CNX Resources (NYSE:CNX) Coverage Initiated by Analysts at Truist Financial

Truist Financial began coverage on shares of CNX Resources (NYSE:CNX) in a report released on Tuesday. The brokerage set a “sell” rating and a $35.00 price target on the oil and gas producer’s stock. Truist Financial’s price objective indicates a potential downside of 14.02% from the company’s previous close.

A number of other equities analysts have also commented on CNX. Morgan Stanley boosted their price target on shares of CNX Resources from $31.00 to $32.00 and gave the company an “underweight” rating in a research report on Friday, January 23rd. Zacks Research raised shares of CNX Resources from a “strong sell” rating to a “hold” rating in a report on Friday, February 27th. Mizuho lifted their target price on shares of CNX Resources from $35.00 to $43.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Scotiabank reissued a “sector perform” rating and issued a $44.00 target price on shares of CNX Resources in a report on Wednesday, January 21st. Finally, Roth Mkm set a $35.00 price target on CNX Resources and gave the stock a “neutral” rating in a research report on Thursday, January 29th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $34.80.

CNX Resources Stock Performance

CNX Resources stock opened at $40.71 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.44 and a quick ratio of 0.41. The stock has a fifty day moving average price of $39.32 and a two-hundred day moving average price of $36.41. CNX Resources has a 52-week low of $27.68 and a 52-week high of $43.62. The firm has a market capitalization of $5.80 billion, a P/E ratio of 11.06, a P/E/G ratio of 0.42 and a beta of 0.65.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 EPS 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 company had revenue of $610.48 million for the quarter, compared to the consensus estimate of $422.65 million. During the same quarter in the previous year, the company earned ($0.97) EPS. The firm’s revenue for the quarter was up 347.0% compared to the same quarter last year. As a group, analysts anticipate that CNX Resources will post 2.18 EPS for the current fiscal year.

Insider Buying and Selling

In other CNX Resources news, Director Bernard Lanigan, Jr. sold 46,119 shares of the firm’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $40.60, for a total value of $1,872,431.40. Following the completion of the sale, the director owned 177,180 shares in the company, valued at approximately $7,193,508. This trade represents a 20.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.59% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CNX Resources

Large investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. grew its stake in shares of CNX Resources by 101.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 5,351 shares of the oil and gas producer’s stock valued at $197,000 after purchasing an additional 2,696 shares during the last quarter. Nalls Sherbakoff Group LLC acquired a new stake in shares of CNX Resources in the fourth quarter valued at approximately $201,000. Rehmann Capital Advisory Group bought a new position in CNX Resources in the 4th quarter worth approximately $231,000. Dorsey Wright & Associates acquired a new position in CNX Resources during the 4th quarter worth $5,498,000. Finally, Axxcess Wealth Management LLC acquired a new position in CNX Resources during the 4th quarter worth $358,000. 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.