The stock of CNX Resources Corporation (NYSE:CNX) is now priced at $9.22 and the shares are 0.44 points up or 5.01% higher compared to its previous closing price of $8.78. The stock had 8.296 million contracts set over the past session. CNX shares’ daily volume is compared to its average trading volume at 4.655 million shares. However, it has a float of 183 million and although its performance was 3.25% over the week, it’s one to watch. Analysts have given the CNX stock a yearly average price target of $12.44 per share. It means the stock’s upside potential is 34.92% with the CNX share price recently placing at $8.66 to $9.67. However, some brokerage firms have priced the stock below the average, including one that has called $10.
The shorts are running away from the CNX Resources Corporation stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the CNX shares have declined. Short interest in the stock represents just 11.3% of its float, but the volume has dropped by 0.
In the last trading session, CNX Resources Corporation (NYSE:CNX) raised by $0.29 over the week and gained $0.65 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $14.19. The stock recorded its established 52-week high on 04/21/20.
Since 03/09/20, the stock has traded to a low of $4.26 at 116.43%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.59. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, CNX Resources Corporation’s two-week RSI is 51.92. This suggests that the stock is neutral at the moment and that CNX shares’ price movement remains stable. The stochastic readings are equally revealing at 64% meaning the CNX share price is currently in neutral territory.
The technical chart shows that the CNX stock will likely settle at between $9.71 and $10.19 per share. However, if the stock dips below $8.7, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $8.17.
Currently, the stock is trading in the green of MACD, with a reading of 0.24. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at MKM Partners raised their recommendation for CNX from Neutral to Buy in July 09 review while maintain their target price of $12. Piper Sandler analysts see the stock as a Neutral with a target price of $9 in a flash note released to investors on July 09 initiating covering the stock. Wells Fargo analysts see the stock as Overweight when the analysts initiated the share price coverage on June 25, placing it at $15.
The average rating for the CNX equity is 2.44 and is currently gathering a bullish momentum. Of 9 analysts tracking CNX Resources Corporation polled by Reuters, 4 rated CNX as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the CNX stock price is 15.52X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for CNX Resources Corporation (NYSE:CNX) will decrease by about -99.9%, which will see them reach $323.12 million. The company’s full-year revenues are, however, expected to diminish by about -26.56%, down from $1920 million to $1410 million. CNX’s expected adjusted earnings should drop almost -100% to end up at $0 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 10% to record $0.66/share.