Zacks Research Upgrades CNX Resources (NYSE:CNX) to “Strong-Buy”

CNX Resources (NYSE:CNX) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other brokerages also recently commented on CNX. JPMorgan Chase & Co. upgraded CNX Resources from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $36.00 to $38.00 in a research note on Monday, December 8th. Morgan Stanley lifted their price target on CNX Resources from $31.00 to $32.00 and gave the company an “underweight” rating in a research report on Friday, January 23rd. Weiss Ratings raised CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, February 11th. Piper Sandler set a $26.00 price objective on CNX Resources in a research report on Monday, February 2nd. Finally, Barclays raised their price objective on shares of CNX Resources from $35.00 to $36.00 and gave the stock an “underweight” rating in a research note on Monday, March 16th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, CNX Resources has a consensus rating of “Reduce” and an average price target of $35.67.

CNX Resources Trading Down 3.8%

NYSE CNX opened at $38.48 on Monday. The company has a market capitalization of $5.48 billion, a PE ratio of 10.46, a P/E/G ratio of 0.33 and a beta of 0.65. The company has a fifty day moving average of $39.78 and a 200 day moving average of $36.86. CNX Resources has a 1 year low of $27.68 and a 1 year high of $43.62. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.44 and a quick ratio of 0.41.

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

Insider Activity

In other CNX Resources news, Director Bernard Lanigan, Jr. sold 46,119 shares of the stock in a transaction that occurred 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 transaction, the director owned 177,180 shares in the company, valued at approximately $7,193,508. This represents a 20.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Maureen Lally-Green sold 23,631 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $39.52, for a total value of $933,897.12. Following the completion of the sale, the director directly owned 169,577 shares in the company, valued at approximately $6,701,683.04. The trade was a 12.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.59% of the stock is owned by insiders.

Institutional Trading of CNX Resources

A number of institutional investors and hedge funds have recently made changes to their positions in CNX. Rockefeller Capital Management L.P. grew its stake in CNX Resources by 101.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 5,351 shares of the oil and gas producer’s stock valued at $197,000 after acquiring an additional 2,696 shares during the period. Nalls Sherbakoff Group LLC acquired a new position in CNX Resources during the fourth quarter worth $201,000. Rehmann Capital Advisory Group acquired a new position in CNX Resources during the fourth quarter worth $231,000. Dorsey Wright & Associates purchased a new position in CNX Resources during the fourth quarter valued at $5,498,000. Finally, Axxcess Wealth Management LLC purchased a new position in CNX Resources during the fourth quarter valued at $358,000. 95.16% of the stock is currently owned by hedge funds and other 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.