CNX Resources Corporation. (NYSE:CNX – Get Free Report) has received a consensus rating of “Reduce” from the eleven research firms that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell rating and eight have issued a hold rating on the company. The average 12 month target price among brokers that have covered the stock in the last year is $35.8750.
Several research firms have weighed in on CNX. Weiss Ratings cut CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 28th. Mizuho reduced their price target on shares of CNX Resources from $44.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, May 27th. Truist Financial upgraded shares of CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 price target for the company in a report on Wednesday, July 15th. Barclays lowered their price objective on shares of CNX Resources from $36.00 to $35.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 26th. Finally, Morgan Stanley dropped their price objective on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating on the stock in a research note on Monday, June 29th.
View Our Latest Research Report on CNX Resources
CNX Resources Stock Performance
CNX Resources (NYSE:CNX – Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.72. The firm had revenue of $618.48 million for the quarter, compared to analyst estimates of $475.16 million. CNX Resources had a return on equity of 10.40% and a net margin of 36.53%.CNX Resources’s quarterly revenue was down 35.7% on a year-over-year basis. During the same period in the previous year, the firm earned $2.43 earnings per share. On average, sell-side analysts anticipate that CNX Resources will post 3.08 EPS for the current fiscal year.
Hedge Funds Weigh In On CNX Resources
Several institutional investors and hedge funds have recently modified their holdings of the stock. Caitlin John LLC purchased a new stake in shares of CNX Resources during the second quarter worth $33,000. Integrated Wealth Concepts LLC purchased a new position in CNX Resources in the second quarter valued at about $61,000. JTC Employer Solutions Trustee Ltd purchased a new position in CNX Resources in the fourth quarter valued at about $74,000. IFP Advisors Inc increased its position in CNX Resources by 604.0% in the 2nd 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. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of CNX Resources during the 2nd quarter worth about $93,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.
About CNX Resources
CNX Resources Corporation (NYSE: CNX) is an independent natural gas exploration and production company focused on the Appalachian Basin. The company develops and produces natural gas, primarily from unconventional shale formations, with operations concentrated in the Marcellus and Utica shale regions.
CNX’s activities include acquiring, drilling, completing and operating natural gas wells, as well as managing related gathering and infrastructure assets used to transport production to market.
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