Insider Buying: CNX Resources Co. (NYSE:CNX) Director Buys 45,805 Shares of Stock

CNX Resources Co. (NYSE:CNX) Director Bernard Lanigan, Jr. bought 45,805 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The shares were acquired at an average price of $21.83 per share, with a total value of $999,923.15. Following the purchase, the director now owns 251,820 shares in the company, valued at $5,497,230.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

CNX Resources Price Performance

Shares of CNX Resources stock traded up $0.06 during midday trading on Tuesday, hitting $21.87. 1,633,055 shares of the company were exchanged, compared to its average volume of 3,014,547. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.58 and a quick ratio of 0.54. The firm has a market cap of $3.53 billion, a P/E ratio of 2.31, a PEG ratio of 2.44 and a beta of 1.36. CNX Resources Co. has a 52 week low of $14.36 and a 52 week high of $22.97. The firm has a 50 day simple moving average of $20.83 and a 200-day simple moving average of $17.78.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, July 27th. The oil and gas producer reported $0.29 EPS for the quarter, topping the consensus estimate of $0.24 by $0.05. The business had revenue of $839.70 million during the quarter, compared to the consensus estimate of $386.68 million. CNX Resources had a return on equity of 12.98% and a net margin of 49.95%. CNX Resources’s revenue was up 99.7% on a year-over-year basis. During the same quarter last year, the company earned $0.61 EPS. Research analysts forecast that CNX Resources Co. will post 1.6 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CNX shares. Piper Sandler increased their target price on CNX Resources from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Monday, August 14th. Truist Financial increased their target price on CNX Resources from $19.00 to $21.00 and gave the company a “hold” rating in a research note on Monday, September 11th. StockNews.com started coverage on CNX Resources in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Scotiabank downgraded CNX Resources from a “sector perform” rating to a “sector underperform” rating in a research report on Wednesday, September 13th. Finally, Mizuho raised their price objective on CNX Resources from $22.00 to $24.00 and gave the stock an “underperform” rating in a research report on Monday. Three equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $20.80.

Institutional Investors Weigh In On CNX Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Miller Wealth Advisors LLC increased its holdings in CNX Resources by 717.7% during the 1st quarter. Miller Wealth Advisors LLC now owns 1,063 shares of the oil and gas producer’s stock valued at $130,000 after purchasing an additional 933 shares in the last quarter. Spire Wealth Management increased its stake in shares of CNX Resources by 79.6% in the 2nd quarter. Spire Wealth Management now owns 1,390 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 616 shares during the period. Quadrant Capital Group LLC increased its stake in shares of CNX Resources by 87.9% in the 4th quarter. Quadrant Capital Group LLC now owns 1,599 shares of the oil and gas producer’s stock valued at $27,000 after buying an additional 748 shares during the period. Ameritas Advisory Services LLC acquired a new stake in shares of CNX Resources in the 1st quarter valued at $53,000. Finally, Ronald Blue Trust Inc. increased its stake in shares of CNX Resources by 66.0% in the 1st quarter. Ronald Blue Trust Inc. now owns 4,238 shares of the oil and gas producer’s stock valued at $71,000 after buying an additional 1,685 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

About CNX Resources

CNX Resources Corporation, an independent natural gas and midstream company, acquires, explores for, develops, and produces 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.