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

Shares of CNX Resources Co. (NYSE:CNX) have received a consensus recommendation of “Reduce” from the eight ratings firms that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $26.13.

Several analysts have recently commented on CNX shares. Scotiabank raised their target price on CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Truist Financial raised their price target on shares of CNX Resources from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. JPMorgan Chase & Co. upped their price objective on shares of CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Piper Sandler downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $22.00 to $20.00 in a research report on Thursday, August 15th. Finally, Stephens restated an “equal weight” rating and set a $27.00 price target on shares of CNX Resources in a report on Monday, July 15th.

CNX Resources Price Performance

Shares of NYSE CNX opened at $31.88 on Tuesday. The firm has a 50-day moving average of $26.75 and a two-hundred day moving average of $24.99. The company has a market capitalization of $4.89 billion, a price-to-earnings ratio of 5.78 and a beta of 1.37. 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 has a twelve month low of $19.07 and a twelve month high of $31.89.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.09. The company had revenue of $321.44 million for the quarter, compared to analysts’ expectations of $387.46 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 $0.29 earnings per share. As a group, analysts expect that CNX Resources will post 1.47 earnings per share for the current fiscal year.

Insider Buying and Selling at CNX Resources

In related news, Director Bernard Lanigan, Jr. purchased 75,000 shares of CNX Resources stock in a transaction on Monday, September 9th. The stock was purchased at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the acquisition, the director now directly owns 401,820 shares in the company, valued at $10,772,794.20. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CNX Resources

A number of institutional investors have recently bought and sold shares of the business. Mizuho Markets Americas LLC bought a new position in shares of CNX Resources during the 2nd quarter worth approximately $97,200,000. American Century Companies Inc. lifted its holdings in shares of CNX Resources by 12.0% during the second quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock valued at $89,890,000 after acquiring an additional 397,729 shares during the period. LSV Asset Management boosted its stake in shares of CNX Resources by 1.4% in the 2nd quarter. LSV Asset Management now owns 1,780,921 shares of the oil and gas producer’s stock valued at $43,276,000 after purchasing an additional 23,800 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of CNX Resources by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,455,350 shares of the oil and gas producer’s stock worth $29,107,000 after purchasing an additional 9,356 shares during the last quarter. Finally, Tributary Capital Management LLC increased its position in shares of CNX Resources by 0.3% during the 2nd quarter. Tributary Capital Management LLC now owns 901,940 shares of the oil and gas producer’s stock worth $21,917,000 after purchasing an additional 2,535 shares in the last quarter. 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.