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

Morgan Stanley assumed coverage on shares of CNX Resources (NYSE:CNX) in a research note released on Friday, MarketBeat.com reports. The brokerage issued an underweight rating and a $29.00 price objective on the oil and gas producer’s stock.

Several other brokerages have also recently issued reports on CNX. Piper Sandler boosted their price target on CNX Resources from $20.00 to $23.00 and gave the company an “underweight” rating in a research note on Friday, December 6th. Stephens increased their target price on CNX Resources from $26.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, October 25th. Mizuho downgraded CNX Resources from a “neutral” rating to an “underperform” rating and boosted their price target for the company from $33.00 to $38.00 in a research note on Monday, December 16th. Tudor, Pickering, Holt & Co. cut shares of CNX Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Finally, Truist Financial raised their target price on shares of CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a report on Friday, December 6th. Nine research analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $30.36.

CNX Resources Stock Down 3.9 %

CNX stock opened at $30.01 on Friday. CNX Resources has a fifty-two week low of $19.07 and a fifty-two week high of $41.93. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36. The stock has a market capitalization of $4.48 billion, a price-to-earnings ratio of 9.44, a PEG ratio of 1.85 and a beta of 1.42. The business’s fifty day moving average price is $37.23 and its two-hundred day moving average price is $31.68.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, topping the consensus estimate 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 27.79% and a return on equity of 7.54%. During the same quarter in the previous year, the company earned $0.35 EPS. On average, equities analysts anticipate that CNX Resources will post 1.54 earnings per share for the current year.

Insider Activity at CNX Resources

In other CNX Resources news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the company’s stock in a transaction dated 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 owns 13,925,000 shares of the company’s stock, valued at $432,928,250. This represents a 7.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.65% of the stock is currently owned by insiders.

Institutional Trading of CNX Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the company. CWA Asset Management Group LLC acquired a new stake in CNX Resources during the 4th quarter worth approximately $241,000. World Investment Advisors LLC acquired a new position in shares of CNX Resources during the third quarter worth $534,000. Geode Capital Management LLC grew its stake in shares of CNX Resources by 0.3% in 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 during the last quarter. M&T Bank Corp increased its holdings in CNX Resources by 25.4% in the third quarter. M&T Bank Corp now owns 18,057 shares of the oil and gas producer’s stock valued at $588,000 after purchasing an additional 3,663 shares during the period. Finally, Hodges Capital Management Inc. bought a new position in CNX Resources during the 3rd quarter worth $212,000. 95.16% of the stock is currently owned by institutional investors.

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.