CNX Resources (NYSE:CNX) Stock Rating Upgraded by Scotiabank

Key Points

• Scotiabank upgraded CNX Resources to “hold,” while the broader analyst view remains cautious: eight analysts rate it Hold and three rate it Sell. The consensus rating is “Reduce,” with a target price of $34.25.
• CNX shares traded at $35.91, near their 50-day and 200-day moving averages, with a $5.31 billion market capitalization. The stock remains below its one-year high of $43.62.
• The company exceeded quarterly expectations, reporting $1.32 in EPS versus the $0.60 consensus and revenue of $618.48 million versus $475.16 million expected, although revenue declined 35.7% year over year.

CNX Resources (NYSE:CNX - Get Free Report) was upgraded by analysts at Scotiabank to a "hold" rating in a research report issued on Wednesday, Zacks reports.

CNX has been the subject of several other reports. Mizuho cut their price target on shares of CNX Resources from $42.00 to $38.00 and set a "neutral" rating for the company in a report on Thursday. Truist Financial lowered their price objective on CNX Resources from $35.00 to $34.00 and set a "hold" rating on the stock in a report on Friday. Morgan Stanley boosted their target price on CNX Resources from $32.00 to $34.00 and gave the stock an "underweight" rating in a research report on Thursday. Finally, Weiss Ratings cut CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, July 28th. Eight research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, CNX Resources presently has an average rating of "Reduce" and a consensus target price of $34.25.

CNX Resources Stock Performance

Shares of NYSE CNX traded up $1.29 during mid-day trading on Wednesday, hitting $35.91. 1,355,313 shares of the company were exchanged, compared to its average volume of 2,172,187. The stock has a 50 day simple moving average of $34.90 and a 200-day simple moving average of $35.24. CNX Resources has a 1-year low of $30.77 and a 1-year high of $43.62. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.46. The firm has a market cap of $5.31 billion, a price-to-earnings ratio of 6.00 and a beta of 0.69.

CNX Resources (NYSE:CNX - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.72. The company had revenue of $618.48 million for the quarter, compared to analysts' expectations of $475.16 million. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. CNX Resources's revenue was down 35.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.43 EPS. On average, sell-side analysts forecast that CNX Resources will post 3.12 EPS for the current fiscal year.

Institutional Trading of CNX Resources

Institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue lifted its position in shares of CNX Resources by 36.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 18,978 shares of the oil and gas producer's stock valued at $590,000 after acquiring an additional 5,115 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of CNX Resources by 18.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,006 shares of the oil and gas producer's stock worth $94,000 after acquiring an additional 472 shares in the last quarter. Congress Asset Management Co. grew its holdings in shares of CNX Resources by 21.2% in the 3rd quarter. Congress Asset Management Co. now owns 382,023 shares of the oil and gas producer's stock worth $11,908,000 after acquiring an additional 66,813 shares during the period. QRG Capital Management Inc. grew its holdings in shares of CNX Resources by 2.3% in the 2nd quarter. QRG Capital Management Inc. now owns 19,987 shares of the oil and gas producer's stock worth $678,000 after acquiring an additional 440 shares during the period. Finally, Sequoia Financial Advisors LLC grew its holdings in shares of CNX Resources by 8.0% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,580 shares of the oil and gas producer's stock worth $698,000 after acquiring an additional 1,532 shares during the period. Hedge funds and other institutional investors own 95.16% of the company's stock.

About CNX Resources

CNX Resources Corporation NYSE: CNX is an independent natural gas exploration and production company focused primarily on developing unconventional natural gas reserves in the Appalachian Basin. Its operations are concentrated in the Marcellus and Utica shale formations, where it uses horizontal drilling and hydraulic fracturing to produce pipeline-quality natural gas.

The company's activities include acquiring, developing and operating natural gas properties, as well as managing related gathering and infrastructure assets.

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