CNX Resources (NYSE:CNX) Rating Lowered to Sell at StockNews.com

StockNews.com downgraded shares of CNX Resources (NYSE:CNX) from a hold rating to a sell rating in a research note issued to investors on Thursday morning.

A number of other research analysts have also recently weighed in on CNX. Morgan Stanley started coverage on shares of CNX Resources in a research note on Friday, January 10th. They issued an “underweight” rating and a $29.00 target price on the stock. Stephens upped their price objective on CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. Bank of America began coverage on CNX Resources in a research report on Monday, October 28th. They issued an “underperform” rating and a $34.00 target price for the company. Truist Financial upped their price target on CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. downgraded CNX Resources from a “neutral” rating to an “underweight” rating and increased their price target for the stock from $31.00 to $37.00 in a research note on Thursday, December 5th. Nine equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to data from MarketBeat, CNX Resources has a consensus rating of “Reduce” and a consensus price target of $29.67.

CNX Resources Stock Performance

Shares of CNX opened at $30.45 on Thursday. The stock has a 50 day moving average of $32.48 and a 200 day moving average of $32.39. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45. CNX Resources has a 12 month low of $19.07 and a 12 month high of $41.93. The company has a market capitalization of $4.55 billion, a price-to-earnings ratio of -44.78, a PEG ratio of 0.39 and a beta of 1.38.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. As a group, sell-side analysts forecast that CNX Resources will post 2.36 earnings per share for the current year.

Insider Activity

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the transaction, the insider now directly owns 13,925,000 shares in the company, valued at $432,928,250. The trade was a 7.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CNX Resources

Several large investors have recently added to or reduced their stakes in CNX. Charles Schwab Investment Management Inc. raised its holdings in shares of CNX Resources by 12.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock valued at $60,607,000 after acquiring an additional 202,890 shares in the last quarter. World Investment Advisors LLC bought a new position in shares of CNX Resources in the third quarter worth approximately $534,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in CNX Resources by 311.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock valued at $20,087,000 after purchasing an additional 466,694 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position in CNX Resources by 3.5% during the third quarter. Sequoia Financial Advisors LLC now owns 13,135 shares of the oil and gas producer’s stock valued at $428,000 after purchasing an additional 442 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its stake in CNX Resources by 7.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 17,662 shares of the oil and gas producer’s stock worth $575,000 after buying an additional 1,190 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

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.