CNX Resources Corporation. (NYSE:CNX) Given Average Recommendation of “Reduce” by Analysts

Shares of CNX Resources Corporation. (NYSE:CNX) have received a consensus recommendation of “Reduce” from the thirteen ratings firms that are presently covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $35.4444.

Several brokerages have commented on CNX. Mizuho decreased their price objective on shares of CNX Resources from $44.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. Weiss Ratings lowered shares of CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, May 28th. 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. Tudor Pickering upgraded shares of CNX Resources from a “strong sell” rating to a “hold” rating in a report on Friday, May 8th. Finally, Zacks Research downgraded shares of CNX Resources from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th.

CNX Resources Trading Up 0.6%

NYSE:CNX opened at $33.27 on Thursday. The company has a fifty day moving average of $36.79 and a 200 day moving average of $38.09. CNX Resources has a 52 week low of $27.72 and a 52 week high of $43.62. 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 firm has a market capitalization of $4.71 billion, a P/E ratio of 4.62 and a beta of 0.58.

Insider Transactions at CNX Resources

In other news, Director Maureen Lally-Green sold 23,631 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $39.52, for a total transaction of $933,897.12. Following the sale, the director owned 169,577 shares of the company’s stock, valued at $6,701,683.04. This trade represents a 12.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William N. Thorndike, Jr. sold 28,800 shares of the firm’s stock in a transaction that occurred 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 transaction, the director directly owned 426,585 shares in the company, valued at approximately $16,316,876.25. The trade was a 6.32% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 5.03% of the company’s stock.

Institutional Trading of CNX Resources

Hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. lifted its stake in CNX Resources by 16.3% in the 3rd quarter. American Century Companies Inc. now owns 3,236,441 shares of the oil and gas producer’s stock worth $103,954,000 after purchasing an additional 454,071 shares in the last quarter. Pullen Investment Management LLC boosted its stake in shares of CNX Resources by 76.3% during the fourth quarter. Pullen Investment Management LLC now owns 68,083 shares of the oil and gas producer’s stock valued at $2,503,000 after purchasing an additional 29,469 shares during the period. Capital Research Global Investors boosted its stake in shares of CNX Resources by 38.6% during the third quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer’s stock valued at $126,874,000 after purchasing an additional 1,100,000 shares during the period. Ossiam lifted its stake in CNX Resources by 116.9% in the third quarter. Ossiam now owns 672,400 shares of the oil and gas producer’s stock worth $21,597,000 after acquiring an additional 362,400 shares during the period. Finally, Jupiter Asset Management Ltd. purchased a new stake in CNX Resources in the third quarter worth about $12,960,000. Hedge funds and other 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.