CNX Resources (NYSE:CNX) Stock Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• CNX Resources moved above its 200-day moving average of $36.38 on Thursday, reaching an intraday high of $36.85 before last trading at $36.4050.
• Analyst views remain cautious: the consensus rating is “Reduce,” with an average price target of $34.88. Of 12 analysts, one rates the stock Buy, eight Hold, and three Sell.
• Institutional investors and hedge funds own 95.16% of the shares; several large investors, including BlackRock and Bank of America, recently established or expanded positions.

CNX Resources Corporation. (NYSE:CNX - Get Free Report)'s stock price passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $36.38 and traded as high as $36.85. CNX Resources shares last traded at $36.4050, with a volume of 1,560,827 shares trading hands.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Scotiabank began coverage on CNX Resources in a research note on Wednesday, October 14th. They issued a "sector perform" rating and a $34.00 price objective on the stock. Weiss Ratings raised shares of CNX Resources from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday. Benchmark restated a "hold" rating on shares of CNX Resources in a research note on Thursday, October 29th. Morgan Stanley lifted their price target on shares of CNX Resources from $32.00 to $34.00 and gave the company an "underweight" rating in a report on Thursday, October 15th. Finally, Truist Financial lifted their price target on shares of CNX Resources from $34.00 to $39.00 and gave the company a "hold" rating in a report on Thursday, October 29th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, CNX Resources currently has a consensus rating of "Reduce" and an average price target of $34.88.

CNX Resources Price Performance

The company has a current ratio of 1.08, a quick ratio of 1.02 and a debt-to-equity ratio of 0.48. The business's 50-day simple moving average is $35.00 and its two-hundred day simple moving average is $36.38. The firm has a market cap of $5.20 billion, a price-to-earnings ratio of 6.17 and a beta of 0.61.

Institutional Trading of CNX Resources

Large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in CNX Resources in the second quarter valued at approximately $650,689,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of CNX Resources by 6,057.8% during the first 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 in the last quarter. Bank of America Corp DE acquired a new position in shares of CNX Resources during the second quarter worth approximately $87,949,000. Bank of New York Mellon Corp acquired a new position in shares of CNX Resources during the second quarter worth approximately $41,432,000. Finally, Wellington Management Group LLP raised its position in shares of CNX Resources by 192.4% during the second quarter. Wellington Management Group LLP now owns 924,662 shares of the oil and gas producer's stock worth $31,374,000 after purchasing an additional 608,386 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

CNX Resources Company Profile

CNX Resources Corporation is an independent natural gas company headquartered in Canonsburg, Pennsylvania. It explores for, develops and produces natural gas, primarily from shale formations in the Appalachian Basin, including the Marcellus and Utica. The company's operations are concentrated in Pennsylvania, West Virginia and Ohio. Its natural gas is supplied to markets that serve residential, commercial and industrial customers, as well as electric power generation. CNX traces its roots to the coal industry and the Consolidation Coal Company, founded in the 19th century.

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