CNX Resources (NYSE:CNX) Upgraded to “Strong Sell” at Truist Financial

CNX Resources (NYSE:CNX) was upgraded by research analysts at Truist Financial to a “strong sell” rating in a report issued on Monday,Zacks.com reports.

Several other research analysts also recently commented on the company. Scotiabank reaffirmed a “sector perform” rating and set a $44.00 target price on shares of CNX Resources in a report on Wednesday, January 21st. Barclays raised their price objective on CNX Resources from $35.00 to $36.00 and gave the stock an “underweight” rating in a research report on Monday, March 16th. JPMorgan Chase & Co. raised CNX Resources from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $36.00 to $38.00 in a research note on Monday, December 8th. Zacks Research upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a report on Friday, February 27th. Finally, Mizuho increased their target price on shares of CNX Resources from $35.00 to $43.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $34.80.

CNX Resources Trading Down 0.4%

Shares of NYSE CNX opened at $40.48 on Monday. The firm has a 50 day moving average price of $39.40 and a two-hundred day moving average price of $36.49. The stock has a market cap of $5.76 billion, a P/E ratio of 11.00, a price-to-earnings-growth ratio of 0.42 and a beta of 0.66. CNX Resources has a 52-week low of $27.68 and a 52-week 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.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.94. The company had revenue of $610.48 million for the quarter, compared to analyst estimates of $422.65 million. CNX Resources had a net margin of 28.28% and a return on equity of 9.29%. CNX Resources’s revenue was up 347.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.97) earnings per share. As a group, equities analysts forecast that CNX Resources will post 2.18 EPS for the current year.

Insider Buying and Selling at CNX Resources

In other news, Director Bernard Lanigan, Jr. sold 46,119 shares of CNX Resources stock in a transaction dated 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 of the company’s stock, valued at approximately $7,193,508. This trade represents a 20.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.59% of the company’s stock.

Institutional Investors Weigh In On CNX Resources

Several large investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of CNX Resources by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 86,878 shares of the oil and gas producer’s stock worth $2,735,000 after buying an additional 3,785 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of CNX Resources during the 1st quarter valued at $583,000. Creative Planning boosted its stake in CNX Resources by 13.7% during the second quarter. Creative Planning now owns 55,609 shares of the oil and gas producer’s stock worth $1,873,000 after acquiring an additional 6,680 shares in the last quarter. Legal & General Group Plc boosted its stake in CNX Resources by 0.9% during the second quarter. Legal & General Group Plc now owns 240,605 shares of the oil and gas producer’s stock worth $8,104,000 after acquiring an additional 2,257 shares in the last quarter. Finally, Prudential Financial Inc. grew its holdings in CNX Resources by 47.9% in the second quarter. Prudential Financial Inc. now owns 22,401 shares of the oil and gas producer’s stock worth $816,000 after purchasing an additional 7,258 shares during the period. Institutional investors and hedge funds 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.