Mizuho Upgrades CNX Resources (NYSE:CNX) to Neutral

Key Points

• Mizuho has upgraded CNX Resources from an "underperform" rating to a "neutral" rating, reducing its price target from $36.00 to $34.00.
• The average rating for CNX Resources among analysts is currently "Reduce," with a consensus price target of $31.64.
• Institutional investors hold a significant stake in CNX Resources, owning 95.16% of the company’s stock.

CNX Resources (NYSE:CNX - Get Free Report) was upgraded by equities research analysts at Mizuho from an "underperform" rating to a "neutral" rating in a research note issued to investors on Monday, MarketBeat Ratings reports. The brokerage currently has a $34.00 price target on the oil and gas producer's stock, down from their prior price target of $36.00. Mizuho's price target would indicate a potential upside of 13.38% from the company's previous close.

A number of other equities analysts also recently commented on CNX. Piper Sandler decreased their target price on CNX Resources from $26.00 to $24.00 and set an "underweight" rating for the company in a report on Thursday, August 14th. TD Cowen upgraded CNX Resources to a "hold" rating in a report on Monday, July 7th. Barclays initiated coverage on CNX Resources in a report on Monday, July 7th. They set an "equal weight" rating and a $33.00 target price for the company. Finally, Scotiabank restated a "sector perform" rating and set a $35.00 target price (up previously from $33.00) on shares of CNX Resources in a report on Friday, July 11th. One investment analyst has rated the stock with a Buy rating, ten have issued a Hold rating and six have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus price target of $31.64.

CNX Resources Stock Performance

Shares of CNX stock opened at $29.99 on Monday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.30 and a current ratio of 0.33. CNX Resources has a fifty-two week low of $27.00 and a fifty-two week high of $41.93. The stock has a 50 day moving average price of $30.40 and a two-hundred day moving average price of $30.98. The company has a market capitalization of $4.24 billion, a P/E ratio of 50.83, a PEG ratio of 0.27 and a beta of 0.60.

Hedge Funds Weigh In On CNX Resources

A number of institutional investors have recently added to or reduced their stakes in CNX. Focus Partners Wealth bought a new position in CNX Resources in the fourth quarter worth $207,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of CNX Resources by 2.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 83,093 shares of the oil and gas producer's stock worth $3,047,000 after acquiring an additional 2,216 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of CNX Resources by 30.9% in the fourth quarter. Nuveen Asset Management LLC now owns 1,365,407 shares of the oil and gas producer's stock worth $50,069,000 after acquiring an additional 322,203 shares during the last quarter. Quantinno Capital Management LP purchased a new stake in shares of CNX Resources in the fourth quarter worth $244,000. Finally, ProShare Advisors LLC grew its stake in shares of CNX Resources by 39.2% in the fourth quarter. ProShare Advisors LLC now owns 48,083 shares of the oil and gas producer's stock worth $1,763,000 after acquiring an additional 13,552 shares during the last quarter. 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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