CNX Resources Corporation. (NYSE:CNX) Given Average Rating of "Reduce" by Brokerages

Key Points

• Analyst sentiment is cautious: Twelve research firms give CNX Resources an average “Reduce” rating, including three sells and nine holds. The average 12-month price target is $35.44, near the stock’s $35.29 opening price.
• Quarterly earnings exceeded expectations: CNX reported $1.32 in earnings per share versus the $0.60 consensus estimate, while revenue reached $618.48 million. However, revenue fell 35.7% year over year and EPS declined from $2.43 in the prior-year quarter.
• Institutional ownership remains high: Institutional investors and hedge funds hold 95.16% of CNX Resources’ shares, while several smaller investment firms recently initiated or increased positions.

Shares of CNX Resources Corporation. (NYSE:CNX - Get Free Report) have received an average recommendation of "Reduce" from the twelve research firms that are presently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a sell rating and nine have issued a hold rating on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $35.4444.

Several equities analysts recently weighed in on the company. Mizuho cut their price target on CNX Resources from $44.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, May 27th. Weiss Ratings lowered CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 28th. Zacks Research cut CNX Resources from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. Tudor Pickering raised CNX Resources from a "strong sell" rating to a "hold" rating in a research note on Friday, May 8th. Finally, Barclays decreased their target price on CNX Resources from $36.00 to $35.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 26th.

Institutional Trading of CNX Resources

Institutional investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC increased its stake in shares of CNX Resources by 56.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer's stock worth $30,000 after purchasing an additional 293 shares in the last quarter. State of Wyoming purchased a new position in CNX Resources in the 2nd quarter valued at about $29,000. Los Angeles Capital Management LLC acquired a new stake in CNX Resources in the 4th quarter worth about $34,000. Caitlin John LLC purchased a new stake in CNX Resources during the 2nd quarter worth approximately $33,000. Finally, Kestra Advisory Services LLC purchased a new stake in CNX Resources during the 4th quarter worth approximately $50,000. Institutional investors and hedge funds own 95.16% of the company's stock.

CNX Resources Stock Performance

Shares of NYSE CNX opened at $35.29 on Tuesday. The company has a market capitalization of $5.22 billion, a PE ratio of 5.89 and a beta of 0.60. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.72. The company's fifty day moving average price is $33.90 and its 200 day moving average price is $36.86. CNX Resources has a 1 year low of $27.72 and a 1 year high of $43.62.

CNX Resources (NYSE:CNX - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.72. The company had revenue of $618.48 million during 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%. The firm's revenue for the quarter was down 35.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.43 earnings per share. On average, research analysts predict that CNX Resources will post 3.07 earnings per share for the current year.

CNX Resources Company Profile

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.

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