CNX Resources Corporation. (NYSE:CNX) Given Average Rating of “Reduce” by Brokerages

CNX Resources Corporation. (NYSE:CNX) has been assigned an average recommendation of “Reduce” from the thirteen ratings firms that are presently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $36.00.

CNX has been the topic of a number of analyst reports. Weiss Ratings raised CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, February 11th. Barclays increased their target price on CNX Resources from $34.00 to $35.00 and gave the company an “underweight” rating in a research note on Friday, January 30th. Scotiabank restated a “sector perform” rating and set a $44.00 target price on shares of CNX Resources in a research report on Wednesday, January 21st. Zacks Research cut CNX Resources from a “hold” rating to a “strong sell” rating in a research note on Monday, January 19th. Finally, Piper Sandler set a $26.00 price objective on shares of CNX Resources in a research note on Monday, February 2nd.

CNX Resources Stock Performance

Shares of NYSE:CNX opened at $38.24 on Tuesday. The company has a current ratio of 0.44, a quick ratio of 0.41 and a debt-to-equity ratio of 0.52. CNX Resources has a 1-year low of $27.68 and a 1-year high of $42.13. The stock has a market capitalization of $5.44 billion, a P/E ratio of 10.39, a P/E/G ratio of 0.42 and a beta of 0.66. The business has a 50-day moving average price of $37.64 and a two-hundred day moving average price of $34.72.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.94. CNX Resources had a net margin of 28.28% and a return on equity of 9.29%. The business had revenue of $610.48 million during the quarter, compared to the consensus estimate of $422.65 million. During the same period in the previous year, the firm posted ($0.97) earnings per share. CNX Resources’s revenue for the quarter was up 347.0% compared to the same quarter last year. Equities analysts predict that CNX Resources will post 2.18 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Bernard Lanigan, Jr. sold 46,119 shares of CNX Resources stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $40.60, for a total transaction of $1,872,431.40. Following the transaction, the director directly owned 177,180 shares of the company’s stock, valued at $7,193,508. This trade represents a 20.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 4.59% of the company’s stock.

Institutional Trading of CNX Resources

Several hedge funds have recently added to or reduced their stakes in CNX. State of Wyoming bought a new position in CNX Resources during the second quarter worth about $29,000. Smartleaf Asset Management LLC lifted its holdings in shares of CNX Resources by 56.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock valued at $30,000 after purchasing an additional 293 shares in the last quarter. Caitlin John LLC bought a new position in shares of CNX Resources during the 3rd quarter valued at about $31,000. Los Angeles Capital Management LLC bought a new stake in CNX Resources during the 4th quarter worth approximately $34,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in CNX Resources during the 2nd quarter worth approximately $46,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.