CNX Resources’ (CNX) “Underweight” Rating Reaffirmed at Barclays

Barclays reiterated their underweight rating on shares of CNX Resources (NYSE:CNX) in a report issued on Wednesday morning, MarketBeat reports.

CNX has been the subject of several other research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CNX Resources in a research note on Monday, December 29th. Morgan Stanley cut their target price on CNX Resources from $32.00 to $31.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 14th. JPMorgan Chase & Co. raised shares of CNX Resources from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $36.00 to $38.00 in a research report on Monday, December 8th. Zacks Research lowered shares of CNX Resources from a “hold” rating to a “strong sell” rating in a research report on Monday. Finally, Scotiabank increased their price target on shares of CNX Resources from $36.00 to $40.00 and gave the company a “sector perform” rating in a research note on Friday, November 21st. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $35.10.

CNX Resources Stock Up 1.8%

Shares of CNX opened at $37.30 on Wednesday. The firm has a market capitalization of $5.03 billion, a price-to-earnings ratio of 26.08, a PEG ratio of 0.37 and a beta of 0.63. CNX Resources has a 52 week low of $27.00 and a 52 week high of $42.13. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.31 and a current ratio of 0.34. The business’s fifty day moving average price is $37.52 and its two-hundred day moving average price is $33.58.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, October 30th. The oil and gas producer reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.09. CNX Resources had a net margin of 16.56% and a return on equity of 9.10%. The company had revenue of $423.00 million for the quarter, compared to the consensus estimate of $408.80 million. CNX Resources’s revenue was up 37.6% on a year-over-year basis. On average, analysts predict that CNX Resources will post 2.18 earnings per share for the current year.

Institutional Investors Weigh In On CNX Resources

Large investors have recently bought and sold shares of the company. Paradiem LLC bought a new stake in CNX Resources during the 3rd quarter worth $984,000. Hsbc Holdings PLC increased its holdings in CNX Resources by 548.9% in the second quarter. Hsbc Holdings PLC now owns 48,774 shares of the oil and gas producer’s stock valued at $1,668,000 after purchasing an additional 41,258 shares during the period. US Bancorp DE lifted its holdings in CNX Resources by 1.9% during the 2nd quarter. US Bancorp DE now owns 25,944 shares of the oil and gas producer’s stock worth $874,000 after buying an additional 477 shares during the period. Exchange Traded Concepts LLC acquired a new stake in CNX Resources during the 3rd quarter valued at approximately $878,000. Finally, Bayforest Capital Ltd acquired a new position in CNX Resources in the third quarter valued at $579,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

CNX Resources Company Profile

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.