CNX Resources (NYSE:CNX) Stock Price Crosses Above 200 Day Moving Average – Time to Sell?

CNX Resources Corporation. (NYSE:CNX)’s share price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $33.52 and traded as high as $36.18. CNX Resources shares last traded at $36.0470, with a volume of 1,200,142 shares.

Wall Street Analysts Forecast Growth

CNX has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CNX Resources in a research note on Monday, December 29th. Scotiabank boosted their price target on shares of CNX Resources from $36.00 to $40.00 and gave the company a “sector perform” rating in a report on Friday, November 21st. Barclays raised their price objective on CNX Resources from $32.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Friday, October 31st. Zacks Research upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. Finally, Morgan Stanley decreased their target price on CNX Resources from $32.00 to $31.00 and set an “underweight” rating for the company in a research note on Tuesday, October 14th. One analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, CNX Resources presently has a consensus rating of “Reduce” and a consensus price target of $34.70.

CNX Resources Stock Performance

The stock has a fifty day simple moving average of $37.53 and a 200-day simple moving average of $33.52. The stock has a market cap of $4.86 billion, a P/E ratio of 25.21, a PEG ratio of 0.32 and a beta of 0.63. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.31 and a current ratio of 0.34.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, October 30th. The oil and gas producer reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.09. The company had revenue of $423.00 million for the quarter, compared to analyst estimates of $408.80 million. CNX Resources had a return on equity of 9.10% and a net margin of 16.56%.CNX Resources’s revenue for the quarter was up 37.6% on a year-over-year basis. On average, equities analysts expect that CNX Resources Corporation. will post 2.18 earnings per share for the current year.

Institutional Trading of CNX Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. State of Wyoming bought a new position in CNX Resources in the second quarter valued at $29,000. Caitlin John LLC acquired a new position in shares of CNX Resources during the 3rd quarter worth about $31,000. Ameritas Advisory Services LLC bought a new position in shares of CNX Resources in the 2nd quarter valued at about $32,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of CNX Resources in the second quarter valued at about $46,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of CNX Resources by 393.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,925 shares of the oil and gas producer’s stock valued at $65,000 after acquiring an additional 1,535 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

CNX Resources Company Profile

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.