CNX Resources (NYSE:CNX) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s Why

CNX Resources Corporation. (NYSE:CNX)’s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $34.01 and traded as high as $40.02. CNX Resources shares last traded at $39.01, with a volume of 2,706,153 shares.

Analysts Set New Price Targets

A number of brokerages have recently commented on CNX. Mizuho increased their price objective on CNX Resources from $35.00 to $43.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Piper Sandler set a $26.00 target price on CNX Resources in a report on Monday, February 2nd. Scotiabank reissued a “sector perform” rating and issued a $44.00 price target on shares of CNX Resources in a research note on Wednesday, January 21st. Morgan Stanley boosted their price objective on CNX Resources from $31.00 to $32.00 and gave the stock an “underweight” rating in a report on Friday, January 23rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of CNX Resources in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $36.00.

CNX Resources Trading Down 3.1%

The company has a market cap of $5.26 billion, a PE ratio of 10.60, a PEG ratio of 0.42 and a beta of 0.66. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.41 and a current ratio of 0.44. The company has a 50 day simple moving average of $37.65 and a two-hundred day simple moving average of $34.01.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 EPS for the quarter, topping the consensus estimate of $0.34 by $0.94. CNX Resources had a net margin of 28.28% and a return on equity of 9.29%. The business had revenue of $610.48 million during the quarter, compared to analysts’ expectations of $422.65 million. During the same period last year, the company posted ($0.97) earnings per share. The firm’s quarterly revenue was up 347.0% compared to the same quarter last year. Sell-side analysts forecast that CNX Resources Corporation. will post 2.18 EPS for the current year.

Hedge Funds Weigh In On CNX Resources

Several institutional investors and hedge funds have recently modified their holdings of CNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of CNX Resources by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 86,878 shares of the oil and gas producer’s stock worth $2,735,000 after acquiring an additional 3,785 shares in the last quarter. Acadian Asset Management LLC acquired a new position in CNX Resources in the 1st quarter worth about $583,000. Ameritas Advisory Services LLC purchased a new stake in shares of CNX Resources during the 2nd quarter worth about $32,000. US Bancorp DE lifted its holdings in shares of CNX Resources by 1.9% during the 2nd quarter. US Bancorp DE now owns 25,944 shares of the oil and gas producer’s stock valued at $874,000 after buying an additional 477 shares during the last quarter. Finally, Callan Family Office LLC bought a new stake in shares of CNX Resources in the 2nd quarter valued at approximately $277,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

About CNX Resources

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.