CNX Resources Co. (NYSE:CNX) Receives Average Rating of “Reduce” from Brokerages

Shares of CNX Resources Co. (NYSE:CNX) have been assigned an average recommendation of “Reduce” from the twelve analysts that are currently covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a sell rating and seven have issued a hold rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $29.00.

Several research firms have commented on CNX. Piper Sandler cut shares of CNX Resources from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $22.00 to $20.00 in a research note on Thursday, August 15th. StockNews.com lowered CNX Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 3rd. Tudor Pickering raised CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. BMO Capital Markets upped their price objective on shares of CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Finally, Truist Financial cut shares of CNX Resources from a “buy” rating to a “hold” rating and decreased their target price for the stock from $38.00 to $34.00 in a research report on Monday, October 28th.

Insider Transactions at CNX Resources

In related news, Director Bernard Lanigan, Jr. acquired 75,000 shares of CNX Resources stock in a transaction on Monday, September 9th. The shares were bought at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the purchase, the director now directly owns 401,820 shares in the company, valued at $10,772,794.20. This trade represents a 22.95 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CNX Resources

Hedge funds have recently modified their holdings of the stock. QRG Capital Management Inc. raised its stake in shares of CNX Resources by 13.8% during the second quarter. QRG Capital Management Inc. now owns 190,498 shares of the oil and gas producer’s stock valued at $4,629,000 after purchasing an additional 23,069 shares during the period. Boston Partners acquired a new position in CNX Resources in the 1st quarter worth $951,000. Bridges Investment Management Inc. purchased a new position in CNX Resources in the 2nd quarter valued at about $916,000. Paralel Advisors LLC acquired a new stake in shares of CNX Resources during the second quarter valued at about $2,338,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of CNX Resources by 311.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock worth $20,087,000 after acquiring an additional 466,694 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Stock Performance

NYSE CNX opened at $40.52 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46. The stock has a market cap of $6.05 billion, a price-to-earnings ratio of 12.74, a price-to-earnings-growth ratio of 1.95 and a beta of 1.37. CNX Resources has a fifty-two week low of $19.07 and a fifty-two week high of $41.93. The business has a fifty day moving average of $36.09 and a 200-day moving average of $29.43.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. The company had revenue of $424.21 million for the quarter, compared to analyst estimates of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same period in the prior year, the firm earned $0.35 EPS. As a group, analysts predict that CNX Resources will post 1.53 earnings per share for the current fiscal year.

CNX Resources Company Profile

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.