CNX Resources Sees Unusually Large Options Volume (NYSE:CNX)

CNX Resources Co. (NYSE:CNX - Get Free Report) was the recipient of some unusual options trading activity on Friday. Stock traders bought 42,790 put options on the stock. This represents an increase of approximately 929% compared to the average daily volume of 4,160 put options.

CNX Resources Stock Down 11.3 %

NYSE:CNX traded down $4.20 during mid-day trading on Friday, hitting $33.12. The company had a trading volume of 11,314,859 shares, compared to its average volume of 6,201,530. The business has a fifty day simple moving average of $37.55 and a 200-day simple moving average of $31.49. The firm has a market capitalization of $4.94 billion, a price-to-earnings ratio of 10.42, a PEG ratio of 1.85 and a beta of 1.42. CNX Resources has a 1 year low of $19.07 and a 1 year high of $41.93. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.09. The company had revenue of $424.21 million for the quarter, compared to analyst estimates of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same quarter last year, the firm posted $0.35 earnings per share. Equities analysts forecast that CNX Resources will post 1.54 earnings per share for the current fiscal year.

Institutional Trading of CNX Resources

Several institutional investors and hedge funds have recently bought and sold shares of the company. Natixis Advisors LLC raised its position in shares of CNX Resources by 9.1% during the 2nd quarter. Natixis Advisors LLC now owns 40,403 shares of the oil and gas producer's stock worth $982,000 after buying an additional 3,366 shares in the last quarter. Legacy Capital Wealth Partners LLC acquired a new stake in shares of CNX Resources in the second quarter valued at $205,000. Paralel Advisors LLC bought a new position in CNX Resources during the second quarter valued at about $2,338,000. LSV Asset Management boosted its stake in CNX Resources by 1.4% during the second quarter. LSV Asset Management now owns 1,780,921 shares of the oil and gas producer's stock valued at $43,276,000 after buying an additional 23,800 shares in the last quarter. Finally, Choreo LLC acquired a new position in shares of CNX Resources in the 2nd quarter worth approximately $701,000. Institutional investors and hedge funds own 95.16% of the company's stock.

Wall Street Analysts Forecast Growth

CNX has been the subject of several recent analyst reports. Stephens raised their price objective on shares of CNX Resources from $26.00 to $35.00 and gave the company an "equal weight" rating in a research note on Friday, October 25th. Bank of America started coverage on CNX Resources in a research note on Monday, October 28th. They set an "underperform" rating and a $34.00 price objective on the stock. Tudor Pickering raised CNX Resources to a "strong sell" rating in a research note on Tuesday, October 1st. JPMorgan Chase & Co. lowered CNX Resources from a "neutral" rating to an "underweight" rating and raised their price target for the stock from $31.00 to $37.00 in a research note on Thursday, December 5th. Finally, Piper Sandler upped their price objective on shares of CNX Resources from $20.00 to $23.00 and gave the company an "underweight" rating in a research note on Friday, December 6th. Eight research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $30.50.

About CNX Resources

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.