Zacks Investment Research lowered shares of CNX Resources (NYSE:CNX) from a buy rating to a hold rating in a report issued on Tuesday.
According to Zacks, “CNX Resources’ focus on low-cost production areas and increasing consciousness to lower emissions will drive demand for natural gas and are going to act as tailwinds. Share buyback, selling off its non-core assets and increasing focus on Marcellus and Utica shales are also going to strengthen the company’s performance. This oil and natural gas company will also benefit from its cost savings initiatives. However, in the last six months shares of CNX Resources have declined againist a gain of its industry. CNX Resources’ dependence on third-party assets for processing and transportation, and competitiveness of domestic oil and natural gas are headwinds. The exploration and production of natural gas involve a lot of risks, and could impact its operating results, going forward.”
A number of other brokerages also recently issued reports on CNX. ValuEngine downgraded shares of CNX Resources from a sell rating to a strong sell rating in a report on Thursday, September 27th. Goldman Sachs Group downgraded shares of CNX Resources from a neutral rating to a sell rating and set a $14.00 price target on the stock. in a report on Tuesday, September 11th. They noted that the move was a valuation call. Finally, Raymond James downgraded shares of CNX Resources from a market perform rating to an underperform rating in a report on Monday, August 6th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $21.00.
CNX stock opened at $14.16 on Tuesday. The firm has a market capitalization of $3.05 billion, a PE ratio of -88.50 and a beta of 1.03. The company has a current ratio of 0.67, a quick ratio of 0.65 and a debt-to-equity ratio of 0.47. CNX Resources has a 12 month low of $11.69 and a 12 month high of $18.37.
CNX Resources (NYSE:CNX) last released its quarterly earnings data on Thursday, August 2nd. The oil and gas producer reported $0.33 EPS for the quarter, beating the consensus estimate of $0.12 by $0.21. The business had revenue of $402.12 million for the quarter, compared to the consensus estimate of $381.22 million. CNX Resources had a net margin of 40.07% and a return on equity of 2.37%. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.08 EPS. On average, research analysts expect that CNX Resources will post 0.74 EPS for the current fiscal year.
In related news, Director J. Palmer Clarkson bought 10,000 shares of the stock in a transaction on Thursday, August 16th. The stock was bought at an average price of $14.90 per share, with a total value of $149,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.00% of the company’s stock.
A number of institutional investors have recently modified their holdings of CNX. Dimensional Fund Advisors LP raised its holdings in CNX Resources by 4.6% during the second quarter. Dimensional Fund Advisors LP now owns 15,624,816 shares of the oil and gas producer’s stock worth $277,803,000 after purchasing an additional 686,988 shares in the last quarter. First Trust Advisors LP acquired a new stake in CNX Resources during the second quarter worth approximately $10,494,000. Marshall Wace LLP acquired a new stake in CNX Resources during the second quarter worth approximately $5,345,000. Ancora Advisors LLC acquired a new stake in CNX Resources during the first quarter worth approximately $4,386,000. Finally, KBC Group NV acquired a new stake in CNX Resources during the second quarter worth approximately $3,540,000. Institutional investors own 95.60% of the company’s stock.
About CNX Resources
CNX Resources Corporation, an independent oil and natural gas company, explores for, develops, and produces natural gas in the Appalachian Basin. As of December 31, 2017, it had 7.6 trillion cubic feet equivalent of proved natural gas reserves. The company also owns, operates, and develops natural gas gathering and other midstream energy assets in the Marcellus Shale in Pennsylvania and West Virginia.
Recommended Story: Understanding Price to Earnings Ratio (PE)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for CNX Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CNX Resources and related companies with MarketBeat.com's FREE daily email newsletter.