CNX Resources (NYSE:CNX) Lowered to "Strong Sell" Rating by Zacks Research

Key Points

• CNX Resources has been downgraded by Zacks Research from a "hold" rating to a "strong sell" rating, reflecting growing concerns about the company's performance.
• Piper Sandler and Barclays also revised their price targets downward, with Piper Sandler now at $24.00, indicating a shift in analyst sentiment towards the stock.
• The stock currently has an average rating of "Reduce" and an average price target of $31.77, with institutional investors holding a significant 95.16% of the company's stock.

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

CNX has been the subject of several other research reports. Piper Sandler decreased their price objective on shares of CNX Resources from $26.00 to $24.00 and set an "underweight" rating for the company in a research note on Thursday, August 14th. Scotiabank reissued a "sector perform" rating and issued a $35.00 price objective (up previously from $33.00) on shares of CNX Resources in a research note on Friday, July 11th. Barclays decreased their price objective on shares of CNX Resources from $33.00 to $32.00 and set an "equal weight" rating for the company in a research note on Tuesday. Weiss Ratings reissued a "hold (c)" rating on shares of CNX Resources in a research note on Saturday, September 27th. Finally, TD Cowen raised shares of CNX Resources to a "hold" rating in a research note on Monday, July 7th. One analyst has rated the stock with a Buy rating, ten have given a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Reduce" and an average price target of $31.77.

CNX Resources Trading Up 0.7%

CNX opened at $33.56 on Monday. The firm has a market cap of $4.75 billion, a P/E ratio of 56.87, a P/E/G ratio of 0.30 and a beta of 0.55. CNX Resources has a 12 month low of $27.00 and a 12 month high of $41.93. The company has a current ratio of 0.33, a quick ratio of 0.30 and a debt-to-equity ratio of 0.56. The stock has a 50-day moving average of $30.02 and a 200 day moving average of $31.15.

Hedge Funds Weigh In On CNX Resources

A number of large investors have recently bought and sold shares of CNX. State of Wyoming bought a new position in CNX Resources in the second quarter worth approximately $29,000. Ameritas Advisory Services LLC purchased a new position in CNX Resources in the second quarter worth $32,000. Elevation Point Wealth Partners LLC purchased a new position in CNX Resources in the second quarter worth $46,000. Harbor Capital Advisors Inc. purchased a new position in CNX Resources in the first quarter worth $61,000. Finally, Sound Income Strategies LLC purchased a new position in CNX Resources in the first quarter worth $63,000. Institutional investors own 95.16% of the company's stock.

CNX Resources Company Profile

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.

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