CNX Resources (NYSE:CNX) Rating Lowered to “Strong Sell” at Zacks Research

CNX Resources (NYSE:CNX) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.

A number of other equities research analysts have also issued reports on the stock. Barclays increased their price objective on shares of CNX Resources from $32.00 to $34.00 and gave the company an “equal weight” rating in a report on Friday, October 31st. Scotiabank lifted their price target on CNX Resources from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Friday, November 21st. Mizuho boosted their price objective on CNX Resources from $35.00 to $43.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. JPMorgan Chase & Co. raised CNX Resources from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $36.00 to $38.00 in a research note on Monday, December 8th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of CNX Resources in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, CNX Resources has an average rating of “Reduce” and a consensus price target of $34.70.

CNX Resources Stock Up 1.5%

CNX opened at $36.62 on Monday. CNX Resources has a 1-year low of $27.00 and a 1-year high of $42.13. The firm’s 50 day simple moving average is $37.52 and its two-hundred day simple moving average is $33.56. The company has a market capitalization of $4.94 billion, a PE ratio of 25.61, a PEG ratio of 0.36 and a beta of 0.63. The company has a current ratio of 0.34, a quick ratio of 0.31 and a debt-to-equity ratio of 0.55.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, October 30th. The oil and gas producer reported $0.46 EPS for the quarter, topping the consensus estimate of $0.37 by $0.09. The firm had revenue of $423.00 million for the quarter, compared to the consensus estimate of $408.80 million. CNX Resources had a return on equity of 9.10% and a net margin of 16.56%.The company’s revenue for the quarter was up 37.6% compared to the same quarter last year. As a group, equities analysts forecast that CNX Resources will post 2.18 EPS for the current year.

Institutional Trading of CNX Resources

Large investors have recently made changes to their positions in the stock. State of Wyoming purchased a new position in CNX Resources in the 2nd quarter worth about $29,000. Caitlin John LLC purchased a new position in shares of CNX Resources during the third quarter worth approximately $31,000. Ameritas Advisory Services LLC bought a new stake in shares of CNX Resources in the second quarter valued at about $32,000. Elevation Point Wealth Partners LLC purchased a new position in CNX Resources during the 2nd quarter valued at about $46,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of CNX Resources by 393.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,925 shares of the oil and gas producer’s stock valued at $65,000 after purchasing an additional 1,535 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

CNX Resources Company Profile

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.