CNX Resources Corporation. (NYSE:CNX) Given Average Rating of “Reduce” by Brokerages

Shares of CNX Resources Corporation. (NYSE:CNX) have earned an average rating of “Reduce” from the twelve brokerages that are presently covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $35.4444.

CNX has been the topic of a number of recent research reports. Tudor Pickering raised shares of CNX Resources from a “strong sell” rating to a “hold” rating in a report on Friday, May 8th. Mizuho decreased their price target on shares of CNX Resources from $44.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. Weiss Ratings downgraded shares of CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, May 28th. Zacks Research lowered shares of CNX Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Finally, Barclays reduced their target price on shares of CNX Resources from $36.00 to $35.00 and set an “underweight” rating for the company in a report on Tuesday, May 26th.

Insider Transactions at CNX Resources

In related news, Director William N. Thorndike, Jr. sold 28,800 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $38.25, for a total value of $1,101,600.00. Following the transaction, the director owned 426,585 shares in the company, valued at $16,316,876.25. The trade was a 6.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.03% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CNX. Arrowstreet Capital Limited Partnership raised its stake in shares of CNX Resources by 6,057.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer’s stock worth $147,988,000 after purchasing an additional 3,776,511 shares during the last quarter. Balyasny Asset Management L.P. grew its position in CNX Resources by 601.8% in the 3rd 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 buying an additional 947,931 shares during the last quarter. Capital Research Global Investors grew its position in CNX Resources by 20.6% in the 4th quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer’s stock valued at $175,210,000 after buying an additional 815,039 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in CNX Resources by 45.6% in the 4th 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 buying an additional 633,539 shares during the period. Finally, AQR Capital Management LLC increased its stake in CNX Resources by 112.2% in the 2nd quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer’s stock valued at $33,932,000 after buying an additional 532,770 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Price Performance

Shares of NYSE CNX opened at $34.43 on Friday. The stock has a market cap of $4.87 billion, a P/E ratio of 4.78 and a beta of 0.59. CNX Resources has a twelve month low of $27.72 and a twelve month high of $43.62. The stock has a 50 day moving average of $33.76 and a two-hundred day moving average of $36.99. The company has a current ratio of 0.49, a quick ratio of 0.46 and a debt-to-equity ratio of 0.47.

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.