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

CNX Resources (NYSE:CNX) was downgraded by equities researchers at Truist Financial from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, Marketbeat Ratings reports. They currently have a $34.00 price target on the oil and gas producer’s stock, down from their prior price target of $38.00. Truist Financial’s price target indicates a potential downside of 3.00% from the company’s current price.

A number of other analysts have also commented on the stock. BMO Capital Markets boosted their price objective on shares of CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Scotiabank boosted their price objective on shares of CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Tudor Pickering raised shares of CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 3rd. Finally, Piper Sandler lowered shares of CNX Resources from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $22.00 to $20.00 in a research report on Thursday, August 15th. Six equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $28.60.

CNX Resources Stock Down 0.5 %

CNX Resources stock opened at $35.05 on Monday. The stock has a market capitalization of $5.37 billion, a PE ratio of 6.35 and a beta of 1.38. CNX Resources has a twelve month low of $19.07 and a twelve month high of $37.57. The company has a quick ratio of 0.40, a current ratio of 0.41 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average of $31.21 and a 200-day moving average of $27.14.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.09. The company had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. During the same quarter in the prior year, the company earned $0.35 earnings per share. On average, equities research analysts anticipate that CNX Resources will post 1.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the company’s stock in a transaction on Monday, September 9th. The shares were purchased at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the completion of the transaction, the director now owns 401,820 shares of the company’s stock, valued at $10,772,794.20. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its position in shares of CNX Resources by 54.1% in the second quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock valued at $46,000 after purchasing an additional 666 shares during the period. Hexagon Capital Partners LLC raised its position in shares of CNX Resources by 113.4% in the first quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 1,136 shares during the period. Blue Trust Inc. grew its stake in shares of CNX Resources by 135.4% in the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock valued at $64,000 after acquiring an additional 1,131 shares in the last quarter. CWM LLC grew its stake in shares of CNX Resources by 77.0% in the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after acquiring an additional 935 shares in the last quarter. Finally, Natixis acquired a new position in shares of CNX Resources in the first quarter valued at about $79,000. 95.16% of the stock is owned by institutional investors.

CNX Resources Company Profile

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.