CNX Resources (NYSE:CNX) Rating Increased to Strong Sell at Truist Financial

Truist Financial upgraded shares of CNX Resources (NYSE:CNX) to a strong sell rating in a research note published on Monday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. upgraded CNX Resources from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $36.00 to $38.00 in a research report on Monday, December 8th. Mizuho lifted their price target on CNX Resources from $35.00 to $43.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Weiss Ratings raised CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, February 11th. Scotiabank reiterated a “sector perform” rating and issued a $44.00 price objective on shares of CNX Resources in a research report on Wednesday, January 21st. Finally, Roth Mkm set a $35.00 target price on CNX Resources and gave the company a “neutral” rating in a report on Thursday, January 29th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $34.80.

CNX Resources Stock Down 0.4%

Shares of NYSE:CNX opened at $40.48 on Monday. CNX Resources has a fifty-two week low of $27.68 and a fifty-two week high of $43.62. The company has a quick ratio of 0.41, a current ratio of 0.44 and a debt-to-equity ratio of 0.52. The firm’s 50-day simple moving average is $39.40 and its 200-day simple moving average is $36.49. The company has a market cap of $5.76 billion, a price-to-earnings ratio of 11.00, a PEG ratio of 0.42 and a beta of 0.66.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.94. The firm had revenue of $610.48 million during the quarter, compared to analysts’ expectations of $422.65 million. CNX Resources had a net margin of 28.28% and a return on equity of 9.29%. The firm’s revenue for the quarter was up 347.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.97) earnings per share. As a group, equities research analysts predict that CNX Resources will post 2.18 earnings per share 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 on Thursday, February 19th. The stock was sold at an average price of $40.60, for a total transaction of $1,872,431.40. Following the completion of the transaction, the director owned 177,180 shares of the company’s stock, valued at $7,193,508. The trade was a 20.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 4.59% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC raised its holdings in shares of CNX Resources by 56.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock worth $30,000 after acquiring an additional 293 shares during the last quarter. Farther Finance Advisors LLC increased its position in CNX Resources by 8.6% during the 4th quarter. Farther Finance Advisors LLC now owns 4,464 shares of the oil and gas producer’s stock worth $164,000 after purchasing an additional 353 shares in the last quarter. Aigen Investment Management LP increased its position in CNX Resources by 4.9% during the 4th quarter. Aigen Investment Management LP now owns 7,619 shares of the oil and gas producer’s stock worth $280,000 after purchasing an additional 354 shares in the last quarter. Arkadios Wealth Advisors raised its stake in CNX Resources by 3.2% in the 4th quarter. Arkadios Wealth Advisors now owns 13,028 shares of the oil and gas producer’s stock valued at $479,000 after purchasing an additional 400 shares during the last quarter. Finally, Crossmark Global Holdings Inc. raised its stake in CNX Resources by 5.7% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 10,881 shares of the oil and gas producer’s stock valued at $349,000 after purchasing an additional 587 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

CNX Resources Company Profile

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.