CNX Resources (NYSE:CNX) Shares Down 2.9% - Time to Sell?

CNX Resources Co. (NYSE:CNX - Get Free Report)'s share price dropped 2.9% during trading on Monday . The company traded as low as $31.67 and last traded at $32.15. Approximately 692,495 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 4,306,194 shares. The stock had previously closed at $33.12.

Analysts Set New Price Targets

A number of research firms have issued reports on CNX. JPMorgan Chase & Co. lowered CNX Resources from a "neutral" rating to an "underweight" rating and raised their target price for the company from $31.00 to $37.00 in a report on Thursday, December 5th. Tudor Pickering upgraded shares of CNX Resources to a "strong sell" rating in a research note on Tuesday, October 1st. Capital One Financial lowered shares of CNX Resources from an "overweight" rating to an "equal weight" rating and set a $25.00 target price on the stock. in a research report on Monday, October 14th. Bank of America began coverage on shares of CNX Resources in a report on Monday, October 28th. They issued an "underperform" rating and a $34.00 price target for the company. Finally, BMO Capital Markets boosted their price objective on shares of CNX Resources from $26.00 to $29.00 and gave the stock a "market perform" rating in a report on Friday, October 4th. Eight analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat, CNX Resources currently has an average rating of "Reduce" and a consensus target price of $30.50.

CNX Resources Price Performance

The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36. The firm has a market capitalization of $4.56 billion, a P/E ratio of 9.61, a PEG ratio of 1.85 and a beta of 1.42. The company's 50 day moving average price is $37.46 and its 200 day moving average price is $31.64.

CNX Resources (NYSE:CNX - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.09. The business had revenue of $424.21 million for 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 business earned $0.35 earnings per share. As a group, sell-side analysts anticipate that CNX Resources Co. will post 1.54 EPS for the current fiscal year.

Hedge Funds Weigh In On CNX Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Natixis Advisors LLC boosted its position in shares of CNX Resources by 9.1% during the second quarter. Natixis Advisors LLC now owns 40,403 shares of the oil and gas producer's stock worth $982,000 after purchasing an additional 3,366 shares in the last quarter. Paralel Advisors LLC acquired a new position in CNX Resources in the second quarter valued at about $2,338,000. LSV Asset Management increased its holdings in shares of CNX Resources by 1.4% in the second quarter. LSV Asset Management now owns 1,780,921 shares of the oil and gas producer's stock worth $43,276,000 after acquiring an additional 23,800 shares in the last quarter. Choreo LLC acquired a new stake in shares of CNX Resources during the second quarter worth about $701,000. Finally, Texas Permanent School Fund Corp lifted its holdings in shares of CNX Resources by 68.9% during the 2nd quarter. Texas Permanent School Fund Corp now owns 224,416 shares of the oil and gas producer's stock valued at $5,453,000 after purchasing an additional 91,570 shares in the last quarter. Institutional investors 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.