Truist Financial Upgrades CNX Resources (NYSE:CNX) to Hold

CNX Resources (NYSE:CNX) was upgraded by equities research analysts at Truist Financial from a “sell” rating to a “hold” rating in a research report issued on Wednesday, MarketBeat Ratings reports. The firm presently has a $35.00 price objective on the oil and gas producer’s stock. Truist Financial’s target price points to a potential upside of 4.77% from the stock’s previous close.

A number of other equities research analysts have also commented on the stock. Weiss Ratings lowered shares of CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, May 28th. Zacks Research downgraded shares of CNX Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Morgan Stanley dropped their target price on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating on the stock in a report on Monday, June 29th. Mizuho decreased their price target on CNX Resources from $44.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. Finally, Tudor Pickering upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $35.44.

CNX Resources Stock Performance

NYSE:CNX opened at $33.41 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.46 and a current ratio of 0.49. CNX Resources has a fifty-two week low of $27.72 and a fifty-two week high of $43.62. The company has a 50 day simple moving average of $33.97 and a two-hundred day simple moving average of $37.10. The company has a market capitalization of $4.73 billion, a PE ratio of 4.64 and a beta of 0.59.

Insider Transactions at CNX Resources

In other CNX Resources news, Director William N. Thorndike, Jr. sold 28,800 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $38.25, for a total transaction of $1,101,600.00. Following the completion of the sale, the director owned 426,585 shares in the company, valued at approximately $16,316,876.25. The trade was a 6.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 5.03% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its position in shares of CNX Resources by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 8,774,069 shares of the oil and gas producer’s stock worth $338,260,000 after acquiring an additional 28,851 shares in the last quarter. Capital Research Global Investors lifted its position in CNX Resources by 20.6% in the 4th quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer’s stock valued at $175,210,000 after acquiring an additional 815,039 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in CNX Resources by 6,057.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer’s stock valued at $147,988,000 after acquiring an additional 3,776,511 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in CNX Resources by 45.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer’s stock valued at $74,327,000 after purchasing an additional 633,539 shares during the last quarter. Finally, Morgan Stanley boosted its stake in CNX Resources by 2.0% during the 4th quarter. Morgan Stanley now owns 1,860,631 shares of the oil and gas producer’s stock valued at $68,415,000 after purchasing an additional 35,932 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

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.