CNX Resources Corporation. (NYSE:CNX) Receives Average Rating of “Reduce” from Analysts

Shares of CNX Resources Corporation. (NYSE:CNX) have been assigned a consensus rating of “Reduce” from the twelve ratings firms that are currently covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a sell recommendation and nine have given a hold recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $35.4444.

A number of analysts have commented on the stock. Weiss Ratings downgraded shares of CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 28th. Barclays dropped their price target on CNX Resources from $36.00 to $35.00 and set an “underweight” rating for the company in a research report on Tuesday, May 26th. Mizuho cut their price target on CNX Resources from $44.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. Zacks Research downgraded CNX Resources from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Tudor Pickering raised CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th.

CNX Resources Price Performance

Shares of NYSE CNX opened at $35.29 on Tuesday. The firm has a 50-day simple moving average of $33.90 and a 200-day simple moving average of $36.86. The stock has a market capitalization of $5.22 billion, a price-to-earnings ratio of 5.89 and a beta of 0.60. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.46. CNX Resources has a 52 week low of $27.72 and a 52 week high of $43.62.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.72. The firm had revenue of $618.48 million for the quarter, compared to the consensus estimate of $475.16 million. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The company’s revenue for the quarter was down 35.7% on a year-over-year basis. During the same period last year, the firm posted $2.43 earnings per share. On average, equities analysts predict that CNX Resources will post 3.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CNX Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the company. State of Wyoming purchased a new position in CNX Resources during the second quarter worth about $29,000. Smartleaf Asset Management LLC increased its holdings in shares of CNX Resources by 56.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock worth $30,000 after buying an additional 293 shares during the last quarter. Caitlin John LLC acquired a new stake in shares of CNX Resources during the 2nd quarter worth approximately $33,000. Los Angeles Capital Management LLC purchased a new stake in shares of CNX Resources during the 4th quarter valued at approximately $34,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of CNX Resources during the 4th quarter valued at approximately $50,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

About CNX Resources

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.