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

CNX Resources Co. (NYSE:CNX) saw a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 30,010,000 shares, a decrease of 5.5% from the September 30th total of 31,740,000 shares. Approximately 20.8% of the company’s stock are sold short. Based on an average trading volume of 2,550,000 shares, the days-to-cover ratio is presently 11.8 days.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CNX. Bank of America began coverage on shares of CNX Resources in a report on Monday. They issued an “underperform” rating and a $34.00 target price for the company. JPMorgan Chase & Co. cut their price objective on shares of CNX Resources from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday. Mizuho upped their price objective on shares of CNX Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Truist Financial downgraded shares of CNX Resources from a “buy” rating to a “hold” rating and cut their price objective for the company from $38.00 to $34.00 in a report on Monday. Finally, Scotiabank upped their price objective on shares of CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Six research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $29.00.

Insider Buying and Selling

In other news, Director Bernard Lanigan, Jr. bought 75,000 shares of CNX Resources stock in a transaction on Monday, September 9th. The stock was acquired at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the acquisition, the director now owns 401,820 shares of the company’s stock, valued at $10,772,794.20. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.10% of the stock is owned by insiders.

Institutional Trading of CNX Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its stake in shares of CNX Resources by 54.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock worth $46,000 after acquiring an additional 666 shares during the last quarter. Blue Trust Inc. increased its stake in shares of CNX Resources by 135.4% in the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after acquiring an additional 1,131 shares during the last quarter. CWM LLC increased its stake in shares of CNX Resources by 77.0% in the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock worth $70,000 after acquiring an additional 935 shares during the last quarter. Natixis acquired a new stake in shares of CNX Resources in the 1st quarter worth $79,000. Finally, Innealta Capital LLC acquired a new stake in shares of CNX Resources in the 2nd quarter worth $131,000. 95.16% of the stock is owned by institutional investors and hedge funds.

CNX Resources Price Performance

CNX stock traded down $0.08 during midday trading on Friday, reaching $33.95. The stock had a trading volume of 354,538 shares, compared to its average volume of 2,710,716. The company’s fifty day simple moving average is $31.52 and its 200 day simple moving average is $27.25. 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 cap 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 has a 52-week low of $19.07 and a 52-week high of $37.57.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. The company had revenue of $424.21 million for the quarter, compared to analyst estimates of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same quarter last year, the firm posted $0.35 EPS. As a group, sell-side analysts predict 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.