Morgan Stanley Issues Pessimistic Forecast for CNX Resources (NYSE:CNX) Stock Price

CNX Resources (NYSE:CNX) had its price target lowered by investment analysts at Morgan Stanley from $34.00 to $32.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “underweight” rating on the oil and gas producer’s stock. Morgan Stanley’s price objective would indicate a potential downside of 3.54% from the stock’s previous close.

A number of other analysts also recently issued reports on CNX. Barclays cut their price objective on shares of CNX Resources from $36.00 to $35.00 and set an “underweight” rating for the company in a report on Tuesday, May 26th. Truist Financial assumed coverage on shares of CNX Resources in a research report on Tuesday, March 24th. They issued a “sell” rating and a $35.00 price target for the company. Tudor Pickering upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Weiss Ratings downgraded CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, May 28th. Finally, Zacks Research lowered CNX Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $35.44.

CNX Resources Stock Performance

Shares of CNX stock traded down $0.56 on Monday, hitting $33.17. The company’s stock had a trading volume of 883,143 shares, compared to its average volume of 2,138,715. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.46 and a current ratio of 0.49. The stock’s 50 day moving average is $35.41 and its 200-day moving average is $37.60. CNX Resources has a fifty-two week low of $27.72 and a fifty-two week high of $43.62. The company has a market capitalization of $4.69 billion, a PE ratio of 4.61 and a beta of 0.58.

Insiders Place Their Bets

In other CNX Resources news, Director William N. Thorndike, Jr. sold 28,800 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $38.25, for a total transaction of $1,101,600.00. Following the completion of the sale, the director directly owned 426,585 shares in the company, valued at $16,316,876.25. This represents a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.03% of the stock is owned by insiders.

Hedge Funds Weigh In On CNX Resources

Institutional investors have recently modified their holdings of the business. Smartleaf Asset Management LLC grew its position in CNX Resources by 56.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock valued at $30,000 after acquiring an additional 293 shares during the last quarter. State of Wyoming acquired a new stake in shares of CNX Resources in the 2nd quarter valued at approximately $29,000. Los Angeles Capital Management LLC acquired a new stake in shares of CNX Resources in the 4th quarter valued at approximately $34,000. Caitlin John LLC bought a new stake in shares of CNX Resources during the 3rd quarter valued at approximately $31,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of CNX Resources during the 4th quarter valued at approximately $50,000. 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.