CNX Resources (NYSE:CNX) Coverage Initiated at Bank of America

Analysts at Bank of America initiated coverage on shares of CNX Resources (NYSE:CNX) in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The firm set an “underperform” rating and a $34.00 price target on the oil and gas producer’s stock. Bank of America‘s target price suggests a potential downside of 3.00% from the company’s current price.

Several other equities analysts have also commented on CNX. Tudor, Pickering, Holt & Co. lowered CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Capital One Financial downgraded shares of CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 target price for the company. in a research note on Monday, October 14th. Truist Financial downgraded shares of CNX Resources from a “buy” rating to a “hold” rating and decreased their target price for the stock from $38.00 to $34.00 in a research note on Monday. JPMorgan Chase & Co. raised their price objective on shares of CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Finally, Stephens increased their target price on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. Six analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $28.60.

CNX Resources Stock Down 0.5 %

CNX Resources stock opened at $35.05 on Monday. CNX Resources has a twelve month low of $19.07 and a twelve month high of $37.57. The stock’s fifty day simple moving average is $31.21 and its 200-day simple moving average is $27.14. The company has a current ratio of 0.41, a quick ratio of 0.40 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $5.37 billion, a P/E ratio of 6.35 and a beta of 1.38.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.09. The business had revenue of $424.21 million for the quarter, compared to analyst estimates of $398.33 million. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. During the same quarter in the prior year, the company earned $0.35 earnings per share. As a group, equities analysts expect that CNX Resources will post 1.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the business’s stock in a transaction on Monday, September 9th. The shares were purchased at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the acquisition, the director now directly owns 401,820 shares of the company’s stock, valued at $10,772,794.20. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CNX Resources

A number of institutional investors have recently added to or reduced their stakes in CNX. GAMMA Investing LLC lifted its holdings in CNX Resources by 54.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock worth $46,000 after buying an additional 666 shares in the last quarter. Hexagon Capital Partners LLC increased its position in shares of CNX Resources by 113.4% in the 1st quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 1,136 shares during the last quarter. Blue Trust Inc. increased its position in shares of CNX Resources by 135.4% in the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after purchasing an additional 1,131 shares during the last quarter. CWM LLC increased its position in shares of CNX Resources by 77.0% in the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock worth $70,000 after purchasing an additional 935 shares during the last quarter. Finally, Natixis bought a new stake in shares of CNX Resources in the 1st quarter worth about $79,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.