Stock Traders Buy Large Volume of Put Options on CNX Resources (NYSE:CNX)

CNX Resources Co. (NYSE:CNX) saw some unusual options trading on Friday. Stock traders acquired 42,790 put options on the stock. This is an increase of approximately 929% compared to the typical daily volume of 4,160 put options.

CNX Resources Stock Performance

Shares of CNX opened at $33.12 on Friday. The firm’s fifty day simple moving average is $37.55 and its two-hundred day simple moving average is $31.49. CNX Resources has a 12 month low of $19.07 and a 12 month high of $41.93. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $4.94 billion, a P/E ratio of 10.42, a price-to-earnings-growth ratio of 1.85 and a beta of 1.42.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, topping the consensus estimate of $0.32 by $0.09. The business had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same quarter last year, the firm posted $0.35 earnings per share. As a group, analysts predict that CNX Resources will post 1.54 EPS for the current year.

Analyst Upgrades and Downgrades

CNX has been the subject of a number of recent research reports. Piper Sandler upped their target price on CNX Resources from $20.00 to $23.00 and gave the stock an “underweight” rating in a report on Friday, December 6th. Stephens raised their price objective on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. JPMorgan Chase & Co. downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and lifted their target price for the stock from $31.00 to $37.00 in a research report on Thursday, December 5th. Capital One Financial downgraded shares of CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price target for the company. in a research note on Monday, October 14th. Finally, Bank of America started coverage on shares of CNX Resources in a research note on Monday, October 28th. They issued an “underperform” rating and a $34.00 price objective on the stock. Eight investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $30.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CNX. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of CNX Resources by 311.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock valued at $20,087,000 after purchasing an additional 466,694 shares during the period. American Century Companies Inc. raised its stake in CNX Resources by 12.0% during the 2nd quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after buying an additional 397,729 shares during the period. Renaissance Technologies LLC boosted its holdings in CNX Resources by 197.0% in the second quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock worth $11,324,000 after acquiring an additional 309,100 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in CNX Resources by 12.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock valued at $60,607,000 after acquiring an additional 202,890 shares during the period. Finally, Federated Hermes Inc. increased its holdings in shares of CNX Resources by 212.5% during the second quarter. Federated Hermes Inc. now owns 147,197 shares of the oil and gas producer’s stock valued at $3,577,000 after acquiring an additional 100,095 shares in the last quarter. 95.16% of the stock is 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.