings in shares of CNX Resources by 27.7% during the first quarter. Campbell & CO Investment Adviser LLC now owns 14,604 shares of the oil and gas producer’s stock worth $157,000 after purchasing an additional 3,166 shares during the last quarter. Hedge funds and other institutional investors own 95.93% of the company’s stock.

CNX Resources Company Profile (NYSE:CNX)

CNX Resources Corporation, an independent oil and gas company, explores for, develops, and produces natural gas primarily in the Appalachian Basin. The company operates through two divisions, Exploration and Production (E&P), and Midstream. The E&P division produces pipeline quality natural gas primarily to gas wholesalers.

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