CNX Resources Co. (NYSE:CNX) Sees Large Decrease in Short Interest

CNX Resources Co. (NYSE:CNX) saw 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. Approximately 18.9% of the company’s shares are short sold. Based on an average trading volume of 3,070,000 shares, the days-to-cover ratio is presently 9.0 days.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CNX. Mizuho increased their price target on CNX Resources from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Scotiabank increased their target price on CNX Resources from $20.00 to $25.00 and gave the stock a “sector underperform” rating in a report on Thursday, April 11th. Bank of America upgraded shares of CNX Resources from an “underperform” rating to a “neutral” rating and set a $23.00 price target for the company in a research note on Friday, January 5th. Piper Sandler raised their price objective on shares of CNX Resources from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, March 7th. Finally, Roth Mkm boosted their target price on shares of CNX Resources from $18.00 to $22.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 2nd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, CNX Resources has an average rating of “Hold” and a consensus price target of $23.86.

CNX Resources Price Performance

CNX opened at $23.85 on Thursday. The firm’s fifty day moving average price is $22.00 and its two-hundred day moving average price is $21.32. The company has a market capitalization of $3.65 billion, a price-to-earnings ratio of 2.62 and a beta of 1.33. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.51 and a quick ratio of 0.49. CNX Resources has a 1 year low of $14.36 and a 1 year high of $24.82.

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

Insider Activity

In related news, EVP Timothy Scott Bedard sold 1,226 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $20.83, for a total transaction of $25,537.58. Following 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 legal filing with the SEC, which can be accessed through this hyperlink. 4.65% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CNX Resources

Several institutional investors have recently modified their holdings of CNX. Southeastern Asset Management Inc. TN grew its position in shares of CNX Resources by 19.9% during the 1st quarter. Southeastern Asset Management Inc. TN now owns 13,758,674 shares of the oil and gas producer’s stock valued at $220,414,000 after acquiring an additional 2,279,108 shares during the period. State Street Corp grew its holdings in CNX Resources by 15.6% during the first quarter. State Street Corp now owns 13,033,827 shares of the oil and gas producer’s stock valued at $270,061,000 after purchasing an additional 1,760,214 shares during the period. Vanguard Group Inc. increased its position in CNX Resources by 10.5% in the third quarter. Vanguard Group Inc. now owns 18,448,774 shares of the oil and gas producer’s stock worth $286,510,000 after buying an additional 1,758,826 shares during the last quarter. Renaissance Technologies LLC increased its position in CNX Resources by 2,477.3% in the first quarter. Renaissance Technologies LLC now owns 1,513,616 shares of the oil and gas producer’s stock worth $31,362,000 after buying an additional 1,454,887 shares during the last quarter. Finally, LSV Asset Management raised its stake in shares of CNX Resources by 223.4% in the fourth quarter. LSV Asset Management now owns 1,489,353 shares of the oil and gas producer’s stock valued at $29,787,000 after buying an additional 1,028,805 shares during the period. 95.16% of the stock is owned by institutional investors.

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.