CNX Resources Corporation. (NYSE:CNX) Given Consensus Rating of “Reduce” by Analysts

CNX Resources Corporation. (NYSE:CNX) has been given a consensus recommendation of “Reduce” by the thirteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $35.6667.

A number of brokerages recently weighed in on CNX. Truist Financial began coverage on shares of CNX Resources in a report on Tuesday, March 24th. They issued a “sell” rating and a $35.00 price objective for the company. Weiss Ratings restated a “buy (b)” rating on shares of CNX Resources in a report on Monday, May 11th. Roth Mkm set a $35.00 price objective on shares of CNX Resources and gave the stock a “neutral” rating in a report on Thursday, January 29th. Morgan Stanley restated an “underweight” rating on shares of CNX Resources in a report on Friday, March 27th. Finally, Piper Sandler set a $26.00 target price on shares of CNX Resources in a research report on Monday, February 2nd.

CNX Resources Stock Performance

Shares of CNX opened at $36.11 on Friday. The company has a quick ratio of 0.46, a current ratio of 0.49 and a debt-to-equity ratio of 0.47. The business’s 50 day moving average price is $39.11 and its 200-day moving average price is $38.14. CNX Resources has a 52 week low of $27.72 and a 52 week high of $43.62. The stock has a market cap of $5.11 billion, a P/E ratio of 5.01, a P/E/G ratio of 0.39 and a beta of 0.64.

Insiders Place Their Bets

In other news, Director Maureen Lally-Green sold 23,631 shares of the business’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $39.52, for a total transaction of $933,897.12. Following the completion of the sale, the director owned 169,577 shares of the company’s stock, valued at $6,701,683.04. The trade was a 12.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William N. Thorndike, Jr. sold 28,800 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $38.25, for a total transaction of $1,101,600.00. Following the sale, the director directly owned 426,585 shares of the company’s stock, valued at approximately $16,316,876.25. The trade was a 6.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 98,550 shares of company stock valued at $3,907,929. Company insiders own 5.03% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership lifted its stake in CNX Resources by 6,057.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer’s stock worth $147,988,000 after purchasing an additional 3,776,511 shares in the last quarter. Capital Research Global Investors lifted its stake in CNX Resources by 38.6% in the 3rd quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer’s stock worth $126,874,000 after purchasing an additional 1,100,000 shares in the last quarter. Balyasny Asset Management L.P. lifted its stake in CNX Resources by 601.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer’s stock worth $35,507,000 after purchasing an additional 947,931 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of CNX Resources by 45.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer’s stock valued at $74,327,000 after buying an additional 633,539 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of CNX Resources by 112.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer’s stock valued at $33,932,000 after buying an additional 532,770 shares in the last quarter. 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.