Short Interest in CNX Resources Co. (NYSE:CNX) Declines By 5.5%

CNX Resources Co. (NYSE:CNX) saw a large decline in short interest during the month of October. As of October 15th, there was short interest totalling 30,010,000 shares, a decline of 5.5% from the September 30th total of 31,740,000 shares. Based on an average daily volume of 2,550,000 shares, the short-interest ratio is presently 11.8 days. Currently, 20.8% of the shares of the company are sold short.

Wall Street Analyst Weigh In

CNX has been the subject of several research reports. Piper Sandler downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $22.00 to $20.00 in a research note on Thursday, August 15th. Stephens lifted their price objective on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. Mizuho raised their price target on shares of CNX Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Truist Financial lowered shares of CNX Resources from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $38.00 to $34.00 in a research report on Monday. Finally, Bank of America started coverage on shares of CNX Resources in a research note on Monday. They issued an “underperform” rating and a $34.00 target price for the company. Six investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $29.00.

Insider Transactions at CNX Resources

In related news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were acquired at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the purchase, the director now owns 401,820 shares in the company, valued at approximately $10,772,794.20. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.10% of the stock is owned by company insiders.

Institutional Trading of CNX Resources

Large investors have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its stake in shares of CNX Resources by 54.1% during the second quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock valued at $46,000 after purchasing an additional 666 shares during the period. Blue Trust Inc. boosted its stake in shares of CNX Resources by 135.4% during the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock valued at $64,000 after purchasing an additional 1,131 shares during the period. CWM LLC boosted its stake in shares of CNX Resources by 77.0% during the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after purchasing an additional 935 shares during the period. Natixis purchased a new stake in shares of CNX Resources during the first quarter valued at $79,000. Finally, Innealta Capital LLC purchased a new stake in CNX Resources in the second quarter worth about $131,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

CNX Resources Price Performance

Shares of CNX stock traded down $0.08 on Friday, reaching $33.95. The company’s stock had a trading volume of 354,538 shares, compared to its average volume of 2,710,716. The stock’s fifty day simple moving average is $31.52 and its 200-day simple moving average is $27.25. CNX Resources has a 1 year low of $19.07 and a 1 year high of $37.57. 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 market capitalization of $5.07 billion, a price-to-earnings ratio of 10.70, a price-to-earnings-growth ratio of 1.73 and a beta of 1.38.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.09. The company had revenue of $424.21 million during the quarter, compared to the consensus estimate of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same period last year, the company earned $0.35 earnings per share. Analysts forecast that CNX Resources will post 1.5 earnings per share for the current fiscal year.

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.