CNX Resources (NYSE:CNX) Upgraded to "Sector Perform" at Scotiabank

CNX Resources (NYSE:CNX - Get Free Report) was upgraded by research analysts at Scotiabank from a "sector underperform" rating to a "sector perform" rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. The brokerage presently has a $33.00 price objective on the oil and gas producer's stock. Scotiabank's target price indicates a potential upside of 6.80% from the stock's current price.

A number of other equities research analysts also recently issued reports on CNX. Bank of America cut their price target on CNX Resources from $32.00 to $27.00 and set an "underperform" rating for the company in a research note on Tuesday, April 1st. Mizuho boosted their target price on shares of CNX Resources from $34.00 to $35.00 and gave the company an "underperform" rating in a research report on Monday, April 7th. Morgan Stanley set a $33.00 price target on shares of CNX Resources and gave the stock an "underweight" rating in a research note on Wednesday, March 26th. Raymond James raised shares of CNX Resources from an "underperform" rating to a "market perform" rating in a research report on Tuesday, February 18th. Finally, StockNews.com lowered CNX Resources from a "hold" rating to a "sell" rating in a report on Thursday, February 13th. Eight investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, CNX Resources has an average rating of "Hold" and an average price target of $31.25.

CNX Resources Stock Performance

Shares of CNX stock traded up $0.06 during trading hours on Friday, reaching $30.90. The company had a trading volume of 725,284 shares, compared to its average volume of 2,662,387. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.32 and a current ratio of 0.33. The business has a fifty day moving average price of $30.27 and a 200-day moving average price of $33.28. CNX Resources has a one year low of $22.82 and a one year high of $41.93. The firm has a market cap of $4.55 billion, a PE ratio of -45.44, a price-to-earnings-growth ratio of 0.42 and a beta of 1.33.

CNX Resources (NYSE:CNX - Get Free Report) last announced its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.43 by $0.14. CNX Resources had a negative net margin of 7.14% and a positive return on equity of 6.72%. Sell-side analysts predict that CNX Resources will post 2.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CNX Resources

Institutional investors have recently added to or reduced their stakes in the company. Woodline Partners LP bought a new stake in CNX Resources in the fourth quarter worth $71,971,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of CNX Resources in the 4th quarter worth about $37,923,000. Millennium Management LLC raised its position in shares of CNX Resources by 69.1% during the 4th quarter. Millennium Management LLC now owns 1,154,588 shares of the oil and gas producer's stock valued at $42,339,000 after buying an additional 471,763 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of CNX Resources by 20.5% in the 4th quarter. Northern Trust Corp now owns 2,421,387 shares of the oil and gas producer's stock valued at $88,792,000 after acquiring an additional 411,485 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in CNX Resources during the fourth quarter worth approximately $14,268,000. Hedge funds and other 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.