CNX Resources (NYSE:CNX) Research Coverage Started at Morgan Stanley

Morgan Stanley started coverage on shares of CNX Resources (NYSE:CNX) in a research note released on Friday morning, MarketBeat.com reports. The brokerage issued an underweight rating and a $29.00 target price on the oil and gas producer’s stock.

A number of other analysts have also weighed in on the stock. Bank of America began coverage on shares of CNX Resources in a report on Monday, October 28th. They set an “underperform” rating and a $34.00 target price on the stock. Piper Sandler lifted their price objective on CNX Resources from $20.00 to $23.00 and gave the company an “underweight” rating in a research report on Friday, December 6th. Mizuho lowered shares of CNX Resources from a “neutral” rating to an “underperform” rating and lifted their price target for the stock from $33.00 to $38.00 in a research note on Monday, December 16th. Capital One Financial lowered shares of CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 target price for the company. in a research report on Monday, October 14th. Finally, BMO Capital Markets upped their target price on shares of CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Nine investment analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $30.36.

CNX Resources Price Performance

CNX Resources stock opened at $30.01 on Friday. The stock has a market capitalization of $4.48 billion, a P/E ratio of 9.44, a price-to-earnings-growth ratio of 1.85 and a beta of 1.42. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.37. The stock has a fifty day moving average of $37.15 and a 200-day moving average of $31.83. CNX Resources has a 52 week low of $19.07 and a 52 week high of $41.93.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. The business had revenue of $424.21 million during the quarter, compared to the consensus estimate of $398.33 million. During the same period in the prior year, the business posted $0.35 earnings per share. On average, sell-side analysts expect that CNX Resources will post 1.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources 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 in the company, valued at $432,928,250. The trade was a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.10% of the stock is owned by insiders.

Institutional Investors Weigh In On CNX Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC boosted its stake in shares of CNX Resources by 3.5% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 13,135 shares of the oil and gas producer’s stock valued at $428,000 after buying an additional 442 shares during the last quarter. CWM LLC lifted its position in shares of CNX Resources by 77.0% during the 3rd 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 during the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of CNX Resources by 3.3% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 29,307 shares of the oil and gas producer’s stock valued at $712,000 after acquiring an additional 941 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of CNX Resources by 135.4% during the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after acquiring an additional 1,131 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in CNX Resources by 62.1% in the third quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock worth $100,000 after acquiring an additional 1,177 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.