CNX Resources (NYSE:CNX) Upgraded at Zacks Research

Zacks Research upgraded shares of CNX Resources (NYSE:CNX) from a hold rating to a strong-buy rating in a research report sent to investors on Monday,Zacks.com reports.

CNX has been the topic of a number of other reports. Mizuho increased their price target on shares of CNX Resources from $35.00 to $43.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Roth Mkm set a $35.00 price objective on shares of CNX Resources and gave the stock a “neutral” rating in a report on Thursday, January 29th. Piper Sandler set a $26.00 target price on shares of CNX Resources in a report on Monday, February 2nd. Barclays lifted their target price on shares of CNX Resources from $35.00 to $36.00 and gave the stock an “underweight” rating in a research report on Monday, March 16th. Finally, Scotiabank reiterated a “sector perform” rating and issued a $44.00 target price on shares of CNX Resources in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $35.67.

CNX Resources Trading Down 0.2%

Shares of CNX stock opened at $38.47 on Monday. The business has a 50-day moving average price of $39.80 and a two-hundred day moving average price of $36.87. CNX Resources has a 12-month low of $27.68 and a 12-month high of $43.62. The company has a quick ratio of 0.41, a current ratio of 0.44 and a debt-to-equity ratio of 0.52. The firm has a market cap of $5.48 billion, a P/E ratio of 10.45, a price-to-earnings-growth ratio of 0.30 and a beta of 0.65.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, January 29th. The oil and gas producer reported $1.28 EPS for the quarter, beating the consensus estimate of $0.34 by $0.94. The firm had revenue of $610.48 million for the quarter, compared to analyst estimates of $422.65 million. CNX Resources had a return on equity of 9.29% and a net margin of 28.28%.The company’s revenue was up 347.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.97) EPS. Equities analysts anticipate that CNX Resources will post 2.18 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Maureen Lally-Green sold 23,631 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $39.52, for a total transaction of $933,897.12. Following the completion of the sale, the director owned 169,577 shares of the company’s stock, valued at approximately $6,701,683.04. This represents a 12.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bernard Lanigan, Jr. sold 46,119 shares of CNX Resources stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $40.60, for a total transaction of $1,872,431.40. Following the completion of the transaction, the director directly owned 177,180 shares in the company, valued at approximately $7,193,508. The trade was a 20.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

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

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.