CNX Resources (NYSE:CNX) Downgraded by Zacks Research to “Strong Sell”

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

A number of other analysts have also recently weighed in on the company. Barclays raised their price target on CNX Resources from $32.00 to $34.00 and gave the company an “equal weight” rating in a research note on Friday, October 31st. JPMorgan Chase & Co. upgraded CNX Resources from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $36.00 to $38.00 in a report on Monday, December 8th. Weiss Ratings reissued a “hold (c)” rating on shares of CNX Resources in a research report on Monday, December 29th. Scotiabank boosted their target price on CNX Resources from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research note on Friday, November 21st. Finally, Morgan Stanley dropped their price target on shares of CNX Resources from $32.00 to $31.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 14th. One investment analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $34.70.

CNX Resources Trading Up 1.5%

NYSE CNX opened at $36.62 on Monday. CNX Resources has a 52 week low of $27.00 and a 52 week high of $42.13. The firm has a 50 day moving average of $37.52 and a two-hundred day moving average of $33.56. The company has a quick ratio of 0.31, a current ratio of 0.34 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $4.94 billion, a PE ratio of 25.61, a price-to-earnings-growth ratio of 0.36 and a beta of 0.63.

CNX Resources (NYSE:CNX) last announced 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 for the quarter, compared to analyst estimates of $408.80 million. CNX Resources had a net margin of 16.56% and a return on equity of 9.10%. CNX Resources’s revenue was up 37.6% compared to the same quarter last year. As a group, research analysts expect that CNX Resources will post 2.18 EPS for the current fiscal year.

Institutional Trading of CNX Resources

Large investors have recently made changes to their positions in the company. Paradiem LLC purchased a new position in shares of CNX Resources during the third quarter worth approximately $984,000. Hsbc Holdings PLC boosted its stake in CNX Resources by 548.9% during the 2nd quarter. Hsbc Holdings PLC now owns 48,774 shares of the oil and gas producer’s stock worth $1,668,000 after purchasing an additional 41,258 shares during the period. Exchange Traded Concepts LLC acquired a new stake in CNX Resources during the 3rd quarter worth $878,000. US Bancorp DE grew its position in CNX Resources by 1.9% during the 2nd quarter. US Bancorp DE now owns 25,944 shares of the oil and gas producer’s stock worth $874,000 after purchasing an additional 477 shares during the last quarter. Finally, Bayforest Capital Ltd acquired a new position in CNX Resources in the third quarter valued at $579,000. 95.16% of the stock is owned by institutional investors and hedge funds.

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.