CNX Resources Corp (NYSE:CNX) shares rose 7.5% during trading on Friday . The company traded as high as $12.74 and last traded at $12.58. Approximately 8,403,588 shares changed hands during mid-day trading, an increase of 124% from the average daily volume of 3,747,603 shares. The stock had previously closed at $11.70.
CNX has been the topic of a number of recent analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and issued a $24.00 target price on shares of CNX Resources in a research report on Friday, October 13th. SunTrust Banks upgraded shares of CNX Resources from a “hold” rating to a “buy” rating in a research note on Thursday, December 7th. Seaport Global Securities began coverage on shares of CNX Resources in a research note on Thursday, November 30th. They set a “buy” rating and a $32.00 price target for the company. B. Riley began coverage on shares of CNX Resources in a research note on Tuesday, November 21st. They set a “buy” rating and a $32.00 price target for the company. Finally, Scotiabank set a $21.00 price target on shares of CNX Resources and gave the stock a “hold” rating in a research note on Monday, November 13th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $23.00.
The stock has a market capitalization of $2,647.06, a P/E ratio of 7.34 and a beta of 1.49. The company has a quick ratio of 0.86, a current ratio of 0.94 and a debt-to-equity ratio of 0.62.
CNX Resources announced that its board has approved a stock buyback program on Tuesday, October 31st that permits the company to repurchase $369.00 million in shares. This repurchase authorization permits the oil and gas producer to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
Several hedge funds have recently added to or reduced their stakes in CNX. Point72 Asset Management L.P. lifted its stake in shares of CNX Resources by 246.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,036,902 shares of the oil and gas producer’s stock worth $51,445,000 after acquiring an additional 2,161,302 shares during the period. Prudential Financial Inc. lifted its stake in shares of CNX Resources by 184.5% in the 3rd quarter. Prudential Financial Inc. now owns 2,943,572 shares of the oil and gas producer’s stock worth $49,864,000 after acquiring an additional 1,909,019 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of CNX Resources by 224.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,939,209 shares of the oil and gas producer’s stock worth $31,939,000 after acquiring an additional 1,341,595 shares during the period. ANTIPODES PARTNERS Ltd lifted its stake in shares of CNX Resources by 42.9% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 4,384,926 shares of the oil and gas producer’s stock worth $64,151,000 after acquiring an additional 1,316,915 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of CNX Resources by 13.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 10,802,888 shares of the oil and gas producer’s stock worth $182,996,000 after acquiring an additional 1,308,911 shares during the period. Institutional investors own 96.83% of the company’s stock.
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CNX Resources Company Profile
CNX Resources Corp., formerly CONSOL Energy Inc, is an integrated energy company. The Company’s divisions include Exploration and Production (E&P), Pennsylvania (PA) Mining Operations and Other. The E&P division operates through four segments: Marcellus Shale, Utica Shale, Coalbed Methane (CBM) and Other Gas, which produce pipeline quality natural gas for sale primarily to gas wholesalers.
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