CNX Resources Corporation. (NYSE:CNX) Receives Consensus Rating of “Reduce” from Brokerages

CNX Resources Corporation. (NYSE:CNX) has received an average rating of “Reduce” from the thirteen research firms that are presently covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $34.80.

Several equities analysts have recently issued reports on CNX shares. JPMorgan Chase & Co. raised CNX Resources from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $36.00 to $38.00 in a report 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. Scotiabank reissued a “sector perform” rating and issued a $44.00 price target on shares of CNX Resources in a report on Wednesday, January 21st. Piper Sandler set a $26.00 price objective on CNX Resources in a research report on Monday, February 2nd. Finally, Zacks Research raised shares of CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, February 27th.

CNX Resources Trading Up 1.4%

Shares of CNX Resources stock opened at $40.56 on Friday. The stock has a market cap of $5.77 billion, a PE ratio of 11.02, a price-to-earnings-growth ratio of 0.37 and a beta of 0.66. The firm has a fifty day moving average price of $39.66 and a 200 day moving average price of $36.62. 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 posted its quarterly earnings results 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 company had revenue of $610.48 million for the quarter, compared to analyst estimates of $422.65 million. CNX Resources had a net margin of 28.28% and a return on equity of 9.29%. The firm’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) earnings per share. Equities research analysts predict that CNX Resources will post 2.18 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Maureen Lally-Green sold 23,631 shares of the firm’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $39.52, for a total transaction of $933,897.12. Following the sale, the director owned 169,577 shares in the company, valued at approximately $6,701,683.04. This trade represents a 12.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 shares were 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 of the company’s stock, valued at $7,193,508. The trade was a 20.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

A number of large investors have recently bought and sold shares of CNX. State of Wyoming purchased a new position in CNX Resources during the second quarter worth approximately $29,000. Smartleaf Asset Management LLC increased its position 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 valued at $30,000 after buying an additional 293 shares in the last quarter. Caitlin John LLC acquired a new position in shares of CNX Resources during the 3rd quarter worth approximately $31,000. Los Angeles Capital Management LLC purchased a new position in shares of CNX Resources during the 4th quarter valued at approximately $34,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of CNX Resources during the 2nd quarter valued at approximately $46,000. Institutional investors and hedge funds 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.