Morgan Stanley Initiates Coverage on CNX Resources (NYSE:CNX)

Equities research analysts at Morgan Stanley began coverage on shares of CNX Resources (NYSE:CNX) in a report issued on Friday, MarketBeat.com reports. The firm set an “underweight” rating and a $29.00 price target on the oil and gas producer’s stock. Morgan Stanley’s target price indicates a potential downside of 3.37% from the company’s current price.

A number of other analysts also recently commented on CNX. JPMorgan Chase & Co. downgraded CNX Resources from a “neutral” rating to an “underweight” rating and increased their price target for the company from $31.00 to $37.00 in a research report on Thursday, December 5th. BMO Capital Markets increased their price target on CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, October 4th. Mizuho lowered CNX Resources from a “neutral” rating to an “underperform” rating and increased their price objective for the company from $33.00 to $38.00 in a report on Monday, December 16th. Stephens increased their price objective on CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. Finally, Piper Sandler increased their price objective on CNX Resources from $20.00 to $23.00 and gave the company an “underweight” rating in a report on Friday, December 6th. Nine equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat.com, CNX Resources presently has an average rating of “Reduce” and an average price target of $30.36.

CNX Resources Stock Performance

Shares of CNX Resources stock opened at $30.01 on Friday. The company has a market cap of $4.48 billion, a PE ratio of 9.44, a price-to-earnings-growth ratio of 1.85 and a beta of 1.42. CNX Resources has a 52 week low of $19.07 and a 52 week high of $41.93. The business has a 50 day moving average price of $37.15 and a 200-day moving average price of $31.77. The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. The company had revenue of $424.21 million during the quarter, compared to the consensus estimate of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same period last year, the business posted $0.35 earnings per share. Equities analysts anticipate that CNX Resources will post 1.54 earnings per share for the current fiscal year.

Insider Transactions at CNX Resources

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $31.09, for a total value of $33,421,750.00. Following the completion of the transaction, the insider now directly owns 13,925,000 shares of the company’s stock, valued at $432,928,250. This trade represents a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CNX Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. raised its position in shares of CNX Resources by 135.4% in the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after buying an additional 1,131 shares in the last quarter. CWM LLC raised its position 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 in the last quarter. GAMMA Investing LLC raised its position 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 in the last quarter. Atomi Financial Group Inc. purchased a new stake in shares of CNX Resources in the third quarter worth $202,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of CNX Resources in the third quarter worth $205,000. Hedge funds and other 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.