Truist Financial Initiates Coverage on CNX Resources (NYSE:CNX)

Investment analysts at Truist Financial initiated coverage on shares of CNX Resources (NYSE:CNX) in a research note issued on Tuesday. The brokerage set a “sell” rating and a $35.00 price target on the oil and gas producer’s stock. Truist Financial’s price objective would indicate a potential downside of 14.02% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings upgraded shares of CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, February 11th. Barclays upped their target price on shares of CNX Resources from $35.00 to $36.00 and gave the company an “underweight” rating in a research note on Monday, March 16th. Morgan Stanley increased their price target on shares of CNX Resources from $31.00 to $32.00 and gave the company an “underweight” rating in a report on Friday, January 23rd. Scotiabank restated a “sector perform” rating and issued a $44.00 price target on shares of CNX Resources in a research report on Wednesday, January 21st. Finally, Zacks Research upgraded shares of CNX Resources from a “strong sell” rating to a “hold” rating in a report on Friday, February 27th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, CNX Resources has an average rating of “Reduce” and an average target price of $34.80.

CNX Resources Price Performance

NYSE CNX opened at $40.71 on Tuesday. CNX Resources has a twelve month low of $27.68 and a twelve month high of $43.62. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.41 and a current ratio of 0.44. The stock has a market capitalization of $5.80 billion, a PE ratio of 11.06, a P/E/G ratio of 0.42 and a beta of 0.65. The stock has a 50-day simple moving average of $39.32 and a 200 day simple moving average of $36.41.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.94. The firm had revenue of $610.48 million during the quarter, compared to the consensus estimate of $422.65 million. CNX Resources had a return on equity of 9.29% and a net margin of 28.28%.The firm’s revenue for the quarter was up 347.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.97) EPS. Research analysts anticipate that CNX Resources will post 2.18 EPS for the current year.

Insider Activity at CNX Resources

In related news, Director Bernard Lanigan, Jr. sold 46,119 shares of the company’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $40.60, for a total value of $1,872,431.40. Following the completion of the transaction, the director directly owned 177,180 shares in the company, valued at approximately $7,193,508. This represents a 20.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 4.59% of the company’s stock.

Institutional Investors Weigh In On CNX Resources

Several institutional investors and hedge funds have recently bought and sold shares of CNX. Capital Research Global Investors lifted its holdings in shares of CNX Resources by 38.6% during the 3rd quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer’s stock worth $126,874,000 after acquiring an additional 1,100,000 shares during the period. Balyasny Asset Management L.P. increased its stake in CNX Resources by 601.8% in the third quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer’s stock valued at $35,507,000 after acquiring an additional 947,931 shares during the period. Goldman Sachs Group Inc. increased its stake in CNX Resources by 45.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer’s stock valued at $74,327,000 after acquiring an additional 633,539 shares during the period. Mackenzie Financial Corp raised its position in CNX Resources by 5,262.2% in the second quarter. Mackenzie Financial Corp now owns 555,473 shares of the oil and gas producer’s stock worth $18,708,000 after purchasing an additional 545,114 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in CNX Resources by 112.2% in the second quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer’s stock worth $33,932,000 after purchasing an additional 532,770 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

About CNX Resources

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.