CNX Resources (NYSE:CNX) Stock Gets Price Target Trim from Truist Financial

CNX Resources (NYSE:CNX) had its target price trimmed by Truist Financial from $35.00 to $34.00 in a research note released on Friday morning, Marketbeat.com reports. The firm currently has a hold rating on the oil and gas producer’s stock.

Other research analysts have also recently issued research reports about the stock. Mizuho decreased their price target on shares of CNX Resources from $42.00 to $38.00 and set a “neutral” rating on the stock in a report on Thursday. Morgan Stanley increased their price objective on CNX Resources from $32.00 to $34.00 and gave the stock an “underweight” rating in a research report on Thursday. Weiss Ratings lowered CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 28th. Finally, Scotiabank assumed coverage on CNX Resources in a research report on Wednesday. They set a “sector perform” rating and a $34.00 target price for the company. Eight investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $34.25.

CNX Resources Price Performance

CNX stock opened at $35.91 on Friday. The firm has a 50 day moving average of $34.90 and a 200-day moving average of $35.21. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46. CNX Resources has a 12 month low of $30.77 and a 12 month high of $43.62. The firm has a market capitalization of $5.31 billion, a P/E ratio of 6.00 and a beta of 0.69.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.72. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The business had revenue of $618.48 million for the quarter, compared to analyst estimates of $475.16 million. During the same quarter in the prior year, the firm posted $2.43 EPS. CNX Resources’s revenue was down 35.7% on a year-over-year basis. As a group, sell-side analysts predict that CNX Resources will post 3.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CNX Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in CNX Resources in the 2nd quarter worth approximately $650,689,000. Dimensional Fund Advisors LP grew its position in 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 valued at $338,260,000 after acquiring an additional 28,851 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in CNX Resources by 6,057.8% during the first 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 during the last quarter. Bank of America Corp DE bought a new position in CNX Resources during the second quarter valued at approximately $87,949,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of CNX Resources during the second quarter worth approximately $41,432,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

About CNX Resources

CNX Resources Corporation (NYSE: CNX) is an independent natural gas exploration and production company focused primarily on developing unconventional natural gas reserves in the Appalachian Basin. Its operations are concentrated in the Marcellus and Utica shale formations, where it uses horizontal drilling and hydraulic fracturing to produce pipeline-quality natural gas.

The company’s activities include acquiring, developing and operating natural gas properties, as well as managing related gathering and infrastructure assets.