CNX Resources (NYSE:CNX) Share Price Crosses Above Two Hundred Day Moving Average - Should You Sell?

Key Points

• CNX Resources shares briefly moved above their 200-day moving average of $35.28, reaching $35.36 before trading near $34.86.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating, with eight Holds and three Sells and an average price target of $34.62.
• CNX beat quarterly earnings expectations with $1.32 in EPS versus $0.60 expected and $618.5 million in revenue, but revenue fell 35.7% year over year.

CNX Resources Corporation. (NYSE:CNX - Get Free Report)'s share price passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $35.28 and traded as high as $35.36. CNX Resources shares last traded at $34.8560, with a volume of 1,404,781 shares trading hands.

Analysts Set New Price Targets

CNX has been the subject of a number of recent analyst reports. Weiss Ratings downgraded CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 28th. Truist Financial raised CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 price objective for the company in a research report on Wednesday, July 15th. Scotiabank assumed coverage on CNX Resources in a report on Wednesday. They issued a "sector perform" rating and a $34.00 price objective on the stock. Finally, 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. Eight research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average price target of $34.62.

CNX Resources Stock Down 1.4%

The firm's 50-day moving average price is $34.89 and its two-hundred day moving average price is $35.28. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.72. The firm has a market cap of $5.16 billion, a PE ratio of 5.82 and a beta of 0.69.

CNX Resources (NYSE:CNX - Get Free Report) last posted its earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 EPS 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 firm 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 EPS. The company's revenue was down 35.7% on a year-over-year basis. As a group, equities research analysts expect that CNX Resources Corporation. will post 3.12 EPS for the current fiscal year.

Hedge Funds Weigh In On CNX Resources

Large investors have recently bought and sold shares of the stock. Allworth Financial LP increased its holdings in shares of CNX Resources by 5.5% in the 2nd quarter. Allworth Financial LP now owns 6,144 shares of the oil and gas producer's stock valued at $208,000 after acquiring an additional 323 shares during the period. QRG Capital Management Inc. boosted its stake in CNX Resources by 2.3% during the 2nd quarter. QRG Capital Management Inc. now owns 19,987 shares of the oil and gas producer's stock worth $678,000 after purchasing an additional 440 shares during the period. Farther Finance Advisors LLC boosted its stake in CNX Resources by 18.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,006 shares of the oil and gas producer's stock worth $94,000 after purchasing an additional 472 shares during the period. Petra Financial Advisors Inc. boosted its stake in CNX Resources by 1.1% during the 1st quarter. Petra Financial Advisors Inc. now owns 55,393 shares of the oil and gas producer's stock worth $2,135,000 after purchasing an additional 621 shares during the period. Finally, Brown Miller Wealth Management LLC grew its position in CNX Resources by 7.9% during the 1st quarter. Brown Miller Wealth Management LLC now owns 10,510 shares of the oil and gas producer's stock worth $405,000 after purchasing an additional 771 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

CNX Resources Company Profile

CNX Resources Corporation NYSE: CNX is an independent natural gas exploration and production company focused primarily on developing unconventional natural gas reserves in the Appalachian Basin. Its operations are concentrated in the Marcellus and Utica shale formations, where it uses horizontal drilling and hydraulic fracturing to produce pipeline-quality natural gas.

The company's activities include acquiring, developing and operating natural gas properties, as well as managing related gathering and infrastructure assets.

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