CNX Resources (NYSE:CNX – Get Free Report) was upgraded by research analysts at Scotiabank to a “hold” rating in a research note issued to investors on Wednesday, Zacks reports.
Several other research analysts also recently commented on the company. Truist Financial cut their target price on CNX Resources from $35.00 to $34.00 and set a “hold” rating on the stock in a report on Friday. Weiss Ratings cut CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 28th. Mizuho lowered their price objective on CNX Resources from $42.00 to $38.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Morgan Stanley lifted their price objective on CNX Resources from $32.00 to $34.00 and gave the stock an “underweight” rating in a research note on Thursday. Eight equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $34.25.
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CNX Resources Trading Up 3.7%
Shares of NYSE:CNX traded up $1.29 during mid-day trading on Wednesday, reaching $35.91. 1,355,313 shares of the company’s stock were exchanged, compared to its average volume of 2,172,187. The firm has a market capitalization of $5.31 billion, a price-to-earnings ratio of 6.00 and a beta of 0.69. The business’s fifty day moving average price is $34.90 and its 200-day moving average price is $35.24. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.72. CNX Resources has a twelve month low of $30.77 and a twelve month high of $43.62.
CNX Resources (NYSE:CNX – Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.72. The business had revenue of $618.48 million during the quarter, compared to the consensus estimate 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 prior year, the business posted $2.43 earnings per share. On average, research analysts predict that CNX Resources will post 3.12 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in CNX. BlackRock Inc. bought a new stake in shares of CNX Resources during the second quarter worth about $650,689,000. Dimensional Fund Advisors LP lifted its position in CNX Resources by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,774,069 shares of the oil and gas producer’s stock valued at $338,260,000 after acquiring an additional 28,851 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in CNX Resources by 6,057.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer’s stock valued at $147,988,000 after purchasing an additional 3,776,511 shares during the last quarter. Bank of America Corp DE acquired a new position in CNX Resources during the 2nd quarter valued at about $87,949,000. Finally, Bank of New York Mellon Corp acquired a new position in CNX Resources during the 2nd quarter valued at about $41,432,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.
About CNX Resources
CNX Resources Corporation (NYSE: CNX) is an independent natural gas exploration and production company focused primarily on developing unconventional natural gas reserves in the Appalachian Basin. Its operations are concentrated in the Marcellus and Utica shale formations, where it uses horizontal drilling and hydraulic fracturing to produce pipeline-quality natural gas.
The company’s activities include acquiring, developing and operating natural gas properties, as well as managing related gathering and infrastructure assets.
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