CNX Resources (NYSE:CNX) Stock Passes Above 200-Day Moving Average – Time to Sell?

CNX Resources Corporation. (NYSE:CNX) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $33.00 and traded as high as $37.81. CNX Resources shares last traded at $37.6550, with a volume of 6,879,289 shares.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CNX. Barclays boosted their price objective on CNX Resources from $32.00 to $34.00 and gave the stock an “equal weight” rating in a report on Friday, October 31st. Scotiabank boosted their price target on shares of CNX Resources from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research note on Friday, November 21st. Morgan Stanley lowered their price objective on shares of CNX Resources from $32.00 to $31.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CNX Resources in a report on Monday. Finally, Mizuho increased their target price on CNX Resources from $35.00 to $43.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, CNX Resources has an average rating of “Reduce” and a consensus target price of $34.00.

CNX Resources Stock Up 1.6%

The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.31 and a current ratio of 0.34. The stock’s 50 day moving average price is $36.11 and its 200-day moving average price is $33.00. The company has a market cap of $5.08 billion, a PE ratio of 26.33, a PEG ratio of 0.34 and a beta of 0.64.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, October 30th. The oil and gas producer reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.09. The business had revenue of $423.00 million during the quarter, compared to the consensus estimate of $408.80 million. CNX Resources had a net margin of 16.56% and a return on equity of 9.10%. CNX Resources’s quarterly revenue was up 37.6% compared to the same quarter last year. On average, analysts predict that CNX Resources Corporation. will post 2.18 earnings per share for the current year.

Institutional Trading of CNX Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State of Wyoming bought a new position in shares of CNX Resources in the second quarter worth approximately $29,000. Caitlin John LLC purchased a new stake in CNX Resources during the 3rd quarter valued at $31,000. Ameritas Advisory Services LLC bought a new stake in CNX Resources in the 2nd quarter worth $32,000. Elevation Point Wealth Partners LLC purchased a new position in shares of CNX Resources in the second quarter valued at about $46,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of CNX Resources by 393.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,925 shares of the oil and gas producer’s stock valued at $65,000 after acquiring an additional 1,535 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

CNX Resources Company Profile

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.