Barclays Reaffirms Underweight Rating for CNX Resources (NYSE:CNX)

CNX Resources (NYSE:CNX)‘s stock had its “underweight” rating reiterated by stock analysts at Barclays in a research note issued to investors on Wednesday, Marketbeat reports.

Several other equities analysts also recently commented on CNX. Mizuho boosted their price target on shares of CNX Resources from $35.00 to $43.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. JPMorgan Chase & Co. upgraded CNX Resources from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $36.00 to $38.00 in a report on Monday, December 8th. Zacks Research lowered CNX Resources from a “hold” rating to a “strong sell” rating in a research report on Monday. Morgan Stanley lowered their price objective on CNX Resources from $32.00 to $31.00 and set an “underweight” rating for the company in a research report on Tuesday, October 14th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of CNX Resources in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $35.67.

CNX Resources Stock Performance

Shares of CNX Resources stock opened at $36.82 on Wednesday. The stock has a market capitalization of $4.96 billion, a price-to-earnings ratio of 25.75, a price-to-earnings-growth ratio of 0.38 and a beta of 0.63. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.34 and a quick ratio of 0.31. The business has a 50-day moving average of $37.52 and a 200 day moving average of $33.60. CNX Resources has a 12 month low of $27.00 and a 12 month high of $42.13.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, October 30th. The oil and gas producer reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.09. CNX Resources had a net margin of 16.56% and a return on equity of 9.10%. The business had revenue of $423.00 million for the quarter, compared to analysts’ expectations of $408.80 million. The company’s quarterly revenue was up 37.6% compared to the same quarter last year. As a group, sell-side analysts forecast that CNX Resources will post 2.18 earnings per share for the current year.

Institutional Trading of CNX Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State of Wyoming acquired a new position in shares of CNX Resources in the 2nd quarter valued at $29,000. Ameritas Advisory Services LLC purchased a new stake in CNX Resources in the second quarter valued at $32,000. Caitlin John LLC purchased a new stake in CNX Resources in the third quarter valued at $31,000. Elevation Point Wealth Partners LLC acquired a new position in CNX Resources in the second quarter valued at $46,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of CNX Resources by 393.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,925 shares of the oil and gas producer’s stock worth $65,000 after purchasing an additional 1,535 shares during the last quarter. 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.