CNX Resources (NYSE:CNX) Stock Price Crosses Above 200 Day Moving Average – Time to Sell?
by Kim Johansen · The Markets DailyCNX Resources Corporation. (NYSE:CNX – Get Free Report)’s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $33.52 and traded as high as $36.18. CNX Resources shares last traded at $36.0470, with a volume of 1,200,142 shares trading hands.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on CNX shares. Barclays raised their price objective on shares of CNX Resources from $32.00 to $34.00 and gave the stock an “equal weight” rating in a report on Friday, October 31st. Scotiabank increased their price target on CNX Resources from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Friday, November 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of CNX Resources in a research report on Monday, December 29th. Mizuho boosted their price objective on CNX Resources from $35.00 to $43.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Finally, JPMorgan Chase & Co. upgraded CNX Resources from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $36.00 to $38.00 in a report on Monday, December 8th. One equities research analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $34.70.
Get Our Latest Stock Analysis on CNX
CNX Resources Stock Up 0.4%
The firm’s 50 day moving average price is $37.53 and its 200-day moving average price is $33.52. The company has a current ratio of 0.34, a quick ratio of 0.31 and a debt-to-equity ratio of 0.55. The company has a market cap of $4.86 billion, a P/E ratio of 25.21, a price-to-earnings-growth ratio of 0.32 and a beta of 0.63.
CNX Resources (NYSE:CNX – Get Free Report) last posted its quarterly earnings results on Thursday, October 30th. The oil and gas producer reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.09. CNX Resources had a net margin of 16.56% and a return on equity of 9.10%. The business had revenue of $423.00 million during the quarter, compared to the consensus estimate of $408.80 million. The firm’s revenue for the quarter was up 37.6% on a year-over-year basis. As a group, equities research analysts expect that CNX Resources Corporation. will post 2.18 EPS for the current year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors increased its holdings in CNX Resources by 38.6% in the third 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 purchasing an additional 1,100,000 shares during the last quarter. American Century Companies Inc. boosted its holdings in CNX Resources by 16.3% during the third quarter. American Century Companies Inc. now owns 3,236,441 shares of the oil and gas producer’s stock worth $103,954,000 after buying an additional 454,071 shares during the last quarter. Southeast Asset Advisors LLC grew its position in shares of CNX Resources by 0.3% during the 2nd quarter. Southeast Asset Advisors LLC now owns 2,414,955 shares of the oil and gas producer’s stock worth $81,336,000 after buying an additional 6,930 shares during the period. Adage Capital Partners GP L.L.C. increased its stake in shares of CNX Resources by 16.7% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,400,000 shares of the oil and gas producer’s stock valued at $47,152,000 after acquiring an additional 200,000 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its stake 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 last quarter. 95.16% of the stock is currently owned by institutional investors.
CNX Resources Company Profile
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.