CNX Resources (NYSE:CNX) Stock Price Crosses Below 200-Day Moving Average – Here’s What Happened

Shares of CNX Resources Corporation. (NYSE:CNX) crossed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $36.40 and traded as low as $35.14. CNX Resources shares last traded at $35.8760, with a volume of 1,970,557 shares traded.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of CNX Resources in a report on Monday, October 26th. Benchmark reaffirmed a “hold” rating on shares of CNX Resources in a research report on Thursday, October 29th. Mizuho decreased their price target on shares of CNX Resources from $42.00 to $38.00 and set a “neutral” rating on the stock in a research note on Thursday, October 15th. Morgan Stanley upped their price objective on CNX Resources from $32.00 to $34.00 and gave the company an “underweight” rating in a research note on Thursday, October 15th. Finally, Truist Financial increased their target price on CNX Resources from $34.00 to $39.00 and gave the stock a “hold” rating in a report on Thursday, October 29th. Nine equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $34.88.

CNX Resources Stock Performance

The company has a quick ratio of 1.02, a current ratio of 1.08 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $5.13 billion, a price-to-earnings ratio of 6.08 and a beta of 0.61. The stock’s 50-day simple moving average is $35.08 and its 200 day simple moving average is $36.40.

Institutional Investors Weigh In On CNX Resources

Large investors have recently bought and sold shares of the business. Allworth Financial LP raised its position in shares of CNX Resources by 5.5% in the 2nd quarter. Allworth Financial LP now owns 6,144 shares of the oil and gas producer’s stock valued at $208,000 after acquiring an additional 323 shares during the period. Signaturefd LLC increased its stake in CNX Resources by 6.5% in the third quarter. Signaturefd LLC now owns 6,426 shares of the oil and gas producer’s stock valued at $200,000 after purchasing an additional 390 shares in the last quarter. Choreo LLC increased its stake in CNX Resources by 2.9% in the third quarter. Choreo LLC now owns 15,253 shares of the oil and gas producer’s stock valued at $475,000 after purchasing an additional 424 shares in the last quarter. Pullen Investment Management LLC raised its stake in CNX Resources by 0.6% during the 3rd quarter. Pullen Investment Management LLC now owns 69,350 shares of the oil and gas producer’s stock worth $2,162,000 after buying an additional 428 shares during the period. Finally, QRG Capital Management Inc. lifted its holdings in shares of CNX Resources by 2.3% during the 2nd quarter. QRG Capital Management Inc. now owns 19,987 shares of the oil and gas producer’s stock valued at $678,000 after purchasing an additional 440 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

About CNX Resources

CNX Resources Corporation (NYSE:CNX) is an independent natural gas exploration and production company focused on the Appalachian Basin. The company develops and produces natural gas from unconventional shale formations, with its operations concentrated in the Marcellus and Utica shale areas.

CNX’s activities include leasing, drilling, completing and operating natural gas wells, as well as managing related gathering and infrastructure arrangements used to transport production to market.