CNX Resources Corporation. (NYSE:CNX) Stock Has Average Target Price of $35.88

Key Points

• Analysts remain cautious: CNX Resources has a consensus “Reduce” rating, with three sell ratings and eight holds. The average 12-month price target is $35.88, modestly above the stock’s $33.28 opening price.
• Quarterly earnings exceeded expectations: CNX reported $1.32 in EPS versus the $0.60 consensus estimate and revenue of $618.48 million, above expectations. However, revenue fell 35.7% year over year, and analysts project full-year EPS of $3.08.
• Institutional ownership is high: Institutional investors and hedge funds own approximately 95.16% of CNX shares, with several firms recently initiating or increasing positions.

Shares of CNX Resources Corporation. (NYSE:CNX - Get Free Report) have earned a consensus recommendation of "Reduce" from the eleven analysts that are presently covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $35.88.

A number of research analysts have recently issued reports on CNX shares. Weiss Ratings cut shares of CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, July 28th. Truist Financial raised CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 price target for the company in a report on Wednesday, July 15th. Finally, Morgan Stanley cut their price objective 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.

CNX Resources Stock Up 3.2%

CNX opened at $33.28 on Wednesday. The firm has a market cap of $4.92 billion, a price-to-earnings ratio of 5.56 and a beta of 0.69. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.72. The firm's 50-day simple moving average is $34.99 and its 200-day simple moving average is $35.53. CNX Resources has a twelve month low of $30.77 and a twelve month high of $43.62.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Caitlin John LLC bought a new position in shares of CNX Resources in the second quarter worth about $33,000. Integrated Wealth Concepts LLC bought a new stake in shares of CNX Resources during the second quarter valued at approximately $61,000. IFP Advisors Inc increased its holdings in shares of CNX Resources by 604.0% in the second quarter. IFP Advisors Inc now owns 2,619 shares of the oil and gas producer's stock valued at $89,000 after purchasing an additional 2,247 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in CNX Resources in the 2nd quarter worth approximately $93,000. Finally, Transamerica Financial Advisors LLC acquired a new position in CNX Resources during the 2nd quarter worth $94,000. Institutional investors and hedge funds own 95.16% of the company's stock.

About CNX Resources

CNX Resources Corporation NYSE: CNX is an independent natural gas exploration and production company focused primarily on developing unconventional natural gas reserves in the Appalachian Basin. Its operations are concentrated in the Marcellus and Utica shale formations, where it uses horizontal drilling and hydraulic fracturing to produce pipeline-quality natural gas.

The company's activities include acquiring, developing and operating natural gas properties, as well as managing related gathering and infrastructure assets.

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