CNX Resources (NYSE:CNX) Shares Gap Up – Here’s Why

CNX Resources Co. (NYSE:CNX) shares gapped up before the market opened on Tuesday . The stock had previously closed at $30.73, but opened at $31.63. CNX Resources shares last traded at $32.41, with a volume of 297,915 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CNX shares. Roth Capital set a $30.00 target price on CNX Resources in a report on Thursday, January 23rd. Truist Financial increased their target price on CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Morgan Stanley initiated coverage on shares of CNX Resources in a research note on Friday, January 10th. They issued an “underweight” rating and a $29.00 price objective on the stock. Mizuho cut their target price on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating for the company in a research note on Tuesday, January 14th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of CNX Resources from $32.00 to $33.00 and gave the stock an “underweight” rating in a report on Thursday, March 13th. Nine investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $30.38.

CNX Resources Trading Up 4.5 %

The company has a market cap of $4.78 billion, a P/E ratio of -47.31, a PEG ratio of 0.42 and a beta of 1.26. The business has a 50 day moving average price of $29.61 and a 200-day moving average price of $33.01. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, beating the consensus estimate of $0.43 by $0.14. CNX Resources had a negative net margin of 7.14% and a positive return on equity of 6.72%. Analysts forecast that CNX Resources Co. will post 2.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction on Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the transaction, the insider now owns 13,925,000 shares in the company, valued at approximately $432,928,250. The trade was a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CNX. Bessemer Group Inc. raised its position in shares of CNX Resources by 131.5% during the fourth quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer’s stock worth $34,000 after acquiring an additional 526 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in CNX Resources during the 4th quarter valued at approximately $39,000. VSM Wealth Advisory LLC bought a new position in CNX Resources during the 4th quarter worth approximately $55,000. Ameriflex Group Inc. acquired a new position in shares of CNX Resources in the 4th quarter worth approximately $88,000. Finally, Principal Securities Inc. boosted its stake in shares of CNX Resources by 38.5% in the 4th quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer’s stock valued at $91,000 after purchasing an additional 691 shares during the last quarter. 95.16% of the stock is 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.