Truist Financial Has Lowered Expectations for CNX Resources (NYSE:CNX) Stock Price

Key Points

• Truist Financial lowered its CNX Resources price target from $35 to $34 while maintaining a “hold” rating, implying 1.69% downside from the prior close. The broader analyst consensus is “Reduce,” with an average target of $34.25.
• CNX Resources reported quarterly EPS of $1.32, beating the $0.60 consensus estimate, and revenue of $618.48 million versus expectations of $475.16 million. However, revenue declined 35.7% year over year.
• CNX shares opened at $34.59, with a $5.12 billion market capitalization and a 12-month trading range of $30.77 to $43.62. Institutional investors own approximately 95.16% of the company’s stock.

CNX Resources (NYSE:CNX - Get Free Report) had its target price dropped by analysts at Truist Financial from $35.00 to $34.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a "hold" rating on the oil and gas producer's stock. Truist Financial's price target would suggest a potential downside of 1.69% from the stock's previous close.

A number of other equities research analysts also recently issued reports on the company. Scotiabank assumed coverage on CNX Resources in a research report on Wednesday. They set a "sector perform" rating and a $34.00 price objective on the stock. Morgan Stanley raised their price objective on CNX Resources from $32.00 to $34.00 and gave the company an "underweight" rating in a research note on Thursday. Mizuho dropped their target price on CNX Resources from $42.00 to $38.00 and set a "neutral" rating for the company in a report on Thursday. Finally, Weiss Ratings downgraded CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, July 28th. Eight equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $34.25.

CNX Resources Stock Down 0.7%

Shares of NYSE CNX opened at $34.59 on Friday. The firm's 50-day moving average price is $34.88 and its 200-day moving average price is $35.23. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $5.12 billion, a price-to-earnings ratio of 5.77 and a beta of 0.69. CNX Resources has a 12-month low of $30.77 and a 12-month high of $43.62.

CNX Resources (NYSE:CNX - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.72. The firm had revenue of $618.48 million during the quarter, compared to the consensus estimate of $475.16 million. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The firm's revenue for the quarter was down 35.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.43 EPS. On average, equities research analysts anticipate that CNX Resources will post 3.12 EPS for the current fiscal year.

Institutional Investors Weigh In On CNX Resources

Institutional investors have recently made changes to their positions in the company. State of Alaska Department of Revenue grew its holdings in 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 purchasing an additional 5,115 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of CNX Resources by 18.6% during the third quarter. Farther Finance Advisors LLC now owns 3,006 shares of the oil and gas producer's stock valued at $94,000 after buying an additional 472 shares during the period. Congress Asset Management Co. boosted its position in shares of CNX Resources by 21.2% during the third quarter. Congress Asset Management Co. now owns 382,023 shares of the oil and gas producer's stock valued at $11,908,000 after buying an additional 66,813 shares during the period. QRG Capital Management Inc. grew its stake in shares of CNX Resources by 2.3% during the second quarter. QRG Capital Management Inc. now owns 19,987 shares of the oil and gas producer's stock valued at $678,000 after buying an additional 440 shares during the last quarter. Finally, Sequoia Financial Advisors LLC grew its stake in shares of CNX Resources by 8.0% during the second quarter. Sequoia Financial Advisors LLC now owns 20,580 shares of the oil and gas producer's stock valued at $698,000 after buying an additional 1,532 shares during the last quarter. Institutional investors own 95.16% of the company's stock.

CNX Resources Company Profile

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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