CNX Resources Target of Unusually Large Options Trading (NYSE:CNX)

CNX Resources Co. (NYSE:CNX) saw some unusual options trading on Friday. Stock traders acquired 42,790 put options on the company. This is an increase of approximately 929% compared to the average volume of 4,160 put options.

Analysts Set New Price Targets

CNX has been the topic of a number of analyst reports. Piper Sandler lifted their price target on CNX Resources from $20.00 to $23.00 and gave the stock an “underweight” rating in a research note on Friday, December 6th. Mizuho downgraded CNX Resources from a “neutral” rating to an “underperform” rating and increased their target price for the company from $33.00 to $38.00 in a research note on Monday, December 16th. Tudor, Pickering, Holt & Co. cut shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Stephens lifted their target price on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. Finally, Tudor Pickering raised CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. Eight investment analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $30.50.

CNX Resources Stock Down 11.3 %

Shares of NYSE CNX opened at $33.12 on Friday. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. The company has a 50-day moving average of $37.55 and a 200 day moving average of $31.55. CNX Resources has a 12-month low of $19.07 and a 12-month high of $41.93. The stock has a market cap of $4.94 billion, a PE ratio of 10.42, a P/E/G ratio of 1.85 and a beta of 1.42.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, beating the consensus estimate of $0.32 by $0.09. The firm had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same quarter last year, the firm earned $0.35 earnings per share. As a group, sell-side analysts predict that CNX Resources will post 1.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CNX. Blue Trust Inc. boosted its holdings in CNX Resources by 135.4% in the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock valued at $64,000 after purchasing an additional 1,131 shares during the last quarter. CWM LLC raised its position in CNX Resources by 77.0% in the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after purchasing an additional 935 shares during the period. GAMMA Investing LLC lifted its stake in shares of CNX Resources by 62.1% in the 3rd quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock valued at $100,000 after purchasing an additional 1,177 shares during the last quarter. Atomi Financial Group Inc. acquired a new stake in shares of CNX Resources during the 3rd quarter worth about $202,000. Finally, Legacy Capital Wealth Partners LLC acquired a new stake in shares of CNX Resources during the 2nd quarter worth about $205,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

About CNX Resources

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.