CNX Resources (NYSE:CNX) Reaches New 1-Year Low – What’s Next?

Shares of CNX Resources Corporation. (NYSE:CNX) hit a new 52-week low during mid-day trading on Tuesday. The company traded as low as $31.44 and last traded at $31.5310, with a volume of 415 shares changing hands. The stock had previously closed at $31.70.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CNX. Morgan Stanley dropped their price objective on CNX Resources from $34.00 to $32.00 and set an “underweight” rating on the stock in a report on Monday, June 29th. Truist Financial raised CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 target price for the company in a report on Wednesday, July 15th. Finally, Weiss Ratings cut CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 28th. Eight equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, CNX Resources presently has a consensus rating of “Reduce” and an average price target of $35.88.

CNX Resources Stock Down 1.0%

The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.46. The company has a market cap of $4.64 billion, a PE ratio of 5.25 and a beta of 0.61. The stock has a 50-day moving average of $35.27 and a 200-day moving average of $35.94.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.72. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The business had revenue of $618.48 million for the quarter, compared to the consensus estimate of $475.16 million. During the same period last year, the firm posted $2.43 earnings per share. CNX Resources’s quarterly revenue was down 35.7% on a year-over-year basis. Sell-side analysts predict that CNX Resources Corporation. will post 3.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in CNX Resources in the 2nd quarter worth $650,689,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of CNX Resources by 6,057.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer’s stock valued at $147,988,000 after acquiring an additional 3,776,511 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of CNX Resources in the 2nd quarter valued at about $87,949,000. Bank of New York Mellon Corp purchased a new stake in CNX Resources during the 2nd quarter valued at about $41,432,000. Finally, Capital Research Global Investors boosted its holdings in CNX Resources by 20.6% during the 4th quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer’s stock valued at $175,210,000 after acquiring an additional 815,039 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

About CNX Resources

CNX Resources Corporation (NYSE: CNX) is an independent natural gas exploration and production company focused on the Appalachian Basin. The company develops and produces natural gas, primarily from unconventional shale formations, with operations concentrated in the Marcellus and Utica shale regions.

CNX’s activities include acquiring, drilling, completing and operating natural gas wells, as well as managing related gathering and infrastructure assets used to transport production to market.