CNX Resources (NYSE:CNX) Cut to "Hold" at Zacks Research

Key Points

• Zacks Research downgraded CNX Resources from a "strong-buy" to a "hold," and MarketBeat shows a consensus analyst rating of "Reduce" with a $35.67 price target.
• CNX beat Q1 estimates with $1.17 EPS versus $0.81 expected and analysts forecast about 2.7 EPS for the year; the stock opened at $39.39, has a market cap of $5.61 billion and a P/E of 10.7 with a 52-week range of $27.72–$43.62.
• Two directors sold sizable stakes in recent months (notable reductions of ~12% and ~20% in their holdings); insiders now own 5.03% of the company while institutional investors hold roughly 95.16%.

CNX Resources (NYSE:CNX - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Tuesday,Zacks.com reports.

A number of other equities analysts also recently commented on the stock. Morgan Stanley reaffirmed an "underweight" rating on shares of CNX Resources in a report on Friday, March 27th. Piper Sandler set a $26.00 price target on shares of CNX Resources in a report on Monday, February 2nd. Barclays lifted their price target on shares of CNX Resources from $35.00 to $36.00 and gave the company an "underweight" rating in a report on Monday, March 16th. Roth Mkm set a $35.00 price target on shares of CNX Resources and gave the company a "neutral" rating in a report on Thursday, January 29th. Finally, Weiss Ratings raised shares of CNX Resources from a "hold (c)" rating to a "buy (b)" rating in a report on Wednesday, February 11th. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat.com, CNX Resources presently has a consensus rating of "Reduce" and a consensus price target of $35.67.

CNX Resources Stock Performance

NYSE CNX opened at $39.39 on Tuesday. The company's fifty day moving average is $39.88 and its two-hundred day moving average is $37.84. The firm has a market capitalization of $5.61 billion, a price-to-earnings ratio of 10.70, a P/E/G ratio of 0.29 and a beta of 0.65. CNX Resources has a 52-week low of $27.72 and a 52-week high of $43.62. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.44 and a quick ratio of 0.41.

CNX Resources (NYSE:CNX - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The oil and gas producer reported $1.17 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.36. CNX Resources had a net margin of 28.28% and a return on equity of 9.29%. Equities research analysts forecast that CNX Resources will post 2.7 EPS for the current year.

Insider Transactions at CNX Resources

In other CNX Resources news, Director Maureen Lally-Green sold 23,631 shares of the business's stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $39.52, for a total value of $933,897.12. Following the completion of the transaction, the director directly owned 169,577 shares of the company's stock, 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 legal filing with the SEC, which is accessible through this hyperlink. Also, Director Bernard Lanigan, Jr. sold 46,119 shares of the business's stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $40.60, for a total transaction of $1,872,431.40. Following the completion of the transaction, the director directly owned 177,180 shares of the company's stock, valued at approximately $7,193,508. This represents a 20.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 5.03% of the company's stock.

Institutional Investors Weigh In On CNX Resources

Institutional investors and hedge funds have recently modified their holdings of the business. State of Wyoming bought a new stake in shares of CNX Resources during the second quarter worth approximately $29,000. Smartleaf Asset Management LLC raised 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 buying an additional 293 shares during the last quarter. Caitlin John LLC bought a new stake in shares of CNX Resources during the third quarter worth approximately $31,000. Los Angeles Capital Management LLC bought a new stake in shares of CNX Resources during the fourth quarter worth approximately $34,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of CNX Resources during the fourth quarter worth approximately $50,000. 95.16% of the stock is owned by institutional investors.

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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