CNX Resources Co. (NYSE:CNX) Short Interest Down 6.8% in March

CNX Resources Co. (NYSE:CNX) was the target of a large decline in short interest in March. As of March 31st, there was short interest totalling 27,700,000 shares, a decline of 6.8% from the March 15th total of 29,720,000 shares. Based on an average daily trading volume, of 3,070,000 shares, the days-to-cover ratio is currently 9.0 days. Currently, 18.9% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CNX shares. Scotiabank lifted their target price on shares of CNX Resources from $20.00 to $25.00 and gave the company a “sector underperform” rating in a research note on Thursday, April 11th. Piper Sandler lifted their price objective on CNX Resources from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday, March 7th. Bank of America upgraded CNX Resources from an “underperform” rating to a “neutral” rating and set a $23.00 target price for the company in a research note on Friday, January 5th. Truist Financial lifted their price target on CNX Resources from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, April 5th. Finally, Mizuho increased their price objective on shares of CNX Resources from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $23.86.

Insider Activity at CNX Resources

In other CNX Resources news, EVP Timothy Scott Bedard sold 1,226 shares of CNX Resources stock in a transaction on Monday, February 26th. The stock was sold at an average price of $20.83, for a total transaction of $25,537.58. Following the completion of the transaction, the executive vice president now directly owns 67,982 shares of the company’s stock, valued at $1,416,065.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.65% of the stock is owned by insiders.

Institutional Trading of CNX Resources

Several institutional investors and hedge funds have recently made changes to their positions in CNX. Gateway Investment Advisers LLC acquired a new position in shares of CNX Resources during the 1st quarter worth about $231,000. Congress Asset Management Co. MA increased its stake in CNX Resources by 0.4% in the fourth quarter. Congress Asset Management Co. MA now owns 265,558 shares of the oil and gas producer’s stock valued at $5,311,000 after purchasing an additional 945 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in CNX Resources by 12.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 66,720 shares of the oil and gas producer’s stock worth $1,334,000 after purchasing an additional 7,260 shares during the period. Medici Capital LLC bought a new position in shares of CNX Resources during the fourth quarter worth $640,000. Finally, Parkwood LLC boosted its position in shares of CNX Resources by 11.2% during the fourth quarter. Parkwood LLC now owns 490,435 shares of the oil and gas producer’s stock worth $9,809,000 after purchasing an additional 49,278 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

CNX Resources Price Performance

CNX Resources stock opened at $23.85 on Thursday. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 2.62 and a beta of 1.33. CNX Resources has a 12-month low of $14.36 and a 12-month high of $24.82. The company has a quick ratio of 0.49, a current ratio of 0.51 and a debt-to-equity ratio of 0.43. The business’s 50-day simple moving average is $22.00 and its 200 day simple moving average is $21.32.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, January 25th. The oil and gas producer reported $2.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $2.59. CNX Resources had a net margin of 50.34% and a return on equity of 9.00%. The company had revenue of $999.50 million for the quarter, compared to analyst estimates of $401.62 million. During the same quarter last year, the firm earned $1.64 EPS. The company’s revenue for the quarter was down 38.9% on a year-over-year basis. As a group, research analysts anticipate that CNX Resources will post 1.31 earnings per share for the current year.

CNX Resources Company Profile

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.