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

CNX Resources Corporation. (NYSE:CNX) shares passed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred 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 changing hands.

Analyst Upgrades and Downgrades

CNX has been the subject of several recent research reports. Benchmark reaffirmed a “hold” rating on shares of CNX Resources in a research report on Thursday, October 29th. Mizuho dropped their target price on CNX Resources from $42.00 to $38.00 and set a “neutral” rating on the stock in a research report on Thursday, October 15th. Truist Financial boosted their target price on CNX Resources from $34.00 to $39.00 and gave the company a “hold” rating in a research note on Thursday, October 29th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of CNX Resources in a research report on Monday, October 26th. Finally, Scotiabank initiated coverage on shares of CNX Resources in a research note on Wednesday, October 14th. They set a “sector perform” rating and a $34.00 price target for the company. Nine equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $34.88.

CNX Resources Stock Performance

The firm 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 fifty day moving average is $35.08 and its two-hundred day moving average is $36.40. The company has a quick ratio of 1.02, a current ratio of 1.08 and a debt-to-equity ratio of 0.48.

Institutional Investors Weigh In On CNX Resources

A number of large investors have recently added to or reduced their stakes in the business. Root Financial Partners LLC bought a new stake in shares of CNX Resources during the third quarter worth approximately $26,000. Caitlin John LLC bought a new position in CNX Resources in the second quarter valued at about $33,000. Heritage Family Offices LLP bought a new stake in shares of CNX Resources in the third quarter worth $52,000. Integrated Wealth Concepts LLC bought a new position in CNX Resources during the 2nd quarter worth approximately $61,000. Finally, IFP Advisors Inc lifted its stake in shares of CNX Resources by 604.0% in the 2nd quarter. IFP Advisors Inc now owns 2,619 shares of the oil and gas producer’s stock valued at $89,000 after purchasing an additional 2,247 shares during the period. Institutional investors own 95.16% of the company’s stock.

CNX Resources Company Profile

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.