CNX Resources Co. (NYSE:CNX – Get Rating) posted unusually high trading volumes on Friday after a better-than-expected earnings report. Approximately 3,192,563 shares were traded during the trading session, up 6% from the previous session’s volume of 2,998,165 shares. The stock last had him trading at $16.52 and previously he had closed at $16.22.
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The oil and gas producer reported an EPS of $5.68 for the quarter, $5.11 above analyst consensus expectations of $0.57. CNX Resources had a return on equity of 9.68% and a net profit margin of 29.81%. The business generated $1.64 billion in revenue for the quarter, compared with analyst estimates of $510.19 million. During the same quarter last year, the company earned $0.31 per share for him. Business revenue increased by 26.8% compared to the same period last year.
Analyst sets new price target
CNX has been the topic of many research analyst reports. Truist Financial lowered its target price on CNX Resources from $20.00 to $18.00 and gave the stock a ‘hold’ rating in a research report on Friday, October 28. Mizuho began covering his CNX resource with an investigative report on Monday, January 9. They issued an “underperform” rating and a price target of $19.00. StockNews.com began covering CNX resources in an investigative report on Wednesday, October 12th. They issued a “Hold” rating on the stock. Finally, Piper Sandler lowered his CNX Resources target price to $19.00 in her Friday, November 4 research report. Two research analysts gave the stock a sell rating and four gave the company a hold rating. According to MarketBeat data, the company’s current average rating is ‘Hold’ with a consensus price target of $21.86.
Institutional investors consider CNX resources
Many institutional investors have recently increased or decreased their stakes in CNX. State Street Corp increased his stake in CNX Resources by 15.6% in the first quarter. State Street Corp now owns 13,033,827 shares in an oil and gas producing company worth $270,061,000 after purchasing an additional 1,760,214 shares in the previous quarter. Vanguard Group Inc. increased its stake in CNX Resources by 10.5% in the third quarter. Vanguard Group Inc. now owns 18,448,774 shares in oil and gas producing companies valued at $286.51 million after acquiring an additional 1,758,826 shares in the previous quarter. Renaissance Technologies LLC increased its stake in CNX Resources by 2,477.3% in the first quarter. Renaissance Technologies LLC now owns 1,513,616 shares of oil and gas producers worth $31,362,000 after acquiring an additional 1,454,887 shares in the previous quarter. Point72 Asset Management LP purchased new shares of CNX Resources worth approximately $20,068,000 in the third quarter. Finally, Deutsche Bank AG increased its stake in CNX Resources by 110.5% in the second quarter. Deutsche Bank AG now owns 1,631,995 shares in oil and gas producers worth $26,863,000 after acquiring an additional 856,729 shares in the previous quarter. Hedge funds and other institutional investors own 93.66% of the company’s shares.
CNX resource price performance
The company has a 50-day moving average price of $16.69 and a 200-day moving average price of $17.04. The company has a market cap of $2.98 billion, a PE ratio of -4.21, a P/E ratio of 0.31 and a beta of 1.25. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt to equity ratio of 0.97.
CNX Resource Company Profile
(get rating)
CNX Resources Corp. is an independent natural gas exploration, development and production company focused on the primary shale formations of the Appalachian Basin. The company has an organic growth strategy focused on developing its resource base responsibly. The company operates through its Marcellus Shale and Coalbed Methane segments.
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