CNX Resources Corporation. (NYSE:CNX – Get Free Report)’s share price crossed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $36.40 and traded as low as $35.14. CNX Resources shares last traded at $35.8760, with a volume of 1,970,557 shares traded.
Analysts Set New Price Targets
CNX has been the subject of several research reports. Scotiabank began coverage on CNX Resources in a report on Wednesday, October 14th. They issued a “sector perform” rating and a $34.00 target price for the company. Truist Financial raised their price objective on shares of CNX Resources from $34.00 to $39.00 and gave the company a “hold” rating in a research report on Thursday, October 29th. Mizuho cut their price target on shares of CNX Resources from $42.00 to $38.00 and set a “neutral” rating for the company in a report on Thursday, October 15th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of CNX Resources in a research note on Monday, October 26th. Finally, Morgan Stanley lifted their price objective on CNX Resources from $32.00 to $34.00 and gave the stock an “underweight” rating in a research report on Thursday, October 15th. Nine research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $34.88.
Read Our Latest Research Report on CNX
CNX Resources Price Performance
The business’s 50-day simple moving average is $35.04 and its 200 day simple moving average is $36.39. The company has a current ratio of 1.08, a quick ratio of 1.02 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $5.00 billion, a P/E ratio of 5.93 and a beta of 0.61.
Institutional Investors Weigh In On CNX Resources
A number of hedge funds have recently made changes to their positions in the company. Jupiter Topco LLC bought a new position in shares of CNX Resources in the 2nd quarter valued at $2,019,000. Wellington Management Group LLP grew its position in CNX Resources by 192.4% during the 2nd quarter. Wellington Management Group LLP now owns 924,662 shares of the oil and gas producer’s stock worth $31,374,000 after acquiring an additional 608,386 shares during the last quarter. Tidal Investments LLC grew its position in CNX Resources by 149.8% during the 2nd quarter. Tidal Investments LLC now owns 56,778 shares of the oil and gas producer’s stock worth $1,926,000 after acquiring an additional 34,049 shares during the last quarter. Corient Private Wealth LP bought a new stake in CNX Resources during the 2nd quarter worth $1,110,000. Finally, Bank of America Corp DE acquired a new position in CNX Resources in the 2nd quarter worth about $87,949,000. Institutional investors and hedge funds own 95.16% of the company’s stock.
CNX Resources Company Profile
CNX Resources Corporation (NYSE:CNX) is an independent natural gas exploration and production company focused on the Appalachian Basin. The company develops and produces natural gas from unconventional shale formations, with its operations concentrated in the Marcellus and Utica shale areas.
CNX’s activities include leasing, drilling, completing and operating natural gas wells, as well as managing related gathering and infrastructure arrangements used to transport production to market.
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