CNX Resources Corporation. (NYSE:CNX) Receives Average Recommendation of “Reduce” from Brokerages

CNX Resources Corporation. (NYSE:CNX) has been assigned a consensus recommendation of “Reduce” from the fifteen brokerages that are presently covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation and one has given a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $32.6667.

CNX has been the subject of a number of recent research reports. Scotiabank upped their target price on CNX Resources from $35.00 to $36.00 and gave the company a “sector perform” rating in a report on Thursday, October 9th. Barclays boosted their price target on shares of CNX Resources from $32.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Friday, October 31st. Siebert Williams Shank began coverage on shares of CNX Resources in a research report on Monday, September 15th. They set a “hold” rating and a $32.00 price objective for the company. Zacks Research upgraded shares of CNX Resources from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. Finally, Morgan Stanley cut their price target on shares of CNX Resources from $32.00 to $31.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 14th.

CNX Resources Stock Performance

NYSE:CNX opened at $36.76 on Friday. The company has a current ratio of 0.33, a quick ratio of 0.30 and a debt-to-equity ratio of 0.56. The stock has a market cap of $4.96 billion, a P/E ratio of 62.31, a PEG ratio of 0.35 and a beta of 0.56. The stock has a 50 day simple moving average of $32.54 and a 200 day simple moving average of $31.79. CNX Resources has a 1-year low of $27.00 and a 1-year high of $41.93.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, October 30th. The oil and gas producer reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.09. The company had revenue of $423.00 million for the quarter, compared to analysts’ expectations of $408.80 million. CNX Resources had a return on equity of 8.93% and a net margin of 9.70%.The company’s revenue was up 37.6% compared to the same quarter last year. Research analysts anticipate that CNX Resources will post 2.18 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. HighTower Advisors LLC lifted its position in shares of CNX Resources by 59.7% during the 1st quarter. HighTower Advisors LLC now owns 46,592 shares of the oil and gas producer’s stock valued at $1,467,000 after buying an additional 17,424 shares during the last quarter. LPL Financial LLC boosted its position in CNX Resources by 3.5% during the first quarter. LPL Financial LLC now owns 87,661 shares of the oil and gas producer’s stock worth $2,760,000 after purchasing an additional 2,927 shares during the period. Vanguard Group Inc. increased its stake in shares of CNX Resources by 4.4% in the first quarter. Vanguard Group Inc. now owns 15,952,281 shares of the oil and gas producer’s stock worth $502,178,000 after purchasing an additional 665,289 shares in the last quarter. Jump Financial LLC raised its position in shares of CNX Resources by 1,945.1% in the first quarter. Jump Financial LLC now owns 353,992 shares of the oil and gas producer’s stock valued at $11,144,000 after purchasing an additional 336,683 shares during the period. Finally, US Bancorp DE lifted its stake in shares of CNX Resources by 1.9% during the 2nd quarter. US Bancorp DE now owns 25,944 shares of the oil and gas producer’s stock valued at $874,000 after buying an additional 477 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

CNX Resources Company Profile

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.