CNX Resources (NYSE:CNX) Stock Price Down 3.5% - Here's What Happened

Shares of CNX Resources Corporation. (NYSE:CNX - Get Free Report) were down 3.5% during trading on Monday . The stock traded as low as $33.08 and last traded at $32.98. Approximately 183,241 shares were traded during trading, a decline of 93% from the average daily volume of 2,583,473 shares. The stock had previously closed at $34.19.

Analysts Set New Price Targets

Several analysts have issued reports on CNX shares. Bank of America cut their price objective on CNX Resources from $32.00 to $27.00 and set an "underperform" rating on the stock in a report on Tuesday, April 1st. Cowen reaffirmed a "hold" rating on shares of CNX Resources in a research report on Friday, April 25th. Scotiabank reiterated a "sector perform" rating and issued a $35.00 price objective (up from $33.00) on shares of CNX Resources in a report on Friday, July 11th. Mizuho lifted their price target on shares of CNX Resources from $35.00 to $36.00 and gave the company an "underperform" rating in a research report on Tuesday, May 13th. Finally, Morgan Stanley reaffirmed an "underweight" rating and issued a $31.00 target price on shares of CNX Resources in a report on Tuesday, April 15th. Eight analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $31.85.

CNX Resources Stock Performance

The stock has a fifty day simple moving average of $32.78 and a 200-day simple moving average of $31.04. The stock has a market cap of $4.65 billion, a P/E ratio of -15.60, a PEG ratio of 0.33 and a beta of 0.66. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.25 and a current ratio of 0.27.

Insider Buying and Selling at CNX Resources

In other news, Director J. Palmer Clarkson bought 10,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were acquired at an average price of $31.20 per share, with a total value of $312,000.00. Following the transaction, the director owned 245,433 shares in the company, valued at $7,657,509.60. This represents a 4.25% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CNX Resources

A number of large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of CNX Resources in the first quarter valued at approximately $718,000. Principal Financial Group Inc. lifted its position in CNX Resources by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 472,300 shares of the oil and gas producer's stock worth $14,868,000 after buying an additional 7,440 shares in the last quarter. Bridges Investment Management Inc. boosted its stake in shares of CNX Resources by 111.3% during the 1st quarter. Bridges Investment Management Inc. now owns 44,673 shares of the oil and gas producer's stock worth $1,406,000 after buying an additional 23,531 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of CNX Resources by 21.0% during the 1st quarter. Farther Finance Advisors LLC now owns 2,931 shares of the oil and gas producer's stock worth $93,000 after buying an additional 508 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of CNX Resources by 25.0% in the 1st quarter. KBC Group NV now owns 7,768 shares of the oil and gas producer's stock valued at $245,000 after acquiring an additional 1,552 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

About CNX Resources

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.