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

CNX Resources Co. (NYSE:CNX - Get Free Report) was the recipient of some unusual options trading on Tuesday. Stock traders purchased 20,923 put options on the company. This represents an increase of approximately 2,199% compared to the average volume of 910 put options.

CNX Resources Stock Down 2.8 %

CNX stock traded down $0.97 during midday trading on Tuesday, reaching $34.08. 3,260,412 shares of the company's stock traded hands, compared to its average volume of 2,723,308. The company has a quick ratio of 0.40, a current ratio of 0.41 and a debt-to-equity ratio of 0.46. The firm's fifty day moving average price is $29.14 and its 200-day moving average price is $26.26. The company has a market cap of $5.22 billion, a price-to-earnings ratio of 6.35 and a beta of 1.38. CNX Resources has a 52 week low of $19.07 and a 52 week high of $36.96.

CNX Resources (NYSE:CNX - Get Free Report) last released its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.09. The business had revenue of $321.44 million for the quarter, compared to analysts' expectations of $387.46 million. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. During the same period in the previous year, the company earned $0.29 earnings per share. As a group, sell-side analysts forecast that CNX Resources will post 1.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. StockNews.com lowered shares of CNX Resources from a "hold" rating to a "sell" rating in a report on Saturday, August 3rd. Truist Financial upped their price target on CNX Resources from $31.00 to $38.00 and gave the company a "buy" rating in a research report on Monday, September 30th. Tudor Pickering upgraded CNX Resources to a "strong sell" rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. upped their target price on CNX Resources from $26.00 to $27.00 and gave the company a "neutral" rating in a report on Thursday, September 12th. Finally, Piper Sandler downgraded shares of CNX Resources from a "neutral" rating to an "underweight" rating and decreased their target price for the company from $22.00 to $20.00 in a research report on Thursday, August 15th. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, CNX Resources has an average rating of "Hold" and a consensus target price of $27.10.

Insider Buying and Selling at CNX Resources

In other news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the company's stock in a transaction dated Monday, September 9th. The stock was bought at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the purchase, the director now owns 401,820 shares of the company's stock, valued at approximately $10,772,794.20. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.10% of the company's stock.

Hedge Funds Weigh In On CNX Resources

Several institutional investors have recently added to or reduced their stakes in CNX. Pullen Investment Management LLC grew its position in shares of CNX Resources by 2.3% during the 2nd quarter. Pullen Investment Management LLC now owns 27,399 shares of the oil and gas producer's stock valued at $666,000 after acquiring an additional 623 shares during the period. GAMMA Investing LLC boosted its position in shares of CNX Resources by 54.1% in the second quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer's stock valued at $46,000 after acquiring an additional 666 shares during the period. CWM LLC grew its stake in CNX Resources by 77.0% during the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer's stock valued at $70,000 after acquiring an additional 935 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in CNX Resources by 3.3% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 29,307 shares of the oil and gas producer's stock worth $712,000 after acquiring an additional 941 shares during the period. Finally, Congress Asset Management Co. MA lifted its stake in CNX Resources by 0.4% in the 4th quarter. Congress Asset Management Co. MA now owns 265,558 shares of the oil and gas producer's stock worth $5,311,000 after purchasing an additional 945 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.