CNX Resources (NYSE:CNX) Share Price Passes Above 200-Day Moving Average - What's Next?

Key Points

• CNX Resources' stock crossed above its 200-day moving average (200‑day MA $37.64), trading as high as $38.75 and last at about $38.50 on volume ~1.48M, an intraday gain of roughly 1.6%.
• Wall Street remains cautious despite the technical move: MarketBeat shows a consensus rating of "Reduce" with a $35.67 target, based on mixed analyst opinions (1 Strong Buy, 1 Buy, 6 Hold, 4 Sell).
• The company posted a strong quarterly beat (Q4 EPS $1.28 vs $0.34 est; revenue $610.5M, up 347% y/y), but notable insider selling has occurred and insiders now own about 5% of the stock.

CNX Resources Corporation. (NYSE:CNX - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $37.64 and traded as high as $38.75. CNX Resources shares last traded at $38.4970, with a volume of 1,478,529 shares trading hands.

Analyst Upgrades and Downgrades

CNX has been the topic of a number of recent analyst reports. Morgan Stanley reiterated an "underweight" rating on shares of CNX Resources in a research report on Friday, March 27th. Weiss Ratings raised CNX Resources from a "hold (c)" rating to a "buy (b)" rating in a research note on Wednesday, February 11th. Scotiabank reissued a "sector perform" rating and issued a $44.00 price objective on shares of CNX Resources in a research note on Wednesday, January 21st. Truist Financial initiated coverage on CNX Resources in a research note on Tuesday, March 24th. They issued a "sell" rating and a $35.00 price objective for the company. Finally, Piper Sandler set a $26.00 price objective on CNX Resources in a research note on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Reduce" and a consensus target price of $35.67.

CNX Resources Trading Up 1.6%

The company has a 50 day moving average of $40.01 and a 200 day moving average of $37.64. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.41 and a current ratio of 0.44. The stock has a market capitalization of $5.48 billion, a price-to-earnings ratio of 10.46, a P/E/G ratio of 0.28 and a beta of 0.65.

CNX Resources (NYSE:CNX - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The oil and gas producer reported $1.28 EPS for the quarter, beating the consensus estimate of $0.34 by $0.94. CNX Resources had a return on equity of 9.29% and a net margin of 28.28%.The firm had revenue of $610.48 million during the quarter, compared to the consensus estimate of $422.65 million. During the same period in the prior year, the company earned ($0.97) EPS. The firm's revenue was up 347.0% compared to the same quarter last year. On average, research analysts predict that CNX Resources Corporation. will post 2.7 EPS for the current fiscal year.

Insiders Place Their Bets

In other CNX Resources news, Director Maureen Lally-Green sold 23,631 shares of the firm's stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $39.52, for a total value of $933,897.12. Following the completion of the sale, the director directly owned 169,577 shares of the company's stock, valued at $6,701,683.04. This trade represents a 12.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bernard Lanigan, Jr. sold 46,119 shares of the firm's stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $40.60, for a total value of $1,872,431.40. Following the completion of the sale, the director directly owned 177,180 shares of the company's stock, valued at $7,193,508. This trade represents a 20.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.03% of the stock is owned by company insiders.

Institutional Trading of CNX Resources

A number of hedge funds and other institutional investors have recently modified their holdings of CNX. Capital Research Global Investors increased its holdings in shares of CNX Resources by 38.6% during the 3rd quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer's stock worth $126,874,000 after buying an additional 1,100,000 shares during the last quarter. Balyasny Asset Management L.P. raised its position in shares of CNX Resources by 601.8% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer's stock valued at $35,507,000 after buying an additional 947,931 shares during the period. Goldman Sachs Group Inc. raised its position in shares of CNX Resources by 45.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer's stock valued at $74,327,000 after buying an additional 633,539 shares during the period. AQR Capital Management LLC raised its position in shares of CNX Resources by 112.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer's stock valued at $33,932,000 after buying an additional 532,770 shares during the period. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of CNX Resources during the 4th quarter valued at approximately $16,792,000. 95.16% of the stock is owned by institutional investors and hedge funds.

CNX Resources Company Profile

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.

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