CNX Resources (NYSE:CNX) Earns Underperform Rating from Analysts at Bank of America

Bank of America initiated coverage on shares of CNX Resources (NYSE:CNX) in a research note published on Monday morning, Marketbeat Ratings reports. The firm issued an underperform rating and a $34.00 target price on the oil and gas producer’s stock.

A number of other equities research analysts have also weighed in on the stock. Scotiabank lifted their target price on shares of CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Stephens lifted their target price on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. Piper Sandler lowered shares of CNX Resources from a “neutral” rating to an “underweight” rating and cut their target price for the company from $22.00 to $20.00 in a research note on Thursday, August 15th. Truist Financial lowered shares of CNX Resources from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $38.00 to $34.00 in a research note on Monday. Finally, Tudor Pickering raised shares of CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. Six analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $29.00.

CNX Resources Price Performance

CNX stock opened at $35.10 on Monday. The firm’s 50-day moving average price is $31.38 and its two-hundred day moving average price is $27.20. CNX Resources has a 12-month low of $19.07 and a 12-month high of $37.57. The stock has a market capitalization of $5.38 billion, a price-to-earnings ratio of 6.36 and a beta of 1.38. The company has a current ratio of 0.41, a quick ratio of 0.40 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. The firm had revenue of $424.21 million for the quarter, compared to analyst estimates of $398.33 million. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. During the same quarter in the previous year, the firm posted $0.35 EPS. As a group, equities analysts predict that CNX Resources will post 1.43 earnings per share for the current year.

Insider Transactions at CNX Resources

In other news, Director Bernard Lanigan, Jr. bought 75,000 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were purchased at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the purchase, the director now owns 401,820 shares in the company, valued at approximately $10,772,794.20. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CNX. GAMMA Investing LLC raised its holdings in shares of CNX Resources by 54.1% during the second quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock valued at $46,000 after purchasing an additional 666 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in shares of CNX Resources by 113.4% during the first quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 1,136 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of CNX Resources by 135.4% during the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock valued at $64,000 after purchasing an additional 1,131 shares during the last quarter. CWM LLC raised its holdings in shares of CNX Resources by 77.0% during the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after purchasing an additional 935 shares during the last quarter. Finally, Natixis purchased a new position in shares of CNX Resources during the first quarter valued at approximately $79,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

About CNX Resources

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.