CNX Resources Corp (NYSE:CNX) shares were up 0% during mid-day trading on Tuesday . The stock traded as high as $16.06 and last traded at $15.92. Approximately 12,490,000 shares traded hands during mid-day trading, an increase of 199% from the average daily volume of 4,180,000 shares. The stock had previously closed at $15.92.
Several research analysts have recently issued reports on CNX shares. B. Riley started coverage on CNX Resources in a research note on Tuesday, November 21st. They issued a “buy” rating and a $32.00 price objective for the company. Robert W. Baird increased their target price on shares of CNX Resources from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, January 29th. Scotiabank set a $21.00 target price on shares of CNX Resources and gave the company a “hold” rating in a research report on Monday, November 13th. Zacks Investment Research downgraded shares of CNX Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, November 8th. Finally, SunTrust Banks raised shares of CNX Resources from a “hold” rating to a “buy” rating in a research report on Thursday, December 7th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $23.00.
The company has a market capitalization of $3,560.00, a PE ratio of 12.44 and a beta of 1.49. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.91 and a current ratio of 1.93.
CNX Resources announced that its Board of Directors has approved a stock repurchase program on Tuesday, October 31st that authorizes the company to buyback $369.00 million in shares. This buyback authorization authorizes the oil and gas producer to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
Hedge funds have recently made changes to their positions in the company. Strategic Global Advisors LLC acquired a new stake in shares of CNX Resources during the 3rd quarter worth approximately $172,000. TNB Financial acquired a new stake in shares of CNX Resources during the 4th quarter worth approximately $176,000. Virtu KCG Holdings LLC acquired a new stake in shares of CNX Resources during the 2nd quarter worth approximately $179,000. Emerald Advisers Inc. PA acquired a new stake in shares of CNX Resources during the 3rd quarter worth approximately $192,000. Finally, State of Alaska Department of Revenue acquired a new stake in shares of CNX Resources during the 4th quarter worth approximately $197,000. 96.83% of the stock is owned by institutional investors.
About CNX Resources
CNX Resources Corp., formerly CONSOL Energy Inc, is an integrated energy company. The Company’s divisions include Exploration and Production (E&P), Pennsylvania (PA) Mining Operations and Other. The E&P division operates through four segments: Marcellus Shale, Utica Shale, Coalbed Methane (CBM) and Other Gas, which produce pipeline quality natural gas for sale primarily to gas wholesalers.
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