CNX Resources (NYSE:CNX) Given Underweight Rating at Barclays

CNX Resources (NYSE:CNX)‘s stock had its “underweight” rating restated by research analysts at Barclays in a research report issued to clients and investors on Wednesday,Benzinga reports.

Other analysts have also issued research reports about the company. Mizuho upped their price objective on CNX Resources from $35.00 to $43.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Scotiabank boosted their price target on CNX Resources from $36.00 to $40.00 and gave the stock a “sector perform” rating in a report on Friday, November 21st. Weiss Ratings reissued a “hold (c)” rating on shares of CNX Resources in a report on Monday, December 29th. JPMorgan Chase & Co. upgraded shares of CNX Resources from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $36.00 to $38.00 in a report on Monday, December 8th. Finally, Morgan Stanley dropped their price target on CNX Resources from $32.00 to $31.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 14th. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $34.70.

CNX Resources Price Performance

CNX Resources stock opened at $36.62 on Wednesday. The firm has a market capitalization of $4.94 billion, a P/E ratio of 25.61, a PEG ratio of 0.36 and a beta of 0.63. The business has a 50-day moving average of $37.52 and a 200-day moving average of $33.56. 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 has a 1 year low of $27.00 and a 1 year high of $42.13.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, October 30th. The oil and gas producer reported $0.46 earnings per share 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 analyst estimates of $408.80 million. CNX Resources had a return on equity of 9.10% and a net margin of 16.56%.The firm’s quarterly revenue was up 37.6% on a year-over-year basis. On average, equities analysts anticipate that CNX Resources will post 2.18 EPS for the current year.

Institutional Trading of CNX Resources

A number of hedge funds have recently modified their holdings of the business. Capital Research Global Investors lifted its stake in shares of CNX Resources by 38.6% during the 3rd quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer’s stock worth $126,874,000 after purchasing an additional 1,100,000 shares during the period. Balyasny Asset Management L.P. lifted its holdings in CNX Resources by 601.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer’s stock worth $35,507,000 after buying an additional 947,931 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in CNX Resources by 5,262.2% in the second quarter. Mackenzie Financial Corp now owns 555,473 shares of the oil and gas producer’s stock valued at $18,708,000 after purchasing an additional 545,114 shares during the last quarter. AQR Capital Management LLC grew its position in shares of CNX Resources by 112.2% during the second quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer’s stock worth $33,932,000 after buying an additional 532,770 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of CNX Resources by 16.3% during the third quarter. American Century Companies Inc. now owns 3,236,441 shares of the oil and gas producer’s stock worth $103,954,000 after purchasing an additional 454,071 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

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.