The stock of CNX Resources Corporation (NYSE:CNX) is now priced at $10.63 and the shares are -0.33 points down or -3.01% lower compared to its previous closing price of $10.96. The stock had 2.447 million contracts set over the past session. CNX shares’ daily volume is compared to its average trading volume at 4.117 million shares. However, it has a float of 183 million and although its performance was -8.04% over the week, it’s one to watch. Analysts have given the CNX stock a yearly average price target of $13.13 per share. It means the stock’s upside potential is 23.52% with the CNX share price recently placing at $10.595 to $10.93. However, some brokerage firms have priced the stock below the average, including one that has called $11.
The shorts are running away from the CNX Resources Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CNX shares have declined. Short interest in the stock represents just 15.06% of its float, but the volume has dropped by 0.
In the last trading session, CNX Resources Corporation (NYSE:CNX) dropped by -$0.93 over the week and gained $0.34 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 149.53%, 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 1.64. 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 48.31. 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 20.59% meaning the CNX share price is currently in overbought territory.
The technical chart shows that the CNX stock will likely settle at between $10.84 and $11.05 per share. However, if the stock dips below $10.51, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.38.
Currently, the stock is trading in the red of MACD, with a reading of -0.18. 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 cut their recommendation for CNX from Buy to Neutral in August 17 review while maintai their target price of $11. Piper Sandler analysts upgraded their recommendation of the stock from Neutral to Overweight while keeping its target price at $13 in a flash note released to investors on August 12. MKM Partners seeing the improvements upgraded the stock from Neutral to Buy on July 09, placing it at $12.
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 12.98X ahead of its 12-month Consensus earnings per share estimates.