TD Cowen Begins Coverage on CNX Resources (NYSE:CNX)

Stock analysts at TD Cowen initiated coverage on shares of CNX Resources (NYSE:CNX) in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The brokerage set a “hold” rating and a $27.00 price target on the oil and gas producer’s stock. TD Cowen’s price objective indicates a potential downside of 10.77% from the stock’s previous close.

A number of other analysts also recently issued reports on CNX. Tudor, Pickering, Holt & Co. downgraded CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Mizuho lowered their price target on CNX Resources from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Tuesday. Truist Financial raised their price objective on shares of CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Piper Sandler upped their target price on shares of CNX Resources from $20.00 to $23.00 and gave the company an “underweight” rating in a report on Friday, December 6th. Finally, Morgan Stanley assumed coverage on shares of CNX Resources in a research note on Friday, January 10th. They set an “underweight” rating and a $29.00 price target on the stock. Nine research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, CNX Resources presently has a consensus rating of “Reduce” and a consensus target price of $29.75.

CNX Resources Stock Performance

NYSE:CNX opened at $30.26 on Wednesday. CNX Resources has a 52 week low of $19.07 and a 52 week high of $41.93. The company has a market cap of $4.52 billion, a price-to-earnings ratio of 9.52, a price-to-earnings-growth ratio of 1.85 and a beta of 1.42. The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46. The company has a fifty day simple moving average of $37.06 and a two-hundred day simple moving average of $31.87.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same period in the prior year, the firm posted $0.35 EPS. As a group, equities analysts anticipate that CNX Resources will post 1.54 earnings per share for the current fiscal year.

Insider Buying and Selling

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 shares were sold at an average price of $31.09, for a total value of $33,421,750.00. Following the completion of the sale, the insider now owns 13,925,000 shares in the company, valued at approximately $432,928,250. This trade represents a 7.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. increased its position in CNX Resources by 135.4% during the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after purchasing an additional 1,131 shares during the period. CWM LLC grew its position in CNX Resources by 77.0% during 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 during the period. GAMMA Investing LLC lifted its position in shares of CNX Resources by 62.1% during the 3rd quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock valued at $100,000 after acquiring an additional 1,177 shares during the period. Atomi Financial Group Inc. purchased a new stake in shares of CNX Resources during the 3rd quarter worth approximately $202,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of CNX Resources in the 3rd quarter worth approximately $205,000. 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.