CNX Resources Corporation. (NYSE:CNX) Stock Has Average Target Price of $35.88 According to Brokerages

CNX Resources Corporation. (NYSE:CNX) has received an average recommendation of “Reduce” from the eleven research firms that are currently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $35.88.

Several brokerages have recently weighed in on CNX. Truist Financial upgraded CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 price target on the stock in a research report on Wednesday, July 15th. Weiss Ratings downgraded shares of CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 28th. Finally, Morgan Stanley cut their price objective on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating for the company in a research report on Monday, June 29th.

Institutional Trading of CNX Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in CNX Resources in the 2nd quarter worth approximately $650,689,000. Arrowstreet Capital Limited Partnership raised its position in shares of CNX Resources by 6,057.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer’s stock valued at $147,988,000 after buying an additional 3,776,511 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of CNX Resources during the 2nd quarter valued at $87,949,000. Bank of New York Mellon Corp bought a new stake in shares of CNX Resources during the 2nd quarter worth $41,432,000. Finally, Capital Research Global Investors lifted its holdings in shares of CNX Resources by 20.6% during the 4th quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer’s stock worth $175,210,000 after acquiring an additional 815,039 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Price Performance

CNX Resources stock opened at $34.02 on Wednesday. The firm has a market capitalization of $5.03 billion, a P/E ratio of 5.68 and a beta of 0.69. CNX Resources has a one year low of $30.77 and a one year high of $43.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.72 and a quick ratio of 0.67. The business has a fifty day moving average price of $34.92 and a 200-day moving average price of $35.43.

CNX Resources (NYSE:CNX) last released its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.72. CNX Resources had a return on equity of 10.40% and a net margin of 36.53%. The company had revenue of $618.48 million for the quarter, compared to analyst estimates of $475.16 million. During the same period in the previous year, the company posted $2.43 EPS. The firm’s revenue for the quarter was down 35.7% compared to the same quarter last year. As a group, equities research analysts forecast that CNX Resources will post 3.11 EPS for the current year.

CNX Resources Company Profile

CNX Resources Corporation (NYSE: CNX) is an independent natural gas exploration and production company focused primarily on developing unconventional natural gas reserves in the Appalachian Basin. Its operations are concentrated in the Marcellus and Utica shale formations, where it uses horizontal drilling and hydraulic fracturing to produce pipeline-quality natural gas.

The company’s activities include acquiring, developing and operating natural gas properties, as well as managing related gathering and infrastructure assets.