CNX Resources (NYSE:CNX) Price Target Cut to $32.00 by Analysts at Morgan Stanley

CNX Resources (NYSE:CNX) had its price target dropped by equities research analysts at Morgan Stanley from $34.00 to $32.00 in a report released on Monday,Benzinga reports. The firm currently has an “underweight” rating on the oil and gas producer’s stock. Morgan Stanley’s price target would indicate a potential downside of 3.54% from the stock’s previous close.

A number of other brokerages have also recently weighed in on CNX. Barclays reduced their price target on shares of CNX Resources from $36.00 to $35.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 26th. Truist Financial initiated coverage on CNX Resources in a research note on Tuesday, March 24th. They set a “sell” rating and a $35.00 price objective on the stock. Mizuho reduced their target price on CNX Resources from $44.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. Zacks Research cut CNX Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Finally, Weiss Ratings downgraded CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $35.44.

CNX Resources Trading Down 1.6%

Shares of CNX traded down $0.56 on Monday, reaching $33.17. 883,143 shares of the company’s stock were exchanged, compared to its average volume of 2,138,715. The business has a 50 day moving average price of $35.41 and a two-hundred day moving average price of $37.60. CNX Resources has a 12 month low of $27.72 and a 12 month high of $43.62. The stock has a market capitalization of $4.69 billion, a P/E ratio of 4.61 and a beta of 0.58. The company has a current ratio of 0.49, a quick ratio of 0.46 and a debt-to-equity ratio of 0.47.

Insider Activity at CNX Resources

In other news, Director William N. Thorndike, Jr. sold 28,800 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $38.25, for a total transaction of $1,101,600.00. Following the transaction, the director directly owned 426,585 shares in the company, valued at $16,316,876.25. The trade was a 6.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.03% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CNX Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Segall Bryant & Hamill LLC acquired a new stake in CNX Resources during the first quarter worth approximately $18,609,000. BankChampaign National Association acquired a new position in shares of CNX Resources in the first quarter valued at approximately $414,000. Edgestream Partners L.P. grew its position in shares of CNX Resources by 8.0% in the first quarter. Edgestream Partners L.P. now owns 101,715 shares of the oil and gas producer’s stock valued at $3,921,000 after purchasing an additional 7,512 shares during the last quarter. Arkadios Wealth Advisors increased its stake in shares of CNX Resources by 16.7% during the first quarter. Arkadios Wealth Advisors now owns 15,210 shares of the oil and gas producer’s stock worth $586,000 after purchasing an additional 2,182 shares during the period. Finally, California State Teachers Retirement System increased its stake in shares of CNX Resources by 23.1% during the first quarter. California State Teachers Retirement System now owns 163,936 shares of the oil and gas producer’s stock worth $6,320,000 after purchasing an additional 30,756 shares during the period. 95.16% of the stock is owned by institutional investors.

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.