Short Interest in CNX Resources Co. (NYSE:CNX) Rises By 7.8%

CNX Resources Co. (NYSE:CNXGet Rating) was the recipient of a significant increase in short interest in the month of December. As of December 30th, there was short interest totalling 29,050,000 shares, an increase of 7.8% from the December 15th total of 26,950,000 shares. Approximately 16.4% of the company’s shares are short sold. Based on an average daily volume of 2,990,000 shares, the days-to-cover ratio is currently 9.7 days.

CNX Resources Stock Performance

Shares of CNX stock opened at $16.54 on Monday. The company’s fifty day simple moving average is $16.86 and its 200-day simple moving average is $17.05. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.97. The firm has a market cap of $2.99 billion, a PE ratio of -4.30, a P/E/G ratio of 0.30 and a beta of 1.25. CNX Resources has a 12 month low of $14.11 and a 12 month high of $24.21.

CNX Resources (NYSE:CNXGet Rating) last announced its quarterly earnings data on Thursday, October 27th. The oil and gas producer reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of $0.72 by ($1.26). The business had revenue of $476.00 million during the quarter, compared to the consensus estimate of $549.08 million. CNX Resources had a positive return on equity of 9.68% and a negative net margin of 29.81%. Equities research analysts expect that CNX Resources will post 1.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CNX shares. Truist Financial decreased their price objective on shares of CNX Resources from $20.00 to $18.00 and set a “hold” rating for the company in a report on Friday, October 28th. Piper Sandler reduced their price target on shares of CNX Resources to $19.00 in a report on Friday, November 4th. StockNews.com began coverage on shares of CNX Resources in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Mizuho began coverage on shares of CNX Resources in a report on Monday, January 9th. They issued an “underperform” rating and a $19.00 price target for the company. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat, CNX Resources presently has an average rating of “Hold” and an average price target of $21.86.

Institutional Trading of CNX Resources

A number of institutional investors have recently made changes to their positions in CNX. Los Angeles Capital Management LLC raised its position in CNX Resources by 34.7% during the second quarter. Los Angeles Capital Management LLC now owns 38,010 shares of the oil and gas producer’s stock worth $626,000 after acquiring an additional 9,793 shares in the last quarter. Capital Management Corp VA raised its position in CNX Resources by 26.4% during the third quarter. Capital Management Corp VA now owns 497,857 shares of the oil and gas producer’s stock worth $7,732,000 after acquiring an additional 103,917 shares in the last quarter. Comerica Bank raised its position in CNX Resources by 199.4% during the second quarter. Comerica Bank now owns 292,058 shares of the oil and gas producer’s stock worth $5,242,000 after acquiring an additional 194,526 shares in the last quarter. Spirit of America Management Corp NY raised its position in CNX Resources by 160.0% during the second quarter. Spirit of America Management Corp NY now owns 13,000 shares of the oil and gas producer’s stock worth $214,000 after acquiring an additional 8,000 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in CNX Resources during the second quarter worth $886,000. Institutional investors own 93.66% of the company’s stock.

About CNX Resources

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CNX Resources Corporation, an independent natural gas and midstream company, acquires, explores for, develops, and produces natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane. It produces and sells pipeline quality natural gas primarily for gas wholesalers.

Further Reading

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