CNX Resources Co. (NYSE:CNX) Receives Average Rating of “Strong Sell” from Analysts

CNX Resources Co. (NYSE:CNX) has been given a consensus recommendation of “Strong Sell” by the fourteen brokerages that are covering the stock, MarketBeat.com reports. Eight investment analysts have rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $29.67.

Several research analysts have commented on CNX shares. Bank of America started coverage on CNX Resources in a report on Monday, October 28th. They set an “underperform” rating and a $34.00 price objective on the stock. StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Thursday. Truist Financial upped their price objective on shares of CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. TD Cowen initiated coverage on shares of CNX Resources in a research note on Wednesday, January 15th. They issued a “hold” rating and a $27.00 price objective for the company. Finally, Stephens upped their price objective on shares of CNX Resources from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th.

CNX Resources Trading Up 2.0 %

Shares of NYSE CNX opened at $30.45 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.32 and a current ratio of 0.33. The business’s 50 day moving average price is $32.48 and its 200-day moving average price is $32.39. CNX Resources has a fifty-two week low of $19.07 and a fifty-two week high of $41.93. The company has a market cap of $4.55 billion, a price-to-earnings ratio of -44.78, a PEG ratio of 0.39 and a beta of 1.38.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. On average, sell-side analysts expect that CNX Resources will post 2.36 earnings per share for the current year.

Insider Buying and Selling at CNX Resources

In other CNX Resources news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the sale, the insider now directly owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. This represents a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.10% of the company’s stock.

Institutional Trading of CNX Resources

Hedge funds have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership purchased a new position in shares of CNX Resources in the 4th quarter valued at approximately $37,923,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of CNX Resources by 311.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock valued at $20,087,000 after purchasing an additional 466,694 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of CNX Resources in the 4th quarter valued at approximately $14,268,000. Bridgewater Associates LP purchased a new position in shares of CNX Resources in the 4th quarter valued at approximately $13,430,000. Finally, Empirical Asset Management LLC purchased a new position in shares of CNX Resources in the 4th quarter valued at approximately $9,281,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

About CNX Resources

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.