CNX Resources (NYSE:CNX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $12.00 price target on the oil and gas producer’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 15.05% from the company’s current price.

According to Zacks, “CNX Resources' focus on low-cost production areas and increasing consciousness to lower emissions will drive demand for natural gas and are going to act as tailwinds. Share buyback, selling off its non-core assets and increasing focus on Marcellus and Utica shales are also going to strengthen the company’s performance. This oil and natural gas company will also benefit from its cost savings initiatives. Shares of the company have underperformed its industry over the last month. However, CNX Resources’ dependence on third-party assets for processing and transportation, along with competitiveness of domestic oil and natural gas are headwinds. The exploration and production of natural gas involve a lot of risks, and could impact its operating results, going forward.”

A number of other equities research analysts have also recently issued reports on CNX. ValuEngine raised shares of CNX Resources from a “strong sell” rating to a “sell” rating in a research note on Monday, January 7th. Tudor Pickering cut shares of CNX Resources from a “buy” rating to a “hold” rating in a research note on Friday, February 1st. Susquehanna Bancshares set a $11.00 price objective on shares of CNX Resources and gave the company a “hold” rating in a research note on Saturday, February 2nd. Robert W. Baird reaffirmed a “buy” rating and issued a $15.00 price objective on shares of CNX Resources in a research note on Monday, February 4th. Finally, TheStreet cut shares of CNX Resources from a “b-” rating to a “c+” rating in a research note on Wednesday, March 6th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. CNX Resources presently has a consensus rating of “Hold” and an average price target of $14.83.

Shares of NYSE:CNX traded up $0.16 during trading on Tuesday, reaching $10.43. The company had a trading volume of 127,964 shares, compared to its average volume of 3,340,774. The firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of 6.82 and a beta of 0.80. CNX Resources has a 12 month low of $9.58 and a 12 month high of $18.37. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.96 and a quick ratio of 0.94.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, January 31st. The oil and gas producer reported $0.67 EPS for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.39. The firm had revenue of $435.46 million for the quarter, compared to analyst estimates of $436.26 million. CNX Resources had a net margin of 46.03% and a return on equity of 5.91%. During the same quarter in the prior year, the firm earned ($0.23) EPS. As a group, equities research analysts expect that CNX Resources will post 0.64 EPS for the current year.

Several institutional investors have recently made changes to their positions in CNX. First Hawaiian Bank boosted its stake in shares of CNX Resources by 54.9% in the 4th quarter. First Hawaiian Bank now owns 2,948 shares of the oil and gas producer’s stock valued at $34,000 after purchasing an additional 1,045 shares in the last quarter. Investors Research Corp purchased a new stake in CNX Resources during the 1st quarter valued at $57,000. Oregon Public Employees Retirement Fund boosted its position in CNX Resources by 1,126.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 970,403 shares of the oil and gas producer’s stock valued at $85,000 after buying an additional 891,300 shares during the period. Macquarie Group Ltd. boosted its position in CNX Resources by 869.5% during the 4th quarter. Macquarie Group Ltd. now owns 7,756 shares of the oil and gas producer’s stock valued at $89,000 after buying an additional 6,956 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in CNX Resources by 14.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,414 shares of the oil and gas producer’s stock valued at $142,000 after buying an additional 1,554 shares during the period. 98.10% of the stock is owned by institutional investors.

CNX Resources Company Profile

CNX Resources Corporation, an independent oil and gas company, explores for, develops, and produces natural gas primarily in the Appalachian Basin. The company operates through two divisions, Exploration and Production (E&P), and Midstream. The E&P division produces pipeline quality natural gas primarily to gas wholesalers.

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