CNX Resources (NYSE:CNX) Shares Gap Up – Should You Buy?

CNX Resources Co. (NYSE:CNX) shares gapped up prior to trading on Tuesday . The stock had previously closed at $30.73, but opened at $31.63. CNX Resources shares last traded at $32.41, with a volume of 297,915 shares.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CNX shares. Morgan Stanley initiated coverage on CNX Resources in a research note on Friday, January 10th. They set an “underweight” rating and a $29.00 target price for the company. Piper Sandler lowered their target price on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a research note on Wednesday, January 29th. Roth Capital set a $30.00 target price on CNX Resources in a research note on Thursday, January 23rd. Stephens raised CNX Resources from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $35.00 to $48.00 in a report on Tuesday. Finally, TD Cowen started coverage on CNX Resources in a research note on Wednesday, January 15th. They set a “hold” rating and a $27.00 price target for the company. Nine analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, CNX Resources presently has an average rating of “Hold” and an average target price of $30.38.

CNX Resources Stock Performance

The stock has a 50 day simple moving average of $29.61 and a 200 day simple moving average of $33.01. The company has a market cap of $4.78 billion, a price-to-earnings ratio of -47.31, a PEG ratio of 0.42 and a beta of 1.26. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.14. CNX Resources had a negative net margin of 7.14% and a positive return on equity of 6.72%. As a group, analysts predict that CNX Resources Co. will post 2.18 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the sale, the insider now directly owns 13,925,000 shares of the company’s stock, valued at $432,928,250. This represents a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CNX Resources

A number of institutional investors and hedge funds have recently modified their holdings of CNX. Congress Asset Management Co. raised its holdings in shares of CNX Resources by 7.2% during the fourth quarter. Congress Asset Management Co. now owns 266,447 shares of the oil and gas producer’s stock valued at $9,771,000 after acquiring an additional 17,951 shares during the period. Charles Schwab Investment Management Inc. grew its stake in CNX Resources by 12.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock valued at $60,607,000 after acquiring an additional 202,890 shares in the last quarter. World Investment Advisors LLC purchased a new stake in shares of CNX Resources in the third quarter worth approximately $534,000. Convergence Investment Partners LLC acquired a new stake in shares of CNX Resources during the fourth quarter worth approximately $1,556,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in CNX Resources by 311.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock valued at $20,087,000 after buying an additional 466,694 shares during the period. 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.