CNX Resources Corporation. (NYSE:CNX) Receives Average Rating of "Reduce" from Analysts

Key Points

• CNX Resources currently carries a consensus analyst rating of "Reduce" from 12 covering firms, with four sell ratings, seven hold ratings, and one buy rating. The average 12-month price target is about $35.67.
• Recent analyst actions were mixed: Zacks Research downgraded CNX to hold, Morgan Stanley maintained an underweight rating, and Barclays raised its price target to $36 while also keeping an underweight view. Weiss Ratings was the exception, upgrading the stock to buy.
• Insider and institutional activity has been significant, with directors recently selling shares while large funds such as Capital Research Global Investors, Balyasny Asset Management, and Goldman Sachs increased their holdings. Institutional investors now own 95.16% of the stock.

Shares of CNX Resources Corporation. (NYSE:CNX - Get Free Report) have received a consensus rating of "Reduce" from the twelve research firms that are presently covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $35.6667.

Several equities research analysts recently issued reports on CNX shares. Zacks Research cut CNX Resources from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Morgan Stanley reiterated an "underweight" rating on shares of CNX Resources in a research note on Friday, March 27th. Piper Sandler set a $26.00 price target on CNX Resources in a research note on Monday, February 2nd. Barclays boosted their price target on CNX Resources from $35.00 to $36.00 and gave the company an "underweight" rating in a research note on Monday, March 16th. Finally, Weiss Ratings upgraded CNX Resources from a "hold (c)" rating to a "buy (b)" rating in a research note on Wednesday, February 11th.

Insider Activity at CNX Resources

In related news, Director Maureen Lally-Green sold 23,631 shares of the business's stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $39.52, for a total value of $933,897.12. Following the completion of the sale, the director directly owned 169,577 shares in the company, valued at approximately $6,701,683.04. The trade was a 12.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Bernard Lanigan, Jr. sold 46,119 shares of the company's stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $40.60, for a total value of $1,872,431.40. Following the sale, the director owned 177,180 shares of the company's stock, valued at $7,193,508. The trade was a 20.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 98,550 shares of company stock worth $3,907,929. Company insiders own 5.03% of the company's stock.

Institutional Investors Weigh In On CNX Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNX. Capital Research Global Investors lifted its stake in CNX Resources by 38.6% during the third quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer's stock worth $126,874,000 after purchasing an additional 1,100,000 shares during the last quarter. Balyasny Asset Management L.P. lifted its stake in CNX Resources by 601.8% during the third quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer's stock worth $35,507,000 after purchasing an additional 947,931 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in CNX Resources by 45.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer's stock worth $74,327,000 after purchasing an additional 633,539 shares during the last quarter. AQR Capital Management LLC lifted its stake in CNX Resources by 112.2% during the second quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer's stock worth $33,932,000 after purchasing an additional 532,770 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new stake in CNX Resources during the fourth quarter worth $16,792,000. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Price Performance

CNX Resources stock opened at $35.73 on Friday. The company has a current ratio of 0.49, a quick ratio of 0.46 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $5.06 billion, a price-to-earnings ratio of 4.96, a PEG ratio of 0.38 and a beta of 0.64. The stock's 50 day moving average is $39.73 and its 200-day moving average is $38.03. CNX Resources has a 12 month low of $27.72 and a 12 month 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.