CNX Resources Co. (NYSE:CNX) Sees Significant Growth in Short Interest

CNX Resources Co. (NYSE:CNX) saw a significant increase in short interest in June. As of June 15th, there was short interest totalling 29,170,000 shares, an increase of 7.2% from the May 31st total of 27,220,000 shares. Approximately 19.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,570,000 shares, the days-to-cover ratio is presently 11.4 days.

Wall Street Analysts Forecast Growth

CNX has been the topic of several research reports. Scotiabank upped their price target on shares of CNX Resources from $20.00 to $25.00 and gave the stock a “sector underperform” rating in a research report on Thursday, April 11th. Piper Sandler raised their price target on shares of CNX Resources from $18.00 to $22.00 and gave the company a “neutral” rating in a report on Friday, April 19th. Mizuho upped their price objective on CNX Resources from $25.00 to $29.00 and gave the stock a “neutral” rating in a report on Monday, May 13th. Truist Financial lifted their target price on CNX Resources from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Finally, Roth Mkm upped their price target on CNX Resources from $18.00 to $22.00 and gave the company a “neutral” rating in a research note on Tuesday, April 2nd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $25.00.

CNX Resources Stock Performance

Shares of CNX stock opened at $24.81 on Thursday. The stock has a market cap of $3.80 billion, a PE ratio of 4.49 and a beta of 1.37. The stock has a 50-day moving average of $24.52 and a 200-day moving average of $22.46. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.53 and a quick ratio of 0.51. CNX Resources has a one year low of $17.27 and a one year high of $26.57.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, April 25th. The oil and gas producer reported $0.45 EPS for the quarter, beating the consensus estimate of $0.36 by $0.09. CNX Resources had a net margin of 40.44% and a return on equity of 7.68%. The firm had revenue of $381.00 million during the quarter, compared to the consensus estimate of $420.13 million. As a group, sell-side analysts expect that CNX Resources will post 1.32 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Neo Ivy Capital Management acquired a new stake in shares of CNX Resources during the third quarter worth about $26,000. GAMMA Investing LLC raised its holdings in CNX Resources by 54.1% during the 2nd quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock worth $46,000 after buying an additional 666 shares during the period. Hexagon Capital Partners LLC lifted its stake in CNX Resources by 113.4% in the first quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock valued at $51,000 after buying an additional 1,136 shares in the last quarter. First Eagle Investment Management LLC acquired a new position in shares of CNX Resources in the fourth quarter valued at approximately $55,000. Finally, Natixis bought a new stake in shares of CNX Resources during the first quarter worth $79,000. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Company Profile

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.