Brokerages Set CNX Resources Corporation. (NYSE:CNX) PT at $36.00

CNX Resources Corporation. (NYSE:CNX) has received an average rating of “Reduce” from the thirteen ratings firms that are presently covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $36.00.

CNX has been the topic of several recent research reports. Morgan Stanley raised their target price on CNX Resources from $31.00 to $32.00 and gave the company an “underweight” rating in a report on Friday, January 23rd. Scotiabank reissued a “sector perform” rating and issued a $44.00 price objective on shares of CNX Resources in a research note on Wednesday, January 21st. Weiss Ratings upgraded CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, February 11th. Piper Sandler set a $26.00 price target on shares of CNX Resources in a research report on Monday, February 2nd. Finally, Barclays upped their price objective on shares of CNX Resources from $34.00 to $35.00 and gave the stock an “underweight” rating in a report on Friday, January 30th.

CNX Resources Stock Performance

Shares of NYSE CNX opened at $39.69 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.44 and a quick ratio of 0.41. CNX Resources has a one year low of $27.68 and a one year high of $42.13. The business’s 50-day moving average price is $37.70 and its two-hundred day moving average price is $34.84. The company has a market capitalization of $5.65 billion, a P/E ratio of 10.79, a price-to-earnings-growth ratio of 0.40 and a beta of 0.66.

CNX Resources (NYSE:CNX) last announced its quarterly earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.94. The business had revenue of $610.48 million during the quarter, compared to analyst estimates of $422.65 million. CNX Resources had a return on equity of 9.29% and a net margin of 28.28%.The firm’s revenue was up 347.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.97) EPS. Analysts anticipate that CNX Resources will post 2.18 earnings per share for the current fiscal year.

Insider Transactions at CNX Resources

In other CNX Resources news, Director Bernard Lanigan, Jr. sold 46,119 shares of the company’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $40.60, for a total transaction of $1,872,431.40. Following the completion of the sale, the director directly owned 177,180 shares in the company, valued at $7,193,508. This represents a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.10% of the stock is owned by company insiders.

Institutional Trading of CNX Resources

Hedge funds have recently added to or reduced their stakes in the business. Capital Research Global Investors lifted its stake in shares of CNX Resources by 38.6% in the third quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer’s stock valued at $126,874,000 after buying an additional 1,100,000 shares during the period. Balyasny Asset Management L.P. increased its holdings in CNX Resources by 601.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer’s stock valued at $35,507,000 after buying an additional 947,931 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of CNX Resources by 45.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer’s stock valued at $74,327,000 after buying an additional 633,539 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of CNX Resources by 5,262.2% during the 2nd quarter. Mackenzie Financial Corp now owns 555,473 shares of the oil and gas producer’s stock worth $18,708,000 after acquiring an additional 545,114 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in shares of CNX Resources by 112.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer’s stock worth $33,932,000 after acquiring an additional 532,770 shares during the period. Institutional investors own 95.16% of the company’s stock.

CNX Resources Company Profile

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.