CNX Resources (NYSE:CNX) Rating Increased to Strong-Buy at Zacks Research

CNX Resources (NYSE:CNX) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

Other research analysts also recently issued reports about the company. Barclays increased their price objective on CNX Resources from $35.00 to $36.00 and gave the company an “underweight” rating in a research note on Monday, March 16th. Weiss Ratings upgraded shares of CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, February 11th. Mizuho raised their price target on shares of CNX Resources from $35.00 to $43.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. JPMorgan Chase & Co. raised shares of CNX Resources from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $36.00 to $38.00 in a research note on Monday, December 8th. Finally, Morgan Stanley increased their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $35.67.

CNX Resources Trading Down 3.8%

CNX stock opened at $38.48 on Monday. CNX Resources has a 12-month low of $27.68 and a 12-month high of $43.62. The business’s 50-day moving average is $39.78 and its 200 day moving average is $36.86. The company has a current ratio of 0.44, a quick ratio of 0.41 and a debt-to-equity ratio of 0.52. The stock has a market cap of $5.48 billion, a price-to-earnings ratio of 10.46, a PEG ratio of 0.33 and a beta of 0.65.

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

Insider Buying and Selling at CNX Resources

In other news, Director Maureen Lally-Green sold 23,631 shares of the business’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $39.52, for a total transaction of $933,897.12. Following the transaction, the director owned 169,577 shares of the company’s stock, valued at approximately $6,701,683.04. The trade was a 12.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Bernard Lanigan, Jr. sold 46,119 shares of the company’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $40.60, for a total transaction of $1,872,431.40. Following the completion of the sale, the director directly owned 177,180 shares of the company’s stock, valued at $7,193,508. This represents a 20.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 4.59% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CNX Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in CNX Resources by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 86,878 shares of the oil and gas producer’s stock valued at $2,735,000 after purchasing an additional 3,785 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of CNX Resources during the 1st quarter worth approximately $583,000. Legal & General Group Plc raised its position in shares of CNX Resources by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 240,605 shares of the oil and gas producer’s stock valued at $8,104,000 after buying an additional 2,257 shares during the period. Prudential Financial Inc. raised its position in shares of CNX Resources by 47.9% during the 2nd quarter. Prudential Financial Inc. now owns 22,401 shares of the oil and gas producer’s stock valued at $816,000 after buying an additional 7,258 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in CNX Resources by 9.3% in the second quarter. Russell Investments Group Ltd. now owns 78,712 shares of the oil and gas producer’s stock valued at $2,651,000 after acquiring an additional 6,690 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.