CNX Resources (NYSE:CNX) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of CNX Resources (NYSE:CNX) from a hold rating to a strong-buy rating in a report published on Monday,Zacks.com reports.

Other equities analysts have also issued reports about the stock. Morgan Stanley upped their target price on shares of CNX Resources from $31.00 to $32.00 and gave the stock an “underweight” rating in a research report on Friday, January 23rd. Weiss Ratings raised CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, February 11th. Mizuho lifted their target price on CNX Resources from $35.00 to $43.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. JPMorgan Chase & Co. upgraded CNX Resources from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $36.00 to $38.00 in a research report on Monday, December 8th. Finally, Piper Sandler set a $26.00 price objective on CNX Resources in a research report on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, CNX Resources has an average rating of “Reduce” and an average target price of $35.67.

CNX Resources Price Performance

CNX Resources stock opened at $38.48 on Monday. The business’s fifty day moving average is $39.78 and its two-hundred day moving average is $36.86. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.41 and a current ratio of 0.44. The firm has a market cap of $5.48 billion, a P/E ratio of 10.46, a P/E/G ratio of 0.33 and a beta of 0.65. CNX Resources has a 52 week low of $27.68 and a 52 week high of $43.62.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.94. The business had revenue of $610.48 million during the quarter, compared to analysts’ expectations 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 for the quarter was up 347.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.97) earnings per share. Equities research analysts forecast that CNX Resources will post 2.18 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Maureen Lally-Green sold 23,631 shares of the company’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $39.52, for a total value of $933,897.12. Following the completion of the sale, the director directly owned 169,577 shares of the company’s stock, valued at $6,701,683.04. This represents a 12.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Bernard Lanigan, Jr. sold 46,119 shares of the stock in a transaction that occurred on 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 owned 177,180 shares in the company, valued at $7,193,508. This represents a 20.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 4.59% of the company’s stock.

Institutional Investors Weigh In On CNX Resources

Several hedge funds have recently bought and sold shares of the company. Capital Research Global Investors grew its holdings in shares of CNX Resources by 38.6% in the 3rd 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. lifted its holdings in CNX Resources by 601.8% during the third quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer’s stock worth $35,507,000 after acquiring an additional 947,931 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in CNX Resources by 45.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer’s stock worth $74,327,000 after acquiring an additional 633,539 shares in the last quarter. AQR Capital Management LLC grew its stake in CNX Resources by 112.2% in the second quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer’s stock valued at $33,932,000 after acquiring an additional 532,770 shares during the period. Finally, Alyeska Investment Group L.P. bought a new stake in shares of CNX Resources in the fourth quarter worth about $16,792,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.