CNX Resources (NYSE:CNX) Stock Bumped Up to “Hold” by Scotiabank

CNX Resources (NYSE:CNX) was upgraded by equities research analysts at Scotiabank to a “hold” rating in a note issued to investors on Wednesday, Zacks reports.

Several other equities analysts also recently weighed in on CNX. Mizuho dropped their target price on shares of CNX Resources from $42.00 to $38.00 and set a “neutral” rating for the company in a report on Thursday. Truist Financial cut their target price on shares of CNX Resources from $35.00 to $34.00 and set a “hold” rating for the company in a research report on Friday. Morgan Stanley upped their price target on shares of CNX Resources from $32.00 to $34.00 and gave the company an “underweight” rating in a report on Thursday. Finally, Weiss Ratings lowered shares of CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 28th. Eight equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $34.25.

CNX Resources Price Performance

Shares of NYSE:CNX traded up $1.29 during midday trading on Wednesday, hitting $35.91. 1,355,313 shares of the stock were exchanged, compared to its average volume of 2,172,187. The stock has a market cap of $5.31 billion, a P/E ratio of 6.00 and a beta of 0.69. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46. CNX Resources has a twelve month low of $30.77 and a twelve month high of $43.62. The company has a 50 day moving average price of $34.90 and a 200-day moving average price of $35.24.

CNX Resources (NYSE:CNX) last released its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 EPS for the quarter, topping the consensus estimate of $0.60 by $0.72. The business had revenue of $618.48 million for the quarter, compared to analyst estimates of $475.16 million. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The business’s revenue for the quarter was down 35.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.43 EPS. On average, research analysts forecast that CNX Resources will post 3.12 earnings per share for the current year.

Institutional Trading of CNX Resources

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

CNX Resources Company Profile

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.