CNX Resources (NYSE:CNX) Shares Pass Above Two Hundred Day Moving Average Following Analyst Downgrade

CNX Resources Corporation. (NYSE:CNX) passed above its two hundred day moving average during trading on Monday after Mizuho raised their price target on the stock from $35.00 to $43.00. The stock has a two hundred day moving average of $33.52 and traded as high as $36.18. Mizuho currently has a neutral rating on the stock. CNX Resources shares last traded at $36.0470, with a volume of 1,200,142 shares trading hands.

A number of other brokerages have also weighed in on CNX. Scotiabank boosted their price target on CNX Resources from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research note on Friday, November 21st. Morgan Stanley lowered their target price on shares of CNX Resources from $32.00 to $31.00 and set an “underweight” rating for the company in a research note on Tuesday, October 14th. Barclays boosted their target price on shares of CNX Resources from $32.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Friday, October 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CNX Resources in a report on Monday, December 8th. Finally, JPMorgan Chase & Co. upgraded shares of CNX Resources from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $36.00 to $38.00 in a research note on Monday, December 8th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $34.70.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNX. State of Wyoming acquired a new stake in CNX Resources during the 2nd quarter worth about $29,000. Caitlin John LLC purchased a new stake in shares of CNX Resources in the third quarter worth about $31,000. Ameritas Advisory Services LLC purchased a new stake in shares of CNX Resources in the second quarter worth about $32,000. Elevation Point Wealth Partners LLC acquired a new stake in CNX Resources during the second quarter worth about $46,000. Finally, EverSource Wealth Advisors LLC raised its position in CNX Resources by 393.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,925 shares of the oil and gas producer’s stock valued at $65,000 after acquiring an additional 1,535 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

CNX Resources Stock Performance

The company has a market capitalization of $4.94 billion, a PE ratio of 25.61, a PEG ratio of 0.36 and a beta of 0.63. The firm has a 50-day moving average of $37.52 and a two-hundred day moving average of $33.56. The company has a quick ratio of 0.31, a current ratio of 0.34 and a debt-to-equity ratio of 0.55.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, October 30th. The oil and gas producer reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.09. The business had revenue of $423.00 million for the quarter, compared to analysts’ expectations of $408.80 million. CNX Resources had a net margin of 16.56% and a return on equity of 9.10%. The business’s revenue was up 37.6% compared to the same quarter last year. Research analysts anticipate that CNX Resources Corporation. will post 2.18 EPS for the current year.

About CNX Resources

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.