CNX Resources Co. (NYSE:CNX) Receives Average Rating of “Reduce” from Brokerages

CNX Resources Co. (NYSE:CNX) has been given an average recommendation of “Reduce” by the eleven ratings firms that are currently covering the stock, MarketBeat reports. Four analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $27.22.

A number of brokerages have recently issued reports on CNX. Stephens reiterated an “equal weight” rating and issued a $27.00 price target on shares of CNX Resources in a report on Monday, July 15th. BMO Capital Markets boosted their target price on CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. boosted their target price on CNX Resources from $26.00 to $27.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. Piper Sandler downgraded CNX Resources from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $22.00 to $20.00 in a research note on Thursday, August 15th. Finally, Scotiabank boosted their target price on CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th.

Insider Activity

In other news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were acquired at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the completion of the acquisition, the director now owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CNX. Creative Planning boosted its stake in shares of CNX Resources by 17.5% in the third quarter. Creative Planning now owns 36,735 shares of the oil and gas producer’s stock worth $1,196,000 after buying an additional 5,470 shares during the last quarter. CHICAGO TRUST Co NA purchased a new stake in shares of CNX Resources in the third quarter worth about $233,000. CWM LLC boosted its stake in shares of CNX Resources by 77.0% in the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock worth $70,000 after buying an additional 935 shares during the last quarter. Atomi Financial Group Inc. purchased a new stake in shares of CNX Resources in the third quarter worth about $202,000. Finally, GAMMA Investing LLC boosted its stake in shares of CNX Resources by 62.1% in the third quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock worth $100,000 after buying an additional 1,177 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

CNX Resources Trading Up 4.5 %

Shares of NYSE:CNX opened at $36.29 on Friday. CNX Resources has a 12-month low of $19.07 and a 12-month high of $36.96. The business’s fifty day simple moving average is $28.93 and its 200-day simple moving average is $26.14. The company has a market capitalization of $5.56 billion, a PE ratio of 6.57 and a beta of 1.38. The company has a current ratio of 0.41, a quick ratio of 0.40 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last announced its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.09. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. 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 business posted $0.29 EPS. As a group, equities research analysts predict that CNX Resources will post 1.43 earnings per share for the current fiscal year.

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.