CNX Resources (NYSE:CNX) Coverage Initiated at Bank of America

Bank of America started coverage on shares of CNX Resources (NYSE:CNX) in a research report report published on Monday, MarketBeat.com reports. The brokerage issued an underperform rating and a $34.00 price objective on the oil and gas producer’s stock.

Other analysts have also recently issued reports about the stock. Truist Financial cut shares of CNX Resources from a “buy” rating to a “hold” rating and reduced their target price for the company from $38.00 to $34.00 in a report on Monday. Tudor Pickering raised shares of CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. BMO Capital Markets increased their price objective on shares of CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a research note on Friday, October 4th. Scotiabank increased their price objective on shares of CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Finally, Capital One Financial cut shares of CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price objective for the company. in a research note on Monday, October 14th. Six research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat.com, CNX Resources currently has an average rating of “Hold” and a consensus target price of $29.00.

CNX Resources Stock Up 0.1 %

Shares of CNX stock opened at $35.10 on Monday. CNX Resources has a 12 month low of $19.07 and a 12 month high of $37.57. The stock has a market cap of $5.38 billion, a P/E ratio of 6.36 and a beta of 1.38. The company has a current ratio of 0.41, a quick ratio of 0.40 and a debt-to-equity ratio of 0.46. The company has a 50 day simple moving average of $31.38 and a two-hundred day simple moving average of $27.20.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. The business had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. During the same period in the prior year, the company earned $0.35 earnings per share. On average, research analysts expect that CNX Resources will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Bernard Lanigan, Jr. bought 75,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was purchased at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the transaction, the director now owns 401,820 shares in the company, valued at $10,772,794.20. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On CNX Resources

Several institutional investors have recently bought and sold shares of the business. Mizuho Markets Americas LLC bought a new position in CNX Resources during the second quarter valued at $97,200,000. American Century Companies Inc. lifted its position in CNX Resources by 12.0% during the second quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock valued at $89,890,000 after purchasing an additional 397,729 shares during the last quarter. LSV Asset Management lifted its position in CNX Resources by 1.4% during the second quarter. LSV Asset Management now owns 1,780,921 shares of the oil and gas producer’s stock valued at $43,276,000 after purchasing an additional 23,800 shares during the last quarter. Tributary Capital Management LLC lifted its position in CNX Resources by 0.3% during the second quarter. Tributary Capital Management LLC now owns 901,940 shares of the oil and gas producer’s stock valued at $21,917,000 after purchasing an additional 2,535 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its position in CNX Resources by 2.2% during the first quarter. Clearbridge Investments LLC now owns 587,005 shares of the oil and gas producer’s stock valued at $13,924,000 after purchasing an additional 12,441 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

CNX Resources Company Profile

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.