CNX Resources Co. (NYSE:CNX) Receives Average Rating of “Strong Sell” from Brokerages

Shares of CNX Resources Co. (NYSE:CNX) have been assigned a consensus recommendation of “Strong Sell” from the fifteen brokerages that are currently covering the firm, MarketBeat reports. Eight investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $29.69.

Several research analysts have commented on the stock. JPMorgan Chase & Co. lowered shares of CNX Resources from a “neutral” rating to an “underweight” rating and upped their price objective for the stock from $31.00 to $37.00 in a report on Thursday, December 5th. Piper Sandler decreased their price objective on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a report on Wednesday, January 29th. StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Thursday, February 13th. Mizuho decreased their price objective on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Tuesday, January 14th. Finally, TD Cowen initiated coverage on shares of CNX Resources in a research report on Wednesday, January 15th. They issued a “hold” rating and a $27.00 target price on the stock.

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 dated Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the sale, the insider now directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.10% of the stock is owned by company insiders.

Institutional Trading of CNX Resources

A number of institutional investors and hedge funds have recently bought and sold shares of CNX. Woodline Partners LP bought a new stake in CNX Resources during the 4th quarter valued at about $71,971,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of CNX Resources in the fourth quarter worth approximately $37,923,000. Millennium Management LLC grew its stake in shares of CNX Resources by 69.1% in the fourth quarter. Millennium Management LLC now owns 1,154,588 shares of the oil and gas producer’s stock worth $42,339,000 after acquiring an additional 471,763 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of CNX Resources by 311.0% in 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 acquiring an additional 466,694 shares during the period. Finally, Northern Trust Corp grew its stake in shares of CNX Resources by 20.5% in 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 during the period. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Trading Up 1.9 %

NYSE:CNX opened at $30.62 on Tuesday. The company has a fifty day moving average of $30.09 and a 200 day moving average of $32.92. CNX Resources has a 52 week low of $21.00 and a 52 week high of $41.93. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $4.56 billion, a P/E ratio of -45.03, a P/E/G ratio of 0.42 and a beta of 1.26.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, topping the consensus estimate of $0.43 by $0.14. CNX Resources had a negative net margin of 7.14% and a positive return on equity of 6.72%. On average, research analysts predict that CNX Resources will post 2.18 earnings per share for the current year.

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.