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

CNX Resources Corporation. (NYSE:CNX) has earned an average recommendation of “Reduce” from the thirteen research firms that are currently covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $35.4444.

A number of equities analysts recently issued reports on the stock. Morgan Stanley reiterated an “underweight” rating on shares of CNX Resources in a research report on Friday, March 27th. Tudor Pickering upgraded shares of CNX Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, May 8th. Weiss Ratings lowered shares of CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, May 28th. Truist Financial assumed coverage on shares of CNX Resources in a research report on Tuesday, March 24th. They issued a “sell” rating and a $35.00 target price for the company. Finally, Zacks Research lowered shares of CNX Resources from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th.

Insiders Place Their Bets

In other CNX Resources news, Director William N. Thorndike, Jr. sold 28,800 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $38.25, for a total value of $1,101,600.00. Following the completion of the sale, the director directly owned 426,585 shares of the company’s stock, valued at approximately $16,316,876.25. This represents a 6.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.03% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

Several large investors have recently made changes to their positions in the business. Segall Bryant & Hamill LLC bought a new position in shares of CNX Resources during the 1st quarter valued at about $18,609,000. BankChampaign National Association bought a new position in shares of CNX Resources during the 1st quarter valued at about $414,000. Edgestream Partners L.P. boosted its position in shares of CNX Resources by 8.0% during the 1st quarter. Edgestream Partners L.P. now owns 101,715 shares of the oil and gas producer’s stock valued at $3,921,000 after purchasing an additional 7,512 shares in the last quarter. Arkadios Wealth Advisors boosted its position in shares of CNX Resources by 16.7% during the 1st quarter. Arkadios Wealth Advisors now owns 15,210 shares of the oil and gas producer’s stock valued at $586,000 after purchasing an additional 2,182 shares in the last quarter. Finally, California State Teachers Retirement System boosted its position in shares of CNX Resources by 23.1% during the 1st quarter. California State Teachers Retirement System now owns 163,936 shares of the oil and gas producer’s stock valued at $6,320,000 after purchasing an additional 30,756 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

CNX Resources Stock Performance

Shares of CNX opened at $33.75 on Monday. The firm has a 50-day moving average price of $35.41 and a 200 day moving average price of $37.60. The firm has a market capitalization of $4.77 billion, a PE ratio of 4.69 and a beta of 0.58. The company has a quick ratio of 0.46, a current ratio of 0.49 and a debt-to-equity ratio of 0.47. CNX Resources has a 52-week low of $27.72 and a 52-week high of $43.62.

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.