CNX Resources Corporation. (NYSE:CNX – Get Free Report) has received an average rating of “Reduce” from the eleven analysts that are presently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating and eight have given a hold rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $35.88.
Several research firms recently issued reports on CNX. Morgan Stanley dropped their target price on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating on the stock in a report on Monday, June 29th. Truist Financial upgraded 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. Finally, Weiss Ratings lowered CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 28th.
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CNX Resources Stock Performance
CNX Resources (NYSE:CNX – Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.72. CNX Resources had a return on equity of 10.40% and a net margin of 36.53%. The company had revenue of $618.48 million during the quarter, compared to the consensus estimate of $475.16 million. During the same quarter in the prior year, the firm posted $2.43 earnings per share. The firm’s revenue was down 35.7% compared to the same quarter last year. As a group, analysts expect that CNX Resources will post 3.12 earnings per share for the current fiscal year.
Institutional Investors Weigh In On CNX Resources
Large investors have recently added to or reduced their stakes in the business. Caitlin John LLC acquired a new position in shares of CNX Resources during the second quarter worth approximately $33,000. Integrated Wealth Concepts LLC bought a new position in shares of CNX Resources in the 2nd quarter worth $61,000. IFP Advisors Inc lifted its holdings in shares of 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 in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of CNX Resources in the 2nd quarter worth $93,000. Finally, Transamerica Financial Advisors LLC acquired a new stake in CNX Resources in the 2nd quarter valued at $94,000. Institutional investors and hedge funds own 95.16% of the company’s stock.
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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