CNX Resources Target of Unusually Large Options Trading (NYSE:CNX)

CNX Resources Co. (NYSE:CNX) was the target of some unusual options trading activity on Friday. Stock investors bought 42,790 put options on the company. This is an increase of approximately 929% compared to the average volume of 4,160 put options.

Analyst Ratings Changes

CNX has been the topic of several recent research reports. Bank of America initiated coverage on CNX Resources in a research report on Monday, October 28th. They set an “underperform” rating and a $34.00 price target on the stock. Capital One Financial lowered shares of CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 target price on the stock. in a research note on Monday, October 14th. Mizuho lowered CNX Resources from a “neutral” rating to an “underperform” rating and boosted their price objective for the company from $33.00 to $38.00 in a report on Monday, December 16th. JPMorgan Chase & Co. downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and lifted their price objective for the stock from $31.00 to $37.00 in a report on Thursday, December 5th. Finally, BMO Capital Markets boosted their price objective on CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, October 4th. Eight equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $30.50.

CNX Resources Price Performance

NYSE CNX traded down $3.64 on Friday, reaching $33.68. The company’s stock had a trading volume of 8,604,677 shares, compared to its average volume of 4,710,046. The firm’s 50 day moving average is $37.62 and its two-hundred day moving average is $31.43. The stock has a market cap of $5.03 billion, a PE ratio of 10.59, a PEG ratio of 1.85 and a beta of 1.43. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.37. CNX Resources has a twelve month low of $19.07 and a twelve month high of $41.93.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.09. The company had revenue of $424.21 million for the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same quarter in the prior year, the company earned $0.35 earnings per share. As a group, sell-side analysts predict that CNX Resources will post 1.54 EPS for the current year.

Hedge Funds Weigh In On CNX Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. grew its holdings in shares of CNX Resources by 135.4% during the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock valued at $64,000 after buying an additional 1,131 shares in the last quarter. CWM LLC increased its holdings in shares of CNX Resources by 77.0% in the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after purchasing an additional 935 shares during the period. GAMMA Investing LLC lifted its position in shares of CNX Resources by 62.1% in the third quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock worth $100,000 after purchasing an additional 1,177 shares in the last quarter. Atomi Financial Group Inc. purchased a new position in CNX Resources during the third quarter valued at approximately $202,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in CNX Resources in the 3rd quarter valued at approximately $205,000. Institutional investors and hedge funds 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.