CNX Resources (NYSE:CNX) Shares Gap Up to $7.28

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CNX Resources Corp (NYSE:CNX) gapped up prior to trading on Friday . The stock had previously closed at $7.41, but opened at $7.28. CNX Resources shares last traded at $7.12, with a volume of 69119 shares.

CNX has been the topic of several research analyst reports. TheStreet cut CNX Resources from a “b-” rating to a “c+” rating in a report on Wednesday, March 6th. Zacks Investment Research upgraded CNX Resources from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Tuesday, April 23rd. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $14.20.

The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 4.65 and a beta of 0.79. The company has a quick ratio of 0.59, a current ratio of 0.62 and a debt-to-equity ratio of 0.49.

CNX Resources (NYSE:CNX) last issued its earnings results on Tuesday, April 30th. The oil and gas producer reported $0.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.07). The company had revenue of $278.40 million for the quarter, compared to analyst estimates of $408.29 million. CNX Resources had a return on equity of 5.66% and a net margin of 12.00%. The company’s revenue for the quarter was down 43.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.19 earnings per share. Research analysts forecast that CNX Resources Corp will post 0.67 EPS for the current year.

In related news, Director Bernard Lanigan, Jr. bought 35,400 shares of the stock in a transaction dated Wednesday, June 12th. The shares were acquired at an average cost of $7.06 per share, for a total transaction of $249,924.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director J. Palmer Clarkson bought 10,000 shares of the stock in a transaction dated Monday, June 10th. The shares were bought at an average price of $7.50 per share, for a total transaction of $75,000.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 243,400 shares of company stock worth $1,821,804. Insiders own 2.40% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Millennium Management LLC raised its position in shares of CNX Resources by 25.6% during the 4th quarter. Millennium Management LLC now owns 4,314,333 shares of the oil and gas producer’s stock valued at $49,270,000 after buying an additional 878,654 shares during the period. Norges Bank purchased a new stake in shares of CNX Resources during the 4th quarter valued at approximately $41,498,000. Prudential Financial Inc. raised its position in shares of CNX Resources by 4.9% during the 4th quarter. Prudential Financial Inc. now owns 2,300,835 shares of the oil and gas producer’s stock valued at $26,275,000 after buying an additional 107,412 shares during the period. SG Americas Securities LLC raised its position in shares of CNX Resources by 11.0% during the 4th quarter. SG Americas Securities LLC now owns 31,557 shares of the oil and gas producer’s stock valued at $360,000 after buying an additional 3,131 shares during the period. Finally, Tibra Equities Europe Ltd purchased a new stake in shares of CNX Resources during the 4th quarter valued at approximately $313,000. Institutional investors and hedge funds own 95.93% of the company’s stock.

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CNX Resources Company Profile (NYSE:CNX)

CNX Resources Corporation, an independent oil and gas company, explores for, develops, and produces natural gas primarily in the Appalachian Basin. The company operates through two divisions, Exploration and Production (E&P), and Midstream. The E&P division produces pipeline quality natural gas primarily to gas wholesalers.

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