Stock Price Trends

CNX Resources Corp (CNX)

CNX Resources Corporation, an independent oil and natural gas company, acquires, explores, develops and produces natural gas properties primarily in the Appalachian Basin. The company is headquartered in Canonsburg, Pennsylvania.

Stock Price Trends

Stock price trends estimated using linear regression.

Key facts

  • The primary trend is increasing.
  • The growth rate of the primary trend is 16.68% per annum.
  • CNX price at the close of July 25, 2024 was $25.01 and was inside the primary price channel.
  • The secondary trend is increasing.
  • The growth rate of the secondary trend is 64.96% per annum.
  • CNX price at the close of July 25, 2024 was inside the secondary price channel.

Linear Regression Model

Model equation:
Yi = α + β × Xi + εi

Top border of price channel:
Exp(Yi) = Exp(a + b × Xi + 2 × s)

Bottom border of price channel:
Exp(Yi) = Exp(a + b × Xi – 2 × s)

where:

i - observation number
Yi - natural logarithm of CNX price
Xi - time index, 1 day interval
σ - standard deviation of εi
a - estimator of α
b - estimator of β
s - estimator of σ
Exp() - calculates the exponent of e


Primary Trend

Start date: January 6, 2021
End date: March 26, 2024

a = 2.3374

b = 0.0004

s = 0.1219

Annual growth rate:

Exp(365 × b) – 1
= Exp(365 × 0.0004) – 1
= 16.68%

Price channel spread:

Exp(4 × s) – 1
= Exp(4 × 0.1219) – 1
= 62.86%

January 6, 2021 calculations

Top border of price channel:

Exp(Y365)
= Exp(a + b × X365 + 2 × s)
= Exp(a + b × 530 + 2 × s)
= Exp(2.3374 + 0.0004 × 530 + 2 × 0.1219)
= Exp(2.8052)
= $16.53

Bottom border of price channel:

Exp(Y365)
= Exp(a + b × X365 – 2 × s)
= Exp(a + b × 530 – 2 × s)
= Exp(2.3374 + 0.0004 × 530 – 2 × 0.1219)
= Exp(2.3175)
= $10.15

March 26, 2024 calculations

Top border of price channel:

Exp(Y1,174)
= Exp(a + b × X1,174 + 2 × s)
= Exp(a + b × 1,705 + 2 × s)
= Exp(2.3374 + 0.0004 × 1,705 + 2 × 0.1219)
= Exp(3.3017)
= $27.16

Bottom border of price channel:

Exp(Y1,174)
= Exp(a + b × X1,174 – 2 × s)
= Exp(a + b × 1,705 – 2 × s)
= Exp(2.3374 + 0.0004 × 1,705 – 2 × 0.1219)
= Exp(2.8140)
= $16.68

Description

  • The primary trend is increasing.
  • The growth rate of the primary trend is 16.68% per annum.
  • CNX price at the close of July 25, 2024 was $25.01 and was inside the primary price channel.

Secondary Trend

Start date: December 6, 2023
End date: July 23, 2024

a = 0.7705

b = 0.0014

s = 0.0372

Annual growth rate:

Exp(365 × b) – 1
= Exp(365 × 0.0014) – 1
= 64.96%

Price channel spread:

Exp(4 × s) – 1
= Exp(4 × 0.0372) – 1
= 16.03%

December 6, 2023 calculations

Top border of price channel:

Exp(Y1,099)
= Exp(a + b × X1,099 + 2 × s)
= Exp(a + b × 1,594 + 2 × s)
= Exp(0.7705 + 0.0014 × 1,594 + 2 × 0.0372)
= Exp(3.0308)
= $20.71

Bottom border of price channel:

Exp(Y1,099)
= Exp(a + b × X1,099 – 2 × s)
= Exp(a + b × 1,594 – 2 × s)
= Exp(0.7705 + 0.0014 × 1,594 – 2 × 0.0372)
= Exp(2.8821)
= $17.85

July 23, 2024 calculations

Top border of price channel:

Exp(Y1,255)
= Exp(a + b × X1,255 + 2 × s)
= Exp(a + b × 1,824 + 2 × s)
= Exp(0.7705 + 0.0014 × 1,824 + 2 × 0.0372)
= Exp(3.3462)
= $28.39

Bottom border of price channel:

Exp(Y1,255)
= Exp(a + b × X1,255 – 2 × s)
= Exp(a + b × 1,824 – 2 × s)
= Exp(0.7705 + 0.0014 × 1,824 – 2 × 0.0372)
= Exp(3.1975)
= $24.47

Description

  • The secondary trend is increasing.
  • The growth rate of the secondary trend is 64.96% per annum.
  • CNX price at the close of July 25, 2024 was inside the secondary price channel.