CNX Resources (NYSE:CNX) Now Covered by Analysts at Bank of America

Bank of America began coverage on shares of CNX Resources (NYSE:CNX) in a report issued on Monday morning, MarketBeat Ratings reports. The brokerage issued an underperform rating and a $34.00 price objective on the oil and gas producer’s stock.

Several other analysts have also recently issued reports on CNX. BMO Capital Markets upped their price objective on CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Tudor, Pickering, Holt & Co. cut shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Mizuho boosted their price objective on CNX Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Piper Sandler lowered CNX Resources from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $22.00 to $20.00 in a research note on Thursday, August 15th. Finally, Tudor Pickering raised shares of CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. Six investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $29.00.

CNX Resources Stock Performance

NYSE:CNX opened at $34.04 on Monday. The stock has a 50-day moving average price of $31.52 and a 200 day moving average price of $27.25. The stock has a market capitalization of $5.08 billion, a P/E ratio of 10.70 and a beta of 1.38. CNX Resources has a 12-month low of $19.07 and a 12-month high of $37.57. The company has a current ratio of 0.41, a quick ratio of 0.40 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. The business had revenue of $424.21 million during the quarter, compared to analyst estimates of $398.33 million. During the same period last year, the firm posted $0.35 EPS. Equities research analysts forecast that CNX Resources will post 1.43 EPS for the current fiscal year.

Insider Transactions at CNX Resources

In other CNX Resources news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was purchased at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the acquisition, the director now owns 401,820 shares in the company, valued at approximately $10,772,794.20. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.10% of the company’s stock.

Institutional Trading of CNX Resources

Several large investors have recently bought and sold shares of the stock. Mizuho Markets Americas LLC purchased a new stake in shares of CNX Resources during the second quarter valued at $97,200,000. American Century Companies Inc. increased its holdings in shares of CNX Resources by 12.0% in the second quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock valued at $89,890,000 after purchasing an additional 397,729 shares during the period. Renaissance Technologies LLC raised its stake in shares of CNX Resources by 197.0% in the second quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock worth $11,324,000 after purchasing an additional 309,100 shares during the last quarter. LSV Asset Management lifted its holdings in shares of CNX Resources by 18.0% during the first quarter. LSV Asset Management now owns 1,757,121 shares of the oil and gas producer’s stock worth $41,679,000 after purchasing an additional 267,768 shares during the period. Finally, Quantbot Technologies LP boosted its position in CNX Resources by 533.4% in the first quarter. Quantbot Technologies LP now owns 286,480 shares of the oil and gas producer’s stock valued at $6,795,000 after buying an additional 241,250 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, 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.