We recently compiled a list of the 10 Firms Mirror Dow Jones Decline on Monday. In this article, we are going to take a look at where CNX Resources Corp. (NYSE:CNX) stands against the other stocks.
Ten companies kicked off this week’s trading mirroring a decline on Dow Jones with a series of catalysts dampening investor sentiment. In this article, let’s explore the reasons behind their decline.
To come up with Monday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A long line of heavy-duty trucks transporting natural gas across a rural highway.
CNX Resources Corp. (NYSE:CNX)
Shares in CNX Resources dropped for a second day on Monday, losing 7.49 percent to finish at $30.64 each as investors continued to sell off shares following its lukewarm reception of the newly released hydrogen tax credits.
While it acknowledges the environmental and economic benefits of Coal Mine Methane, CNX said last week that the final rules of Section 45V, the Clean Hydrogen Production Tax Credit, seem too restrictive and do not offer sufficient economic incentives to expand its CMM capture operations for hydrogen use.
Despite reservations, the company said it was planning to leverage the validation and explore alternative incentive pathways for CMM, such as voluntary markets, other tax incentives, and compliance program commercial opportunities.
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This article is originally published at Insider Monkey.