CNX Resources (NYSE:CNX) Shares Break Above 200-Day Moving Average – Here’s What Happened

CNX Resources Corporation. (NYSE:CNX)’s stock price crossed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $35.28 and traded as high as $35.36. CNX Resources shares last traded at $34.8560, with a volume of 1,404,781 shares trading hands.

Analysts Set New Price Targets

Several brokerages have recently commented on CNX. Morgan Stanley increased their price objective on CNX Resources from $32.00 to $34.00 and gave the company an “underweight” rating in a research report on Thursday. Mizuho dropped their price target on CNX Resources from $42.00 to $38.00 and set a “neutral” rating on the stock in a research note on Thursday. Scotiabank initiated coverage on CNX Resources in a research note on Wednesday. They set a “sector perform” rating and a $34.00 price objective for the company. Truist Financial reduced their price objective on shares of CNX Resources from $35.00 to $34.00 and set a “hold” rating on the stock in a research report on Friday. Finally, Weiss Ratings downgraded CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 28th. Eight analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, CNX Resources has an average rating of “Reduce” and a consensus target price of $34.25.

CNX Resources Price Performance

The firm has a market cap of $5.31 billion, a price-to-earnings ratio of 6.00 and a beta of 0.69. The stock’s fifty day moving average price is $34.88 and its 200-day moving average price is $35.23. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.72. The firm had revenue of $618.48 million for the quarter, compared to the consensus estimate of $475.16 million. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The firm’s revenue for the quarter was down 35.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.43 EPS. As a group, equities research analysts forecast that CNX Resources Corporation. will post 3.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CNX. State of Alaska Department of Revenue increased its stake in shares of CNX Resources by 36.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 18,978 shares of the oil and gas producer’s stock valued at $590,000 after acquiring an additional 5,115 shares during the last quarter. Farther Finance Advisors LLC increased its stake in CNX Resources by 18.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,006 shares of the oil and gas producer’s stock worth $94,000 after buying an additional 472 shares during the period. Congress Asset Management Co. increased its holdings in CNX Resources by 21.2% during the 3rd quarter. Congress Asset Management Co. now owns 382,023 shares of the oil and gas producer’s stock worth $11,908,000 after purchasing an additional 66,813 shares during the last quarter. QRG Capital Management Inc. increased its holdings in CNX Resources by 2.3% in the second quarter. QRG Capital Management Inc. now owns 19,987 shares of the oil and gas producer’s stock valued at $678,000 after buying an additional 440 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its holdings in CNX Resources by 8.0% in the second quarter. Sequoia Financial Advisors LLC now owns 20,580 shares of the oil and gas producer’s stock worth $698,000 after purchasing an additional 1,532 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

CNX Resources Company Profile

CNX Resources Corporation (NYSE: CNX) is an independent natural gas exploration and production company focused primarily on developing unconventional natural gas reserves in the Appalachian Basin. Its operations are concentrated in the Marcellus and Utica shale formations, where it uses horizontal drilling and hydraulic fracturing to produce pipeline-quality natural gas.

The company’s activities include acquiring, developing and operating natural gas properties, as well as managing related gathering and infrastructure assets.