Truist Financial Upgrades CNX Resources (NYSE:CNX) to “Hold”

CNX Resources (NYSE:CNX) was upgraded by investment analysts at Truist Financial from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a $35.00 target price on the oil and gas producer’s stock. Truist Financial’s price target would indicate a potential upside of 8.18% from the company’s previous close.

A number of other equities research analysts have also weighed in on CNX. Tudor Pickering upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Barclays dropped their target price on shares of CNX Resources from $36.00 to $35.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 26th. Zacks Research cut shares of CNX Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Morgan Stanley cut their target price on CNX Resources from $34.00 to $32.00 and set an “underweight” rating on the stock in a research report on Monday, June 29th. Finally, Mizuho reduced their target price on CNX Resources from $44.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $35.44.

CNX Resources Trading Up 0.0%

Shares of NYSE:CNX opened at $32.35 on Wednesday. The business’s 50-day moving average is $34.09 and its 200 day moving average is $37.15. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.49 and a quick ratio of 0.46. CNX Resources has a 1 year low of $27.72 and a 1 year high of $43.62. The firm has a market capitalization of $4.58 billion, a P/E ratio of 4.49 and a beta of 0.59.

Insider Buying and Selling

In related news, Director William N. Thorndike, Jr. sold 28,800 shares of CNX Resources stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $38.25, for a total transaction of $1,101,600.00. Following the completion of the transaction, the director directly owned 426,585 shares in the company, valued at approximately $16,316,876.25. This trade represents a 6.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.03% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CNX Resources

Hedge funds have recently bought and sold shares of the stock. Smartleaf Asset Management LLC raised its stake in CNX Resources by 56.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock valued at $30,000 after buying an additional 293 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in CNX Resources by 8.6% during the 4th quarter. Farther Finance Advisors LLC now owns 4,464 shares of the oil and gas producer’s stock worth $164,000 after buying an additional 353 shares during the last quarter. Aigen Investment Management LP boosted its position in shares of CNX Resources by 4.9% during the 4th quarter. Aigen Investment Management LP now owns 7,619 shares of the oil and gas producer’s stock worth $280,000 after acquiring an additional 354 shares in the last quarter. Arkadios Wealth Advisors boosted its position in shares of CNX Resources by 3.2% during the 4th quarter. Arkadios Wealth Advisors now owns 13,028 shares of the oil and gas producer’s stock worth $479,000 after acquiring an additional 400 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of CNX Resources by 18.8% in the 4th quarter. GAMMA Investing LLC now owns 3,821 shares of the oil and gas producer’s stock valued at $140,000 after acquiring an additional 606 shares during the last quarter. Hedge funds and other 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.