CNX Resources Co. (NYSE:CNX) Short Interest Up 17.6% in July

CNX Resources Co. (NYSE:CNX) saw a significant growth in short interest in July. As of July 31st, there was short interest totalling 30,120,000 shares, a growth of 17.6% from the July 15th total of 25,610,000 shares. Based on an average trading volume of 2,740,000 shares, the short-interest ratio is currently 11.0 days. Currently, 20.9% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

CNX has been the topic of a number of research reports. Piper Sandler downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $22.00 to $20.00 in a report on Thursday. StockNews.com downgraded CNX Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 3rd. Truist Financial raised their price target on CNX Resources from $30.00 to $31.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Mizuho upped their price objective on CNX Resources from $25.00 to $29.00 and gave the stock a “neutral” rating in a report on Monday, May 13th. Finally, Stephens reiterated an “equal weight” rating and set a $27.00 target price on shares of CNX Resources in a research report on Monday, July 15th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $25.29.

Hedge Funds Weigh In On CNX Resources

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in CNX Resources by 54.1% in the 2nd 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 last quarter. Hexagon Capital Partners LLC lifted its position in shares of CNX Resources by 113.4% during the first quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 1,136 shares during the last quarter. First Eagle Investment Management LLC purchased a new stake in shares of CNX Resources during the fourth quarter valued at $55,000. Natixis bought a new position in shares of CNX Resources in the first quarter worth about $79,000. Finally, Innealta Capital LLC purchased a new position in CNX Resources in the 2nd quarter worth about $131,000. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Trading Up 0.5 %

CNX stock traded up $0.12 during midday trading on Friday, reaching $26.75. 1,293,146 shares of the company traded hands, compared to its average volume of 2,829,336. The firm has a market capitalization of $4.10 billion, a price-to-earnings ratio of 4.85 and a beta of 1.37. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.40 and a current ratio of 0.41. The business has a 50 day moving average of $25.30 and a 200-day moving average of $23.68. CNX Resources has a 52-week low of $19.07 and a 52-week high of $27.33.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.09. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. The company had revenue of $321.44 million during the quarter, compared to the consensus estimate of $387.46 million. During the same period last year, the company earned $0.29 earnings per share. As a group, sell-side analysts expect that CNX Resources will post 1.36 earnings per share for the current fiscal year.

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.