CNX Resources (NYSE:CNX) Trading Up 6.1%

CNX Resources Corp (NYSE:CNX)’s share price was up 6.1% on Friday . The stock traded as high as $7.35 and last traded at $7.29, approximately 3,253,672 shares traded hands during trading. A decline of 22% from the average daily volume of 4,155,721 shares. The stock had previously closed at $6.87.

Separately, Zacks Investment Research upgraded CNX Resources from a “sell” rating to a “hold” rating and set a $9.00 price target on the stock in a research note on Thursday, August 1st. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. CNX Resources has a consensus rating of “Hold” and an average price target of $13.60.

The company has a quick ratio of 0.72, a current ratio of 0.74 and a debt-to-equity ratio of 0.54. The stock has a market cap of $1.29 billion, a PE ratio of 6.61 and a beta of 0.67. The business has a 50 day moving average price of $7.12 and a 200 day moving average price of $8.91.

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 return on equity of 4.09% and a net margin of 17.60%. The company had revenue of $605.03 million during the quarter, compared to analysts’ expectations of $357.30 million. During the same quarter in the previous year, the company earned $0.33 EPS. The firm’s quarterly revenue was up 50.5% compared to the same quarter last year. On average, research analysts predict that CNX Resources Corp will post 0.57 earnings per share for the current fiscal year.

In related news, Director Bernard Lanigan, Jr. bought 198,000 shares of the stock in a transaction dated Friday, May 31st. The shares were purchased at an average price of $7.56 per share, for a total transaction of $1,496,880.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director J. Palmer Clarkson bought 20,000 shares of the stock in a transaction dated Tuesday, June 25th. The stock was bought at an average price of $6.98 per share, for a total transaction of $139,600.00. The disclosure for this purchase can be found here. Insiders bought 497,550 shares of company stock worth $3,489,382 in the last 90 days. Company insiders own 2.40% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of CNX. Magnetar Financial LLC increased its holdings in shares of CNX Resources by 37.3% in the second quarter. Magnetar Financial LLC now owns 201,347 shares of the oil and gas producer’s stock valued at $1,472,000 after purchasing an additional 54,705 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of CNX Resources by 7.4% in the second quarter. Royal Bank of Canada now owns 22,999 shares of the oil and gas producer’s stock valued at $167,000 after purchasing an additional 1,579 shares during the last quarter. Raffles Associates LP increased its holdings in shares of CNX Resources by 27.0% in the second quarter. Raffles Associates LP now owns 235,000 shares of the oil and gas producer’s stock valued at $1,718,000 after purchasing an additional 50,000 shares during the last quarter. Voloridge Investment Management LLC increased its holdings in shares of CNX Resources by 95.8% in the second quarter. Voloridge Investment Management LLC now owns 346,923 shares of the oil and gas producer’s stock valued at $2,536,000 after purchasing an additional 169,720 shares during the last quarter. Finally, Nuveen Asset Management LLC acquired a new stake in shares of CNX Resources in the second quarter valued at approximately $5,657,000. Hedge funds and other institutional investors own 98.10% 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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