CNX Resources Sees Unusually High Options Volume (NYSE:CNX)

CNX Resources Corporation. (NYSE:CNX) was the recipient of unusually large options trading on Monday. Stock traders bought 13,725 call options on the stock. This is an increase of 4,059% compared to the average volume of 330 call options.

CNX Resources Stock Performance

Shares of CNX opened at $37.49 on Tuesday. CNX Resources has a one year low of $27.00 and a one year high of $41.93. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.33 and a quick ratio of 0.30. The stock has a market cap of $5.05 billion, a price-to-earnings ratio of 63.54, a PEG ratio of 0.35 and a beta of 0.56. The company has a 50-day moving average of $33.42 and a two-hundred day moving average of $32.07.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, October 30th. The oil and gas producer reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.09. The company had revenue of $423.00 million for the quarter, compared to the consensus estimate of $408.80 million. CNX Resources had a net margin of 9.70% and a return on equity of 8.93%. CNX Resources’s revenue for the quarter was up 37.6% on a year-over-year basis. On average, equities research analysts expect that CNX Resources will post 2.18 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of CNX Resources in a report on Monday, November 17th. Barclays raised their price objective on CNX Resources from $32.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Friday, October 31st. Zacks Research raised CNX Resources from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. Scotiabank lifted their price objective on shares of CNX Resources from $36.00 to $40.00 and gave the company a “sector perform” rating in a research report on Friday. Finally, Morgan Stanley decreased their price target on CNX Resources from $32.00 to $31.00 and set an “underweight” rating for the company in a research note on Tuesday, October 14th. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $33.00.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CNX. CIBC Bancorp USA Inc. purchased a new stake in shares of CNX Resources during the 3rd quarter worth about $469,000. CANADA LIFE ASSURANCE Co increased its stake in shares of CNX Resources by 0.7% in the third quarter. CANADA LIFE ASSURANCE Co now owns 89,239 shares of the oil and gas producer’s stock worth $2,900,000 after purchasing an additional 643 shares during the period. Dark Forest Capital Management LP acquired a new position in shares of CNX Resources during the third quarter worth approximately $391,000. Verition Fund Management LLC raised its stake in CNX Resources by 217.8% during the 3rd quarter. Verition Fund Management LLC now owns 179,158 shares of the oil and gas producer’s stock valued at $5,755,000 after purchasing an additional 122,792 shares during the last quarter. Finally, Bridgefront Capital LLC bought a new stake in shares of CNX Resources in the third quarter valued at about $419,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.