Oil Stock Could Soon Rebound After Post-Earnings Dip

CNX is sliding after mixed first-quarter earnings results

Laura McCandless

Deputy Editor

Apr 24, 2025 at 12:12 PM

Oil stock CNX Resources Corp (NYSE:CNX) is down 4.1% at $29.34 at last glance, after the company reported a first-quarter earnings beat but lower-than-expected revenue. There is still support below at the $280 level, however, as well as a historically bullish trendline.

The shares are within one standard deviation of their 260-day moving average, a trendline that, per Senior Quantitative Analyst Rocky White, CNX has encountered for the first time in at least eight of the last 10 trading days, after spending at least 75% of the last six months above it. Within these parameters, three other signals occurred in the past three years. CNX was higher one month later 100% of the time after these events, averaging a 10.6% gain.

CNX April 24

Plus, short interest represents 19.1% of the stock's available float, or over nine days' worth of pent-up buying power. Any upgrades could provide tailwinds as well, as 13 of the 14 analysts in coverage carry a "hold" or worse rating.

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