CNX Resources (NYSE:CNX) Coverage Initiated by Analysts at Morgan Stanley

Investment analysts at Morgan Stanley assumed coverage on shares of CNX Resources (NYSE:CNX) in a research report issued to clients and investors on Friday,Briefing.com Automated Import reports. The brokerage set an “underweight” rating and a $29.00 price target on the oil and gas producer’s stock. Morgan Stanley’s target price indicates a potential downside of 7.05% from the stock’s current price.

CNX has been the topic of several other reports. BMO Capital Markets lifted their target price on CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Stephens boosted their price objective on CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. Tudor, Pickering, Holt & Co. cut CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Tudor Pickering raised shares of CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. Finally, Mizuho downgraded shares of CNX Resources from a “neutral” rating to an “underperform” rating and increased their price objective for the stock from $33.00 to $38.00 in a research report on Monday, December 16th. Nine research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $30.36.

CNX Resources Stock Performance

Shares of CNX stock opened at $31.20 on Friday. The stock has a 50-day moving average of $37.23 and a 200-day moving average of $31.68. CNX Resources has a one year low of $19.07 and a one year high of $41.93. The stock has a market cap of $4.66 billion, a PE ratio of 9.81, a price-to-earnings-growth ratio of 1.85 and a beta of 1.42. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.09. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. The company had revenue of $424.21 million for the quarter, compared to analyst estimates of $398.33 million. During the same period last year, the business posted $0.35 earnings per share. As a group, sell-side analysts expect that CNX Resources will post 1.54 earnings per share for the current year.

Insider Activity at CNX Resources

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the transaction, the insider now directly owns 13,925,000 shares in the company, valued at $432,928,250. This represents a 7.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 4.65% of the stock is owned by insiders.

Institutional Trading of CNX Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. increased its position in shares of CNX Resources by 135.4% during the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after purchasing an additional 1,131 shares during the last quarter. CWM LLC grew its stake in shares of CNX Resources by 77.0% in the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after buying an additional 935 shares in the last quarter. GAMMA Investing LLC increased its holdings in CNX Resources by 62.1% during the third quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock worth $100,000 after buying an additional 1,177 shares during the last quarter. Atomi Financial Group Inc. bought a new stake in CNX Resources during the third quarter worth $202,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in CNX Resources in the third quarter valued at $205,000. Institutional investors own 95.16% of the company’s stock.

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.