Stock Traders Buy High Volume of Put Options on CNX Resources (NYSE:CNX)

CNX Resources Co. (NYSE:CNXGet Free Report) saw some unusual options trading activity on Tuesday. Investors bought 20,923 put options on the stock. This represents an increase of 2,199% compared to the typical daily volume of 910 put options.

CNX Resources Stock Performance

CNX opened at $34.08 on Wednesday. CNX Resources has a 1-year low of $19.07 and a 1-year high of $36.96. The stock has a market cap of $5.22 billion, a P/E ratio of 6.17 and a beta of 1.38. The stock’s 50 day simple moving average is $29.34 and its 200 day simple moving average is $26.34. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.41 and a quick ratio of 0.40.

CNX Resources (NYSE:CNXGet Free Report) last announced its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.09. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. The business had revenue of $321.44 million during the quarter, compared to analysts’ expectations of $387.46 million. During the same quarter last year, the business posted $0.29 earnings per share. As a group, equities analysts anticipate that CNX Resources will post 1.43 EPS for the current fiscal year.

Insider Buying and Selling at CNX Resources

In related news, Director Bernard Lanigan, Jr. bought 75,000 shares of the stock in a transaction dated Monday, September 9th. The stock was acquired at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the acquisition, the director now owns 401,820 shares in the company, valued at approximately $10,772,794.20. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Mizuho Markets Americas LLC purchased a new stake in shares of CNX Resources in the second quarter valued at $97,200,000. American Century Companies Inc. grew its holdings in shares of CNX Resources by 12.0% during the second quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after buying an additional 397,729 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of CNX Resources by 197.0% during the second quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock valued at $11,324,000 after buying an additional 309,100 shares during the period. LSV Asset Management boosted its position in CNX Resources by 18.0% during the first quarter. LSV Asset Management now owns 1,757,121 shares of the oil and gas producer’s stock worth $41,679,000 after acquiring an additional 267,768 shares during the last quarter. Finally, Quantbot Technologies LP grew its stake in CNX Resources by 533.4% in the 1st quarter. Quantbot Technologies LP now owns 286,480 shares of the oil and gas producer’s stock worth $6,795,000 after acquiring an additional 241,250 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. BMO Capital Markets raised their target price on shares of CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Truist Financial lifted their price objective on shares of CNX Resources from $31.00 to $38.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Tudor, Pickering, Holt & Co. lowered CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Mizuho upped their price objective on CNX Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Piper Sandler downgraded CNX Resources from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $22.00 to $20.00 in a research note on Thursday, August 15th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, CNX Resources has an average rating of “Hold” and an average price target of $27.10.

View Our Latest Report on CNX

CNX Resources Company Profile

(Get Free Report)

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.

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