CNX Resources (NYSE:CNX) Director Sells $1,872,431.40 in Stock

CNX Resources Corporation. (NYSE:CNX) Director Bernard Lanigan, Jr. sold 46,119 shares of the stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $40.60, for a total value of $1,872,431.40. Following the sale, the director owned 177,180 shares of the company’s stock, valued at $7,193,508. This trade represents a 20.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

CNX Resources Stock Performance

Shares of NYSE CNX opened at $40.24 on Monday. The stock’s fifty day simple moving average is $37.64 and its 200 day simple moving average is $34.66. The stock has a market capitalization of $5.73 billion, a price-to-earnings ratio of 10.93, a PEG ratio of 0.42 and a beta of 0.66. The company has a quick ratio of 0.41, a current ratio of 0.44 and a debt-to-equity ratio of 0.52. CNX Resources Corporation. has a 52-week low of $27.68 and a 52-week high of $42.13.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.94. The business had revenue of $610.48 million during the quarter, compared to analyst estimates of $422.65 million. CNX Resources had a return on equity of 9.29% and a net margin of 28.28%.CNX Resources’s revenue for the quarter was up 347.0% on a year-over-year basis. During the same quarter last year, the company posted ($0.97) EPS. As a group, sell-side analysts forecast that CNX Resources Corporation. will post 2.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. raised shares of CNX Resources from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $36.00 to $38.00 in a research note on Monday, December 8th. Barclays raised their target price on CNX Resources from $34.00 to $35.00 and gave the stock an “underweight” rating in a research report on Friday, January 30th. Scotiabank reissued a “sector perform” rating and set a $44.00 price target on shares of CNX Resources in a research report on Wednesday, January 21st. Piper Sandler set a $26.00 price objective on CNX Resources in a research note on Monday, February 2nd. Finally, Mizuho upped their price objective on shares of CNX Resources from $35.00 to $43.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $36.00.

Institutional Trading of CNX Resources

Several large investors have recently added to or reduced their stakes in CNX. State of Wyoming bought a new position in shares of CNX Resources during the 2nd quarter valued at $29,000. Smartleaf Asset Management LLC raised its holdings in CNX Resources by 56.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock valued at $30,000 after buying an additional 293 shares in the last quarter. Caitlin John LLC acquired a new stake in shares of CNX Resources in the third quarter worth about $31,000. Los Angeles Capital Management LLC acquired a new stake in shares of CNX Resources in the fourth quarter worth about $34,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of CNX Resources during the 2nd quarter worth about $46,000. 95.16% of the stock is owned by institutional investors.

About CNX Resources

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.