Brokerages Set CNX Resources Corporation. (NYSE:CNX) PT at $35.80

CNX Resources Corporation. (NYSE:CNX) has earned a consensus recommendation of “Reduce” from the fourteen ratings firms that are presently covering the firm, MarketBeat reports. Five analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and one has given a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $36.00.

CNX has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CNX Resources in a report on Monday, December 29th. JPMorgan Chase & Co. upgraded CNX Resources from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $36.00 to $38.00 in a research note on Monday, December 8th. Morgan Stanley upped their price target on CNX Resources from $31.00 to $32.00 and gave the stock an “underweight” rating in a report on Friday, January 23rd. Roth Mkm set a $35.00 price objective on CNX Resources and gave the company a “neutral” rating in a report on Thursday, January 29th. Finally, Barclays boosted their price objective on CNX Resources from $34.00 to $35.00 and gave the company an “underweight” rating in a research report on Friday.

CNX Resources Trading Up 2.4%

Shares of NYSE:CNX opened at $38.27 on Friday. The company has a current ratio of 0.44, a quick ratio of 0.41 and a debt-to-equity ratio of 0.52. CNX Resources has a 12-month low of $27.38 and a 12-month high of $42.13. The business has a 50 day moving average of $37.60 and a two-hundred day moving average of $33.82. The company has a market capitalization of $5.16 billion, a PE ratio of 10.40, a PEG ratio of 0.39 and a beta of 0.66.

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

Hedge Funds Weigh In On CNX Resources

A number of large investors have recently added to or reduced their stakes in CNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of CNX Resources by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 86,878 shares of the oil and gas producer’s stock valued at $2,735,000 after purchasing an additional 3,785 shares during the period. Acadian Asset Management LLC purchased a new position in CNX Resources in the 1st quarter valued at $583,000. Wealth Enhancement Advisory Services LLC acquired a new stake in CNX Resources during the 2nd quarter worth $223,000. Farther Finance Advisors LLC boosted its stake in CNX Resources by 30.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,838 shares of the oil and gas producer’s stock worth $129,000 after purchasing an additional 907 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of CNX Resources during the second quarter worth $115,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.