Zacks Research Upgrades CNX Resources (NYSE:CNX) to Strong-Buy

CNX Resources (NYSE:CNX) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

Other analysts have also recently issued research reports about the company. Mizuho boosted their price target on CNX Resources from $35.00 to $43.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. 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. Weiss Ratings raised CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, February 11th. Morgan Stanley boosted their target price on CNX Resources from $31.00 to $32.00 and gave the stock an “underweight” rating in a report on Friday, January 23rd. Finally, Truist Financial started coverage on CNX Resources in a research report on Tuesday, March 24th. They set a “sell” rating and a $35.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $35.67.

CNX Resources Stock Down 3.8%

CNX Resources stock opened at $38.48 on Monday. The company has a market capitalization of $5.48 billion, a P/E ratio of 10.46, a P/E/G ratio of 0.33 and a beta of 0.65. The firm’s fifty day simple moving average is $39.78 and its 200-day simple moving average is $36.86. 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 1-year low of $27.68 and a 1-year high of $43.62.

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

Insider Activity

In related news, Director Maureen Lally-Green sold 23,631 shares of the stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $39.52, for a total value of $933,897.12. Following the completion of the sale, the director owned 169,577 shares in the company, valued at approximately $6,701,683.04. This trade represents a 12.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bernard Lanigan, Jr. sold 46,119 shares of CNX Resources stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $40.60, for a total value of $1,872,431.40. Following the sale, the director directly owned 177,180 shares in the company, valued at approximately $7,193,508. This trade represents a 20.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 4.59% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

Several large investors have recently added to or reduced their stakes in CNX. Smartleaf Asset Management LLC grew its holdings in shares of CNX Resources by 56.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock worth $30,000 after purchasing an additional 293 shares in the last quarter. State of Wyoming acquired a new position in shares of CNX Resources in the second quarter valued at $29,000. Los Angeles Capital Management LLC acquired a new position in shares of CNX Resources in the fourth quarter valued at $34,000. Caitlin John LLC bought a new position in CNX Resources in the third quarter worth $31,000. Finally, Elevation Point Wealth Partners LLC bought a new position in CNX Resources in the second quarter worth $46,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.