Handle With Care: CNX Resources Corporation (NYSE: CNX)

FIVE Stock
FIVE Stock

BlackRock Fund Advisors recently announced the acquisition of new stake in CNX Resources Corporation (NYSE:CNX). The institutional investor has increased its shareholding in the Energy company by 0.03% to 19.65 million shares with purchase of 6674.0 shares. This fresh investment now brings its stake to 10.48% valued currently at $189.62 million. In addition, Dimensional Fund Advisors LP raised its holdings by 0.24 million to 15.72 million shares.

With over 2.49 million CNX Resources Corporation (CNX) shares trading Tuesday and a closing price of $10.63 on the day, the dollar volume was approximately $26.43 million. The shares have shown a negative weekly performance of -8.04% and its price on 09/01/20 lost nearly -3.01%. Currently, there are 187.32M common shares owned by the public and among those 182.60M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for CNX have a consensus price objective of $13.13. The analysts have set the share’s price value over the next 12 months at a high of $15.00 and a low of $11.00 should the stock experience a downside. Incidentally, analysts’ outlook for the CNX Resources Corporation stock is 2.40 for the next 12 months. The average price target is 19.04% above its last price level and an upside to the estimated low will see the stock gain 3.36% over that period. But an upside of 29.13% will see the stock hit the forecast high price target while mean target price for the stock is $13.00.

Insiders at the company have transacted a total of 43 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 25 of these insider trades were purchases, accounting for 1,178,922 shares. Insider sales of the common stock occurred on 18 occasions, with total insider shares sold totaling 116,540 shares.

The top 3 mutual fund holders in CNX Resources Corporation are Longleaf Partners Small Cap Fund, Longleaf Partners Fund, and SPDR S&P Oil & Gas Exploration &. Longleaf Partners Small Cap Fund owns 12.75 million shares of the company’s stock, all valued at over $123.05 million. The company sold -4.99 million shares recently to bring their total holdings to about 6.80% of the shares outstanding. Longleaf Partners Fund sold -1.97 million shares to see its total holdings shrink to 7.59 million shares valued at over $73.29 million and representing 4.05% of the shares outstanding. SPDR S&P Oil & Gas Exploration & sold 13058.0 shares to bring its total holdings to over 5.54 million shares at a value of $53.5 million. SPDR S&P Oil & Gas Exploration & now owns shares totaling to 2.96% of the shares outstanding.

Shares of CNX Resources Corporation (NYSE: CNX) opened at $10.87, down -$0.09 from a prior closing price of $10.96. However, the script later closed the day at $10.63, down -3.01%. The company’s stock has a 5-day price change of -8.04% and 5.98% over the past three months. CNX shares are trading 20.11% year to date (YTD), with the 12-month market performance up to 33.04% higher. It has a 12-month low price of $4.26 and touched a high of $14.19 over the same period. Currently, 2.49 million shares have been traded, compared to an average intraday trading volume of 4.12 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -5.12%, 8.08%, and 23.33% respectively.

Institutional ownership of CNX Resources Corporation (NYSE: CNX) shares accounts for 97.70% of the company’s 187.32M shares outstanding. Mutual fund holders own 45.40%, while other institutional holders and individual stakeholders account for 51.71% and 1.62% respectively.

It has a market capitalization of $1.98B and a beta (3y monthly) value of 1.64. The earnings-per-share (ttm) stands at -$3.29. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.55% over the week and 5.36% over the month.

Analysts forecast that CNX Resources Corporation (CNX) will achieve an EPS of -$0.06 for the current quarter, $0.08 for the next quarter and $0.82 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.24 while analysts give the company a high EPS estimate of $0.05. Comparatively, EPS for the current quarter was $0 a year ago. Earnings per share for the fiscal year are expected to decrease by -111.40%, and 20.80% over the next financial year. EPS should grow at an annualized rate of 35.70% over the next five years, compared to -21.00% over the past 5-year period.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate CNX Resources Corporation (CNX) as a “Moderate Buy” at a consensus score of 2.40. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 4 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the CNX, a number of firms have released research notes about the stock. MKM Partners stated their Neutral rating for the stock in a research note on August 17, 2020, with the firm’s price target at $11. Piper Sandler coverage for the CNX Resources Corporation (CNX) stock in a research note released on August 12, 2020 offered a Overweight rating with a price target of $13. MKM Partners was of a view on July 09, 2020 that the stock is Buy, while Piper Sandler gave the stock Neutral rating on July 09, 2020, issuing a price target of $9. Wells Fargo on their part issued Overweight rating on June 25, 2020.


Please enter your comment!
Please enter your name here