CNX Resources Corporation. (NYSE:CNX) Receives Consensus Recommendation of "Reduce" from Analysts

Key Points

• CNX Resources has a consensus “Reduce” rating: Three of 12 analysts recommend selling, while nine rate the stock a hold. The average 12-month price target is $35.44, below the reported share price of $36.00.
• Recent analyst actions were generally cautious, with Mizuho, Barclays, and Morgan Stanley lowering their price targets; Truist upgraded the stock from sell to hold.
• CNX exceeded quarterly earnings expectations with $1.32 EPS versus a $0.60 consensus and revenue of $618.48 million, although revenue declined 35.7% year over year. Institutional investors own 95.16% of the company’s shares.

CNX Resources Corporation. (NYSE:CNX - Get Free Report) has been given an average recommendation of "Reduce" by the twelve analysts that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $35.4444.

A number of analysts have weighed in on the company. Mizuho reduced their price target on CNX Resources from $44.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, May 27th. Barclays lowered their price objective on CNX Resources from $36.00 to $35.00 and set an "underweight" rating on the stock in a report on Tuesday, May 26th. Weiss Ratings downgraded CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, July 28th. Truist Financial upgraded CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 target price for the company in a report on Wednesday, July 15th. Finally, Morgan Stanley decreased their target price on CNX Resources from $34.00 to $32.00 and set an "underweight" rating for the company in a research report on Monday, June 29th.

Institutional Trading of CNX Resources

Several large investors have recently modified their holdings of CNX. State of Wyoming bought a new position in CNX Resources in the 2nd quarter worth $29,000. Smartleaf Asset Management LLC boosted its holdings in 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 valued at $30,000 after acquiring an additional 293 shares during the period. Caitlin John LLC bought a new stake in CNX Resources during the second quarter valued at about $33,000. Los Angeles Capital Management LLC acquired a new stake in shares of CNX Resources in the fourth quarter valued at about $34,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of CNX Resources in the fourth quarter valued at about $50,000. 95.16% of the stock is owned by institutional investors.

CNX Resources Stock Performance

Shares of CNX opened at $36.00 on Friday. The firm has a market cap of $5.33 billion, a price-to-earnings ratio of 6.01 and a beta of 0.61. The company's fifty day moving average is $35.16 and its 200-day moving average is $36.52. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.46. CNX Resources has a 12 month low of $29.22 and a 12 month high of $43.62.

CNX Resources (NYSE:CNX - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.72. The firm had revenue of $618.48 million during the quarter, compared to analysts' expectations of $475.16 million. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. CNX Resources's revenue for the quarter was down 35.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.43 earnings per share. Equities analysts expect that CNX Resources will post 3.08 EPS for the current fiscal year.

CNX Resources Company Profile

CNX Resources Corporation NYSE: CNX is an independent natural gas exploration and production company focused on the Appalachian Basin. The company develops and produces natural gas, primarily from unconventional shale formations, with operations concentrated in the Marcellus and Utica shale regions.

CNX's activities include acquiring, drilling, completing and operating natural gas wells, as well as managing related gathering and infrastructure assets used to transport production to market.

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