CNX Resources (NYSE:CNX) Price Target Cut to $34.00 by Analysts at Truist Financial

CNX Resources (NYSE:CNX) had its target price dropped by equities research analysts at Truist Financial from $35.00 to $34.00 in a report released on Friday, Benzinga reports. The firm currently has a “hold” rating on the oil and gas producer’s stock. Truist Financial’s price target suggests a potential downside of 1.69% from the stock’s current price.

CNX has been the subject of a number of other research reports. Mizuho decreased their price objective on shares of CNX Resources from $42.00 to $38.00 and set a “neutral” rating for the company in a report on Thursday. Morgan Stanley upped their target price on shares of CNX Resources from $32.00 to $34.00 and gave the stock an “underweight” rating in a research note on Thursday. Scotiabank initiated coverage on shares of CNX Resources in a research note on Wednesday. They issued a “sector perform” rating and a $34.00 target price on the stock. Finally, Weiss Ratings lowered shares of CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 28th. Eight analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, CNX Resources currently has an average rating of “Reduce” and an average target price of $34.25.

CNX Resources Stock Down 0.7%

NYSE:CNX opened at $34.59 on Friday. The company has a market cap of $5.12 billion, a price-to-earnings ratio of 5.77 and a beta of 0.69. CNX Resources has a twelve month low of $30.77 and a twelve month high of $43.62. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46. The stock has a fifty day simple moving average of $34.88 and a 200-day simple moving average of $35.23.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $475.16 million. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The business’s revenue for the quarter was down 35.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.43 earnings per share. Analysts anticipate that CNX Resources will post 3.12 EPS for the current year.

Institutional Investors Weigh In On CNX Resources

Hedge funds have recently made changes to their positions in the company. State of Alaska Department of Revenue grew its position in shares of CNX Resources by 36.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 18,978 shares of the oil and gas producer’s stock worth $590,000 after buying an additional 5,115 shares in the last quarter. Farther Finance Advisors LLC increased its stake in shares of CNX Resources by 18.6% during the third quarter. Farther Finance Advisors LLC now owns 3,006 shares of the oil and gas producer’s stock valued at $94,000 after buying an additional 472 shares during the period. Congress Asset Management Co. increased its stake in shares of CNX Resources by 21.2% during the third quarter. Congress Asset Management Co. now owns 382,023 shares of the oil and gas producer’s stock valued at $11,908,000 after buying an additional 66,813 shares during the period. QRG Capital Management Inc. increased its stake in shares of CNX Resources by 2.3% during the second quarter. QRG Capital Management Inc. now owns 19,987 shares of the oil and gas producer’s stock valued at $678,000 after buying an additional 440 shares during the period. Finally, Sequoia Financial Advisors LLC raised its holdings in shares of CNX Resources by 8.0% in the second quarter. Sequoia Financial Advisors LLC now owns 20,580 shares of the oil and gas producer’s stock valued at $698,000 after acquiring an additional 1,532 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

About CNX Resources

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.