CNX Resources (NYSE:CNX) Stock Rating Lowered by Truist Financial

CNX Resources (NYSE:CNX) was downgraded by stock analysts at Truist Financial from a “buy” rating to a “hold” rating in a research note issued on Monday, Marketbeat reports. They currently have a $34.00 target price on the oil and gas producer’s stock, down from their previous target price of $38.00. Truist Financial’s target price would indicate a potential downside of 3.00% from the stock’s previous close.

CNX has been the subject of a number of other research reports. StockNews.com cut shares of CNX Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 3rd. Tudor Pickering upgraded shares of CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. Stephens increased their target price on shares of CNX Resources from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. BMO Capital Markets raised their price objective on shares of CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, October 4th. Finally, Mizuho raised their price objective on shares of CNX Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Six investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. Based on data from MarketBeat, CNX Resources currently has a consensus rating of “Hold” and a consensus target price of $28.60.

CNX Resources Trading Down 0.5 %

Shares of CNX Resources stock opened at $35.05 on Monday. The stock has a market capitalization of $5.37 billion, a P/E ratio of 6.35 and a beta of 1.38. 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 company has a 50-day simple moving average of $31.21 and a 200 day simple moving average of $27.14. CNX Resources has a 12-month low of $19.07 and a 12-month high of $37.57.

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

Insider Activity

In other CNX Resources news, Director Bernard Lanigan, Jr. bought 75,000 shares of CNX Resources stock in a transaction dated Monday, September 9th. The shares were bought at an average price of $26.81 per share, with a total value of $2,010,750.00. Following the purchase, the director now owns 401,820 shares of the company’s stock, valued at $10,772,794.20. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Forum Financial Management LP bought a new position in CNX Resources during the 3rd quarter worth approximately $220,000. Investment Partners Asset Management Inc. bought a new position in CNX Resources during the 3rd quarter worth approximately $224,000. Semanteon Capital Management LP bought a new position in CNX Resources during the 3rd quarter worth approximately $282,000. State of Alaska Department of Revenue boosted its stake in CNX Resources by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 17,662 shares of the oil and gas producer’s stock worth $575,000 after acquiring an additional 1,190 shares during the last quarter. Finally, Pullen Investment Management LLC boosted its stake in CNX Resources by 14.3% during the 3rd quarter. Pullen Investment Management LLC now owns 31,310 shares of the oil and gas producer’s stock worth $1,020,000 after acquiring an additional 3,911 shares during the last quarter. Institutional investors 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.