CNX Resources (NYSE:CNX) Upgraded to “Strong Sell” at Tudor Pickering

CNX Resources (NYSE:CNX) was upgraded by Tudor Pickering to a “strong sell” rating in a research note issued to investors on Tuesday, Zacks.com reports.

CNX has been the subject of several other research reports. Piper Sandler lowered CNX Resources from a “neutral” rating to an “underweight” rating and cut their price target for the company from $22.00 to $20.00 in a report on Thursday, August 15th. JPMorgan Chase & Co. boosted their price objective on CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Mizuho raised their target price on shares of CNX Resources from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Truist Financial lifted their price target on shares of CNX Resources from $31.00 to $38.00 and gave the company a “buy” rating in a report on Monday. Finally, Scotiabank increased their price objective on shares of CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, CNX Resources presently has an average rating of “Hold” and a consensus price target of $27.00.

CNX Resources Price Performance

Shares of NYSE:CNX opened at $32.66 on Tuesday. The company has a quick ratio of 0.40, a current ratio of 0.41 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $5.00 billion, a PE ratio of 5.92 and a beta of 1.37. The firm’s 50 day moving average price is $27.53 and its 200-day moving average price is $25.51. CNX Resources has a twelve month low of $19.07 and a twelve month high of $32.75.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.09. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. The business had revenue of $321.44 million for the quarter, compared to the consensus estimate of $387.46 million. During the same period last year, the firm earned $0.29 earnings per share. Equities research analysts expect that CNX Resources will post 1.44 EPS for the current year.

Insider Activity at CNX Resources

In related news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were acquired at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the purchase, the director now directly owns 401,820 shares in the company, valued at $10,772,794.20. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 3.10% of the stock is currently owned by corporate insiders.

Institutional Trading of CNX Resources

Several hedge funds have recently modified their holdings of CNX. Creative Planning increased its position in CNX Resources by 9.8% in the second quarter. Creative Planning now owns 31,265 shares of the oil and gas producer’s stock worth $760,000 after purchasing an additional 2,779 shares during the last quarter. Algert Global LLC purchased a new position in shares of CNX Resources in the 2nd quarter worth $375,000. Caxton Associates LP increased its holdings in shares of CNX Resources by 46.5% in the 2nd quarter. Caxton Associates LP now owns 43,854 shares of the oil and gas producer’s stock worth $1,066,000 after buying an additional 13,914 shares during the last quarter. Bank of Montreal Can raised its position in shares of CNX Resources by 2.5% during the 2nd quarter. Bank of Montreal Can now owns 233,515 shares of the oil and gas producer’s stock valued at $5,686,000 after buying an additional 5,797 shares in the last quarter. Finally, DRW Securities LLC purchased a new stake in shares of CNX Resources during the 2nd quarter valued at about $326,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

About CNX Resources

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.