CNX Resources (NYSE:CNX) Downgraded to “Sell” Rating by StockNews.com

StockNews.com lowered shares of CNX Resources (NYSE:CNX) from a hold rating to a sell rating in a research report released on Thursday.

CNX has been the topic of a number of other reports. Truist Financial upped their price objective on shares of CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Mizuho cut their price target on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating on the stock in a research report on Tuesday, January 14th. Bank of America initiated coverage on CNX Resources in a research report on Monday, October 28th. They issued an “underperform” rating and a $34.00 price objective for the company. Piper Sandler dropped their price objective on CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 29th. Finally, Morgan Stanley began coverage on CNX Resources in a research note on Friday, January 10th. They set an “underweight” rating and a $29.00 target price for the company. Nine investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $29.67.

CNX Resources Stock Up 2.0 %

Shares of CNX opened at $30.45 on Thursday. The stock’s 50-day moving average price is $32.48 and its two-hundred day moving average price is $32.39. CNX Resources has a 12 month low of $19.07 and a 12 month high of $41.93. The company has a market capitalization of $4.55 billion, a PE ratio of -44.78, a PEG ratio of 0.39 and a beta of 1.38. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45.

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 (EPS) for the quarter, topping analysts’ consensus estimates 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, analysts anticipate that CNX Resources will post 2.36 EPS for the current year.

Insider Buying and Selling at CNX Resources

In other CNX Resources 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 transaction, the insider now directly owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. This trade represents a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CNX Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership bought a new stake in CNX Resources during the 4th quarter worth approximately $37,923,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in CNX Resources by 311.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock worth $20,087,000 after buying an additional 466,694 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in CNX Resources in the 4th quarter valued at $14,268,000. Bridgewater Associates LP bought a new position in CNX Resources during the 4th quarter valued at $13,430,000. Finally, Empirical Asset Management LLC bought a new position in CNX Resources during the 4th quarter valued at $9,281,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.