CNX Resources (NYSE:CNX) Lowered to “Strong Sell” Rating by Zacks Research

CNX Resources (NYSE:CNX) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CNX Resources in a research report on Monday, December 29th. JPMorgan Chase & Co. raised CNX Resources from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $36.00 to $38.00 in a report on Monday, December 8th. Morgan Stanley lowered their price objective on CNX Resources from $32.00 to $31.00 and set an “underweight” rating for the company in a research report on Tuesday, October 14th. Scotiabank increased their price objective on CNX Resources from $36.00 to $40.00 and gave the company a “sector perform” rating in a report on Friday, November 21st. Finally, Barclays raised their target price on CNX Resources from $32.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Friday, October 31st. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and an average target price of $34.70.

CNX Resources Stock Performance

Shares of CNX Resources stock opened at $36.62 on Monday. CNX Resources has a one year low of $27.00 and a one year high of $42.13. The company has a market cap of $4.94 billion, a PE ratio of 25.61, a P/E/G ratio of 0.36 and a beta of 0.63. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.31 and a current ratio of 0.34. The business has a 50-day simple moving average of $37.52 and a 200-day simple moving average of $33.56.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, October 30th. The oil and gas producer reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.09. CNX Resources had a net margin of 16.56% and a return on equity of 9.10%. The company had revenue of $423.00 million during the quarter, compared to the consensus estimate of $408.80 million. The business’s quarterly revenue was up 37.6% compared to the same quarter last year. On average, equities research analysts forecast that CNX Resources will post 2.18 EPS for the current fiscal year.

Institutional Investors Weigh In On CNX Resources

Large investors have recently modified their holdings of the company. Capital Research Global Investors increased 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 acquiring an additional 1,100,000 shares during the period. American Century Companies Inc. grew its position in CNX Resources by 16.3% during the 3rd quarter. American Century Companies Inc. now owns 3,236,441 shares of the oil and gas producer’s stock worth $103,954,000 after purchasing an additional 454,071 shares during the last quarter. Southeast Asset Advisors LLC grew its position in CNX Resources by 0.3% during the 2nd quarter. Southeast Asset Advisors LLC now owns 2,414,955 shares of the oil and gas producer’s stock worth $81,336,000 after purchasing an additional 6,930 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in CNX Resources by 16.7% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,400,000 shares of the oil and gas producer’s stock valued at $47,152,000 after purchasing an additional 200,000 shares during the period. Finally, Balyasny Asset Management L.P. raised its holdings in shares of CNX Resources by 601.8% in the third 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 last quarter. 95.16% of the stock is 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.