CNX Resources (NYSE:CNX) Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of CNX Resources (NYSE:CNX) from a hold rating to a strong sell rating in a research report released on Monday morning,Zacks.com reports.

Several other research analysts have also recently weighed in on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of CNX Resources in a research report on Monday, December 29th. Morgan Stanley cut their target price on shares of CNX Resources from $32.00 to $31.00 and set an “underweight” rating for the company in a report on Tuesday, October 14th. Mizuho increased their price target on shares of CNX Resources from $35.00 to $43.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Barclays raised their price target on shares of CNX Resources from $32.00 to $34.00 and gave the company an “equal weight” rating in a research report on Friday, October 31st. Finally, Scotiabank upped their price objective on shares of CNX Resources from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Friday, November 21st. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, CNX Resources currently has an average rating of “Reduce” and an average price target of $35.10.

CNX Resources Trading Up 1.8%

NYSE CNX opened at $37.30 on Monday. CNX Resources has a 1 year low of $27.00 and a 1 year high of $42.13. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.34 and a quick ratio of 0.31. The company has a market capitalization of $5.03 billion, a PE ratio of 26.08, a P/E/G ratio of 0.37 and a beta of 0.63. The company has a fifty day moving average of $37.52 and a 200 day moving average of $33.58.

CNX Resources (NYSE:CNX) last released its quarterly earnings data on Thursday, October 30th. The oil and gas producer reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.09. The business had revenue of $423.00 million during the quarter, compared to analyst estimates of $408.80 million. CNX Resources had a return on equity of 9.10% and a net margin of 16.56%.The company’s revenue was up 37.6% compared to the same quarter last year. Research analysts forecast that CNX Resources will post 2.18 earnings per share for the current year.

Institutional Inflows and Outflows

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

About CNX Resources

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.