CNX Resources (NYSE:CNX) Raised to “Strong Sell” at Truist Financial

CNX Resources (NYSE:CNX) was upgraded by equities research analysts at Truist Financial to a “strong sell” rating in a research report issued on Monday,Zacks.com reports.

Other analysts have also issued research reports about the stock. JPMorgan Chase & Co. upgraded shares of CNX Resources from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $36.00 to $38.00 in a research note on Monday, December 8th. Weiss Ratings upgraded shares of CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, February 11th. Zacks Research upgraded shares of CNX Resources from a “strong sell” rating to a “hold” rating in a report on Friday, February 27th. Morgan Stanley lifted their price target on CNX Resources from $31.00 to $32.00 and gave the company an “underweight” rating in a research note on Friday, January 23rd. Finally, Piper Sandler set a $26.00 price objective on CNX Resources in a report on Monday, February 2nd. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, CNX Resources has a consensus rating of “Reduce” and a consensus target price of $34.80.

CNX Resources Stock Performance

Shares of CNX Resources stock opened at $40.48 on Monday. The business has a 50-day simple moving average of $39.40 and a 200 day simple moving average of $36.49. CNX Resources has a one year low of $27.68 and a one year high of $43.62. 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 firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of 11.00, a PEG ratio of 0.42 and a beta of 0.66.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, January 29th. The oil and gas producer reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.94. CNX Resources had a return on equity of 9.29% and a net margin of 28.28%.The firm had revenue of $610.48 million during the quarter, compared to analysts’ expectations of $422.65 million. During the same quarter last year, the firm posted ($0.97) earnings per share. The company’s revenue for the quarter was up 347.0% compared to the same quarter last year. On average, research analysts anticipate that CNX Resources will post 2.18 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Bernard Lanigan, Jr. sold 46,119 shares of the 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 $7,193,508. This represents a 20.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CNX Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of CNX Resources by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 86,878 shares of the oil and gas producer’s stock valued at $2,735,000 after acquiring an additional 3,785 shares in the last quarter. Acadian Asset Management LLC bought a new stake in CNX Resources during the first quarter worth $583,000. Creative Planning boosted its position in CNX Resources by 13.7% in the second quarter. Creative Planning now owns 55,609 shares of the oil and gas producer’s stock worth $1,873,000 after purchasing an additional 6,680 shares during the last quarter. Legal & General Group Plc boosted its position in CNX Resources by 0.9% in the second quarter. Legal & General Group Plc now owns 240,605 shares of the oil and gas producer’s stock worth $8,104,000 after purchasing an additional 2,257 shares during the last quarter. Finally, Prudential Financial Inc. grew its stake in CNX Resources by 47.9% in the 2nd quarter. Prudential Financial Inc. now owns 22,401 shares of the oil and gas producer’s stock valued at $816,000 after purchasing an additional 7,258 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.