CNX Resources Co. (NYSE:CNX) Given Average Rating of “Reduce” by Brokerages

CNX Resources Co. (NYSE:CNX) has earned a consensus recommendation of “Reduce” from the fourteen research firms that are covering the firm, MarketBeat Ratings reports. Eight research analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and one has given a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $30.83.

CNX has been the topic of several analyst reports. Bank of America cut their target price on shares of CNX Resources from $32.00 to $27.00 and set an “underperform” rating on the stock in a report on Tuesday. Stephens upgraded CNX Resources from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $35.00 to $48.00 in a report on Tuesday, March 18th. Raymond James upgraded CNX Resources from an “underperform” rating to a “market perform” rating in a report on Tuesday, February 18th. Morgan Stanley set a $33.00 price objective on CNX Resources and gave the company an “underweight” rating in a report on Wednesday, March 26th. Finally, Piper Sandler lowered their target price on CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a research note on Wednesday, January 29th.

CNX Resources Stock Down 6.2 %

Shares of CNX Resources stock opened at $29.29 on Friday. The business has a fifty day simple moving average of $30.03 and a 200 day simple moving average of $33.35. The stock has a market cap of $4.31 billion, a PE ratio of -43.08, a price-to-earnings-growth ratio of 0.42 and a beta of 1.26. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. CNX Resources has a 12 month low of $22.82 and a 12 month high of $41.93.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) 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%. Research analysts predict that CNX Resources will post 2.18 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources 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 sale, the insider now owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. The trade was a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its stake in shares of CNX Resources by 0.3% during the 3rd 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 raised its position in CNX Resources by 20.5% during the fourth quarter. Northern Trust Corp now owns 2,421,387 shares of the oil and gas producer’s stock worth $88,792,000 after acquiring an additional 411,485 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in CNX Resources by 7.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,000,464 shares of the oil and gas producer’s stock valued at $73,357,000 after acquiring an additional 139,647 shares during the last quarter. Woodline Partners LP bought a new position in shares of CNX Resources in the 4th quarter valued at about $71,971,000. Finally, Capital Research Global Investors increased its stake 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 purchasing an additional 350,000 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

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.