CNX Resources Corporation. (NYSE:CNX) Stock Has Average Price Target of $35.88

Shares of CNX Resources Corporation. (NYSE:CNX) have received an average recommendation of “Reduce” from the eleven research firms that are presently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a sell recommendation and eight have given a hold recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $35.88.

Several equities analysts have recently issued reports on the stock. Morgan Stanley reduced their price target on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating for the company in a report on Monday, June 29th. Weiss Ratings cut shares of CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 28th. Finally, Truist Financial upgraded shares of CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 price objective on the stock in a research report on Wednesday, July 15th.

CNX Resources Trading Down 0.0%

NYSE:CNX opened at $34.02 on Wednesday. CNX Resources has a 12-month low of $30.77 and a 12-month high of $43.62. The firm has a market capitalization of $5.03 billion, a P/E ratio of 5.68 and a beta of 0.69. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.72 and a quick ratio of 0.67. The business has a 50 day simple moving average of $34.92 and a 200 day simple moving average of $35.39.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.72. The firm had revenue of $618.48 million during the quarter, compared to the consensus estimate of $475.16 million. CNX Resources had a return on equity of 10.40% and a net margin of 36.53%. The firm’s revenue was down 35.7% on a year-over-year basis. During the same period in the prior year, the business earned $2.43 EPS. Equities research analysts predict that CNX Resources will post 3.12 EPS for the current year.

Institutional Investors Weigh In On CNX Resources

Large investors have recently made changes to their positions in the company. Jupiter Topco LLC bought a new position in shares of CNX Resources in the second quarter valued at $2,019,000. Wellington Management Group LLP lifted its position in shares of CNX Resources by 192.4% during the 2nd quarter. Wellington Management Group LLP now owns 924,662 shares of the oil and gas producer’s stock valued at $31,374,000 after acquiring an additional 608,386 shares during the last quarter. Tidal Investments LLC lifted its position in shares of CNX Resources by 149.8% during the 2nd quarter. Tidal Investments LLC now owns 56,778 shares of the oil and gas producer’s stock valued at $1,926,000 after acquiring an additional 34,049 shares during the last quarter. Corient Private Wealth LP bought a new stake in shares of CNX Resources during the 2nd quarter worth $1,110,000. Finally, Bank of America Corp DE bought a new stake in shares of CNX Resources during the 2nd quarter worth $87,949,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

CNX Resources Company Profile

CNX Resources Corporation (NYSE: CNX) is an independent natural gas exploration and production company focused primarily on developing unconventional natural gas reserves in the Appalachian Basin. Its operations are concentrated in the Marcellus and Utica shale formations, where it uses horizontal drilling and hydraulic fracturing to produce pipeline-quality natural gas.

The company’s activities include acquiring, developing and operating natural gas properties, as well as managing related gathering and infrastructure assets.