CNX Resources Corporation. (NYSE:CNX) Given Average Recommendation of “Reduce” by Brokerages

CNX Resources Corporation. (NYSE:CNX) has been assigned an average recommendation of “Reduce” from the thirteen analysts that are presently covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $36.00.

A number of research firms have weighed in on CNX. Barclays upped their price target on CNX Resources from $34.00 to $35.00 and gave the stock an “underweight” rating in a research report on Friday, January 30th. JPMorgan Chase & Co. upgraded shares of CNX Resources from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $36.00 to $38.00 in a report on Monday, December 8th. Weiss Ratings upgraded shares of CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, February 11th. Mizuho increased their price objective 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. Finally, Scotiabank reaffirmed a “sector perform” rating and issued a $44.00 target price on shares of CNX Resources in a research report on Wednesday, January 21st.

Insider Activity

In other news, Director Bernard Lanigan, Jr. sold 46,119 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $40.60, for a total transaction of $1,872,431.40. Following the sale, the director owned 177,180 shares in the company, valued at $7,193,508. This represents a 20.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 4.59% of the stock is currently owned by corporate insiders.

Institutional Trading of CNX Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital Research Global Investors lifted its stake in CNX Resources by 38.6% in the third quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer’s stock valued at $126,874,000 after acquiring an additional 1,100,000 shares during the last quarter. Balyasny Asset Management L.P. lifted its stake in CNX Resources by 601.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer’s stock valued at $35,507,000 after purchasing an additional 947,931 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in CNX Resources by 45.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer’s stock valued at $74,327,000 after purchasing an additional 633,539 shares during the last quarter. Mackenzie Financial Corp grew its holdings in CNX Resources by 5,262.2% during the second quarter. Mackenzie Financial Corp now owns 555,473 shares of the oil and gas producer’s stock worth $18,708,000 after purchasing an additional 545,114 shares during the period. Finally, AQR Capital Management LLC raised its stake in CNX Resources by 112.2% in the second quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer’s stock valued at $33,932,000 after buying an additional 532,770 shares during the period. 95.16% of the stock is owned by institutional investors.

CNX Resources Price Performance

CNX stock opened at $38.24 on Tuesday. The stock has a 50-day moving average price of $37.64 and a two-hundred day moving average price of $34.72. CNX Resources has a 1 year low of $27.68 and a 1 year high of $42.13. The stock has a market cap of $5.44 billion, a PE ratio of 10.39, a price-to-earnings-growth ratio of 0.42 and a beta of 0.66. 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 (NYSE:CNX) last posted its quarterly earnings data on Thursday, January 29th. The oil and gas producer reported $1.28 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.94. The company had revenue of $610.48 million during the quarter, compared to analysts’ expectations of $422.65 million. CNX Resources had a return on equity of 9.29% and a net margin of 28.28%.CNX Resources’s revenue for the quarter was up 347.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.97) earnings per share. Equities analysts forecast that CNX Resources will post 2.18 EPS for the current fiscal year.

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.