CNX Resources (NYSE:CNX) Shares Gap Up - Still a Buy?

CNX Resources Co. (NYSE:CNX - Get Free Report)'s stock price gapped up before the market opened 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 trading hands.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CNX shares. JPMorgan Chase & Co. boosted their price target on CNX Resources from $32.00 to $33.00 and gave the stock an "underweight" rating in a research report on Thursday, March 13th. Raymond James raised CNX Resources from an "underperform" rating to a "market perform" rating in a research note on Tuesday, February 18th. StockNews.com cut CNX Resources from a "hold" rating to a "sell" rating in a research report on Thursday, February 13th. Morgan Stanley initiated coverage on shares of CNX Resources in a research note on Friday, January 10th. They issued an "underweight" rating and a $29.00 target price for the company. Finally, Stephens upgraded CNX Resources from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $35.00 to $48.00 in a report on Tuesday. Nine investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $30.38.

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CNX Resources Price Performance

The firm has a 50 day moving average of $29.71 and a 200-day moving average of $33.09. The company has a market cap of $4.73 billion, a P/E ratio of -46.75, a P/E/G ratio of 0.42 and a beta of 1.26. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45.

CNX Resources (NYSE:CNX - Get Free Report) last issued its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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%. On average, equities research analysts predict that CNX Resources Co. will post 2.18 EPS for the current year.

Insider Buying and Selling at CNX Resources

In other CNX Resources news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the firm's 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 transaction, the insider now directly owns 13,925,000 shares of the company's stock, valued at approximately $432,928,250. This trade represents a 7.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 3.10% of the stock is owned by insiders.

Hedge Funds Weigh In On CNX Resources

A number of large investors have recently bought and sold shares of CNX. Victory Capital Management Inc. increased its stake in CNX Resources by 2.8% during the third quarter. Victory Capital Management Inc. now owns 97,972 shares of the oil and gas producer's stock worth $3,191,000 after acquiring an additional 2,663 shares during the last quarter. Natixis Advisors LLC grew its stake in shares of CNX Resources by 3.1% in the 3rd quarter. Natixis Advisors LLC now owns 41,644 shares of the oil and gas producer's stock valued at $1,356,000 after purchasing an additional 1,241 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of CNX Resources by 12.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer's stock worth $60,607,000 after acquiring an additional 202,890 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of CNX Resources by 231.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 104,361 shares of the oil and gas producer's stock worth $3,399,000 after acquiring an additional 72,914 shares during the period. Finally, Verition Fund Management LLC acquired a new position in CNX Resources during the third quarter worth about $1,321,000. 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.