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

CNX Resources Corporation. (NYSE:CNX) has received an average recommendation of “Reduce” from the thirteen analysts that are presently covering the company, MarketBeat reports. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $36.00.

Several research firms have recently weighed in on CNX. Zacks Research cut shares of CNX Resources from a “hold” rating to a “strong sell” rating in a report on Monday, January 19th. Morgan Stanley lifted their price target on CNX Resources from $31.00 to $32.00 and gave the stock an “underweight” rating in a report on Friday, January 23rd. Barclays upped their price objective on CNX Resources from $34.00 to $35.00 and gave the company an “underweight” rating in a research note on Friday, January 30th. Scotiabank reaffirmed a “sector perform” rating and issued a $44.00 price objective on shares of CNX Resources in a research report on Wednesday, January 21st. Finally, Piper Sandler set a $26.00 target price on CNX Resources in a research note on Monday, February 2nd.

Insider Buying and Selling

In other CNX Resources news, Director Bernard Lanigan, Jr. sold 46,119 shares of the company’s stock in a transaction on 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 transaction, the director directly owned 177,180 shares in the company, valued at $7,193,508. The trade was a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 3.10% of the stock is currently owned by company insiders.

Institutional Trading of CNX Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Dorsey Wright & Associates bought a new position in CNX Resources in the 4th quarter valued at about $5,498,000. Axxcess Wealth Management LLC acquired a new position in shares of CNX Resources in the fourth quarter valued at approximately $358,000. Mercer Global Advisors Inc. ADV increased its stake in shares of CNX Resources by 8.3% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 65,660 shares of the oil and gas producer’s stock worth $2,414,000 after purchasing an additional 5,028 shares during the period. NewEdge Advisors LLC bought a new position in shares of CNX Resources during the fourth quarter worth approximately $3,761,000. Finally, VestGen Investment Management acquired a new stake in CNX Resources during the 4th quarter worth approximately $710,000. Institutional investors own 95.16% of the company’s stock.

CNX Resources Trading Up 5.3%

NYSE CNX opened at $41.78 on Tuesday. CNX Resources has a 12 month low of $27.68 and a 12 month high of $42.13. The company has a current ratio of 0.44, a quick ratio of 0.41 and a debt-to-equity ratio of 0.52. The stock has a 50 day moving average of $37.78 and a 200-day moving average of $34.98. The company has a market cap of $5.95 billion, a PE ratio of 11.35, a PEG ratio of 0.43 and a beta of 0.66.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.94. The business had revenue of $610.48 million for the quarter, compared to the consensus estimate of $422.65 million. CNX Resources had a net margin of 28.28% and a return on equity of 9.29%. The firm’s revenue for the quarter was up 347.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.97) earnings per share. On average, equities research analysts anticipate that CNX Resources will post 2.18 EPS for the current fiscal year.

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.