CNX Resources (NYSE:CNX) Stock Rating Upgraded by Raymond James

Raymond James upgraded shares of CNX Resources (NYSE:CNX) from an underperform rating to a market perform rating in a research report sent to investors on Tuesday, MarketBeat Ratings reports.

A number of other brokerages also recently issued reports on CNX. Piper Sandler reduced their price objective on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a report on Wednesday, January 29th. Stephens lifted their price target on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. Morgan Stanley began coverage on shares of CNX Resources in a report on Friday, January 10th. They issued an “underweight” rating and a $29.00 price objective on the stock. StockNews.com downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Thursday, February 13th. Finally, JPMorgan Chase & Co. cut CNX Resources from a “neutral” rating to an “underweight” rating and upped their price target for the stock from $31.00 to $37.00 in a research note on Thursday, December 5th. Nine analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat.com, CNX Resources presently has an average rating of “Reduce” and a consensus price target of $29.67.

CNX Resources Stock Down 2.1 %

Shares of NYSE CNX opened at $29.66 on Tuesday. The company has a market capitalization of $4.41 billion, a P/E ratio of -43.61, a P/E/G ratio of 0.40 and a beta of 1.38. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32. The company has a 50 day simple moving average of $31.75 and a 200-day simple moving average of $32.54. CNX Resources has a 1 year low of $19.97 and a 1 year high of $41.93.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. On average, equities research analysts predict that CNX Resources will post 2.36 earnings per share for the current year.

Insider Activity at CNX Resources

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction that occurred on Monday, January 6th. The shares were 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 owns 13,925,000 shares in the company, valued at $432,928,250. The trade was a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CNX Resources

A number of large investors have recently modified their holdings of the company. Geode Capital Management LLC grew its stake in shares of CNX Resources by 0.3% during the third quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer’s stock worth $117,366,000 after purchasing an additional 12,333 shares in the last quarter. Northern Trust Corp lifted its holdings in CNX Resources by 20.5% during the 4th quarter. Northern Trust Corp now owns 2,421,387 shares of the oil and gas producer’s stock worth $88,792,000 after buying an additional 411,485 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of CNX Resources by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,000,464 shares of the oil and gas producer’s stock worth $73,357,000 after acquiring an additional 139,647 shares in the last quarter. Woodline Partners LP acquired a new position in shares of CNX Resources during the 4th quarter worth about $71,971,000. Finally, Capital Research Global Investors raised its position in shares of CNX Resources by 31.8% during the 4th quarter. Capital Research Global Investors now owns 1,450,000 shares of the oil and gas producer’s stock worth $53,172,000 after acquiring an additional 350,000 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

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.