CNX Resources Co. (NYSE:CNX – Get Rating ) saw unusually-high trading on Friday following a better-than-expected earnings announcement. Approximately 3,192,563 shares were traded during the trading session, an increase of 6% compared to the previous session’s 2,998,165 shares.
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The oil and gas producer reported $5.68 EPS for the quarter, topping analysts’ consensus estimates of $5.11 by $0.57. CNX Resources had a positive return on equity of 9.68% and a negative net margin of 29.81%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $510.19 million. During the same quarter last year, the company earned $0.31 earnings per share. The business’s revenue was up 26.8% compared to the same quarter last year.
Analysts set a new price target.
CNX has been the topic of several research analyst reports. Trust Financial reduced their target price on CNX Resources from $20.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, October 28th. Mizuho began coverage on CNX Resources in a research report on Monday, January 9th. They issued an “underperform” rating and a $19.00 price target on the stock. StockNews.com initiated coverage on CNX Resources in a research report on Wednesday, October 12th. They rated “Hold” on the stock. Finally, Piper Sandler dropped their price objective on CNX Resources to $19.00 in a research report on Friday, November 4th. Two research analysts have rated the stock with a sell rating and four have given a hold rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $21.86, according to data obtained by MarketBeat.
Institutional Investors Weigh On CNX Resources
A number of institutional investors recently trimmed or reduced their stakes in CNX. State Street Corp raised its holdings in CNX Resources by 15.6% in the 1st quarter. State Street Corp. now owns 13,033,827 shares of the oil and gas producer’s stock valued at $270,061,000 after buying an additional 1,760,214 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of CNX Resources by 10.5% during the 3rd quarter. Vanguard Group Inc. now owns 18,448,774 shares of the oil and gas producer’s stock worth $286,510,000 after acquiring an additional 1,758,826 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of CNX Resources by 2,477.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,513,616 shares of the oil and gas producer’s stock worth $31,362,000 after acquiring an additional 1,454,887 shares in the last quarter. Point72 Asset Management LP bought a new stake in shares of CNX Resources in the 3rd quarter valued at about $20,068,000. Finally, Deutsche Bank AG boosted its stake in shares of CNX Resources by 110.5% during the 2nd quarter. Deutsche Bank AG now owns 1,631,995 shares of the oil and gas producer’s stock worth $26,863,000 after acquiring an additional 856,729 shares in the last quarter. Hedge funds and other institutional investors own 93.66 percent of the company.
Price performance of CNX resources
The company has a 50-day moving average of $16.69 and a 200-day moving average of $17.04. The company has a market cap of $2.98 billion, a PE ratio of -4.21, a price-to-earnings-growth ratio of 0.31 and a beta of 1.25. The company has a current ratio of 0.32, a quick ratio of 0.31, and a debt-equity ratio of 0.97.
CNX Resources Company Profile
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CNX Resources Corporation is an independent natural gas exploration, development and production company focused on major shale formations in the Appalachian Basin. The company has developed an organic growth strategy focused on responsibly developing its resource base. The company operates through the Marcellus Shale and Coalbed Methane divisions.
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