CNX Resources Corporation. (NYSE:CNX) Given Consensus Recommendation of "Reduce" by Brokerages

Key Points

• CNX Resources has a consensus analyst rating of "Reduce" from 12 brokerages, with three sell ratings, eight hold ratings, and one buy. The average 1-year price target is about $35.44.
• Recent analyst actions were mixed but generally cautious, including target cuts from Barclays and Morgan Stanley and several downgrades or upgrades to hold from firms such as Truist Financial and Tudor Pickering.
• CNX shares traded at $34.43, near their recent range, while the company reported strong institutional ownership and a low P/E ratio of 4.78. An insider sale by director William N. Thorndike, Jr. also drew attention.

Shares of CNX Resources Corporation. (NYSE:CNX - Get Free Report) have earned an average rating of "Reduce" from the twelve ratings firms that are covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and one has given a buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $35.4444.

Several research analysts have recently weighed in on CNX shares. Barclays lowered their price target on shares of CNX Resources from $36.00 to $35.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 26th. Morgan Stanley lowered their target price on CNX Resources from $34.00 to $32.00 and set an "underweight" rating for the company in a report on Monday, June 29th. Tudor Pickering upgraded shares of CNX Resources from a "strong sell" rating to a "hold" rating in a research note on Friday, May 8th. Truist Financial raised CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 price objective on the stock in a research report on Wednesday, July 15th. Finally, Zacks Research cut shares of CNX Resources from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th.

Insider Activity at CNX Resources

In other news, Director William N. Thorndike, Jr. sold 28,800 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $38.25, for a total value of $1,101,600.00. Following the transaction, the director owned 426,585 shares in the company, valued at approximately $16,316,876.25. This represents a 6.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 5.03% of the company's stock.

Hedge Funds Weigh In On CNX Resources

Hedge funds have recently added to or reduced their stakes in the stock. Pullen Investment Management LLC grew its position in shares of CNX Resources by 76.3% in the 4th quarter. Pullen Investment Management LLC now owns 68,083 shares of the oil and gas producer's stock valued at $2,503,000 after buying an additional 29,469 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in CNX Resources by 3,227.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 90,603 shares of the oil and gas producer's stock valued at $3,331,000 after acquiring an additional 87,880 shares during the last quarter. SG Americas Securities LLC boosted its stake in CNX Resources by 408.1% in the fourth quarter. SG Americas Securities LLC now owns 179,127 shares of the oil and gas producer's stock valued at $6,586,000 after acquiring an additional 143,870 shares in the last quarter. Principal Financial Group Inc. boosted its stake in CNX Resources by 98.4% in the first quarter. Principal Financial Group Inc. now owns 579,120 shares of the oil and gas producer's stock valued at $22,325,000 after acquiring an additional 287,240 shares in the last quarter. Finally, Dorsey Wright & Associates purchased a new position in shares of CNX Resources during the fourth quarter worth about $5,498,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Trading Down 0.6%

Shares of NYSE:CNX opened at $34.43 on Friday. The firm has a market capitalization of $4.87 billion, a P/E ratio of 4.78 and a beta of 0.59. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.49 and a quick ratio of 0.46. The business's 50-day moving average is $33.76 and its 200 day moving average is $36.99. CNX Resources has a 1 year low of $27.72 and a 1 year high of $43.62.

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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