CNX Resources (NYSE:CNX) Cut to Underweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of CNX Resources (NYSE:CNX) from a neutral rating to an underweight rating in a research report released on Thursday morning, Marketbeat reports. They currently have $37.00 target price on the oil and gas producer’s stock, up from their prior target price of $31.00.

Other analysts have also issued research reports about the stock. Truist Financial lowered shares of CNX Resources from a “buy” rating to a “hold” rating and cut their price objective for the stock from $38.00 to $34.00 in a research note on Monday, October 28th. Stephens boosted their price objective on CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. Piper Sandler downgraded 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. Scotiabank lifted their price target on CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Finally, Tudor Pickering upgraded CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. Seven investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $30.00.

CNX Resources Stock Performance

Shares of CNX opened at $36.82 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.37. The stock has a 50-day moving average of $36.83 and a two-hundred day moving average of $29.96. The stock has a market cap of $5.50 billion, a P/E ratio of 11.58, a P/E/G ratio of 1.85 and a beta of 1.43. CNX Resources has a one year low of $19.07 and a one year high of $41.93.

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

Insider Activity at CNX Resources

In related news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were purchased at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the purchase, the director now owns 401,820 shares of the company’s stock, valued at $10,772,794.20. This represents a 22.95 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CNX Resources

A number of hedge funds have recently made changes to their positions in CNX. World Investment Advisors LLC purchased a new stake in shares of CNX Resources during the third quarter worth $534,000. Geode Capital Management LLC grew its stake in CNX Resources by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer’s stock valued at $117,366,000 after acquiring an additional 12,333 shares in the last quarter. M&T Bank Corp raised its holdings in CNX Resources by 25.4% in the 3rd quarter. M&T Bank Corp now owns 18,057 shares of the oil and gas producer’s stock valued at $588,000 after acquiring an additional 3,663 shares during the last quarter. Hodges Capital Management Inc. purchased a new position in CNX Resources in the 3rd quarter worth approximately $212,000. Finally, XTX Topco Ltd acquired a new position in shares of CNX Resources during the 3rd quarter worth approximately $804,000. Institutional investors and hedge funds 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.