Shares of CNX Resources Corporation. (NYSE:CNX – Get Free Report) have received a consensus recommendation of “Reduce” from the twelve research firms that are covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating and nine have given a hold rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $35.4444.
A number of brokerages recently weighed in on CNX. Truist Financial raised shares of CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 target price for the company in a research note on Wednesday, July 15th. Morgan Stanley decreased their target price on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating for the company in a research note on Monday, June 29th. Barclays dropped their price objective on CNX Resources from $36.00 to $35.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 26th. Zacks Research lowered shares of CNX Resources from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Mizuho lowered their target price on CNX Resources from $44.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th.
View Our Latest Stock Report on CNX
CNX Resources Trading Up 0.4%
CNX Resources (NYSE:CNX – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.72. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The company had revenue of $618.48 million for the quarter, compared to analysts’ expectations of $475.16 million. During the same period last year, the firm posted $2.43 earnings per share. The business’s quarterly revenue was down 35.7% compared to the same quarter last year. Equities research analysts anticipate that CNX Resources will post 3.08 EPS for the current year.
Institutional Investors Weigh In On CNX Resources
Several institutional investors have recently made changes to their positions in CNX. California State Teachers Retirement System lifted its position in shares of CNX Resources by 3,148.3% during the 2nd quarter. California State Teachers Retirement System now owns 5,325,076 shares of the oil and gas producer’s stock valued at $180,680,000 after acquiring an additional 5,161,140 shares during the period. AlphaGrep UK Ltd bought a new stake in shares of CNX Resources during the 2nd quarter valued at approximately $544,000. denkapparat Operations GmbH grew its stake in shares of CNX Resources by 96.3% during the second quarter. denkapparat Operations GmbH now owns 38,166 shares of the oil and gas producer’s stock worth $1,295,000 after buying an additional 18,720 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in CNX Resources in the 2nd quarter worth about $282,000. Finally, Wellington Management Group LLP increased its stake in shares of CNX Resources by 192.4% in the second quarter. Wellington Management Group LLP now owns 924,662 shares of the oil and gas producer’s stock valued at $31,374,000 after buying an additional 608,386 shares during the period. 95.16% of the stock is currently owned by institutional investors.
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.
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