CNX Resources Corporation. (NYSE:CNX) Receives Consensus Recommendation of “Reduce” from Analysts

CNX Resources Corporation. (NYSE:CNX) has earned an average rating of “Reduce” from the twelve ratings firms that are presently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell recommendation and nine have issued a hold recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $35.4444.

Several equities analysts recently commented on the stock. Mizuho cut their target price on shares of CNX Resources from $44.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. Truist Financial upgraded shares of CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 price target on the stock in a research report on Wednesday, July 15th. Barclays dropped their price objective on shares of CNX Resources from $36.00 to $35.00 and set an “underweight” rating on the stock in a report on Tuesday, May 26th. Morgan Stanley cut their price objective on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating for the company in a research report on Monday, June 29th. Finally, Weiss Ratings cut shares of CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 28th.

Institutional Trading of CNX Resources

A number of hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of CNX Resources by 4.6% during 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 purchasing an additional 3,785 shares during the period. Acadian Asset Management LLC bought a new position in CNX Resources in the first quarter worth $583,000. EverSource Wealth Advisors LLC boosted its stake in CNX Resources by 393.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,925 shares of the oil and gas producer’s stock worth $65,000 after buying an additional 1,535 shares in the last quarter. Marshall Wace LLP acquired a new stake in CNX Resources during the second quarter worth $272,000. Finally, Cerity Partners LLC bought a new stake in CNX Resources in the 2nd quarter valued at $236,000. Institutional investors own 95.16% of the company’s stock.

CNX Resources Stock Performance

Shares of NYSE CNX opened at $36.00 on Friday. CNX Resources has a 12 month low of $29.22 and a 12 month high of $43.62. The company has a market cap of $5.33 billion, a P/E ratio of 6.01 and a beta of 0.61. The business’s 50 day moving average is $35.16 and its two-hundred day moving average is $36.52. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.72. The company had revenue of $618.48 million during the quarter, compared to analysts’ expectations of $475.16 million. CNX Resources had a return on equity of 10.40% and a net margin of 36.53%.CNX Resources’s revenue for the quarter was down 35.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.43 earnings per share. On average, equities analysts expect that CNX Resources will post 3.08 EPS for the current year.

About CNX Resources

CNX Resources Corporation (NYSE: CNX) is an independent natural gas exploration and production company focused on the Appalachian Basin. The company develops and produces natural gas, primarily from unconventional shale formations, with operations concentrated in the Marcellus and Utica shale regions.

CNX’s activities include acquiring, drilling, completing and operating natural gas wells, as well as managing related gathering and infrastructure assets used to transport production to market.