CNX Resources Corporation. (NYSE:CNX) Given Consensus Rating of “Reduce” by Brokerages

Shares of CNX Resources Corporation. (NYSE:CNX) have been assigned an average rating of “Reduce” from the thirteen brokerages that are currently covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $35.4444.

A number of research analysts recently weighed in on the company. Truist Financial began coverage on CNX Resources in a research note on Tuesday, March 24th. They set a “sell” rating and a $35.00 price target on the stock. Tudor Pickering raised CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Morgan Stanley decreased their price objective on CNX Resources from $34.00 to $32.00 and set an “underweight” rating for the company in a report on Monday, June 29th. Weiss Ratings lowered CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, May 28th. Finally, Mizuho cut their target price on CNX Resources from $44.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th.

Insiders Place Their Bets

In other CNX Resources news, Director William N. Thorndike, Jr. sold 28,800 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $38.25, for a total value of $1,101,600.00. Following the transaction, the director directly owned 426,585 shares of the company’s stock, valued at approximately $16,316,876.25. This trade represents a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.03% of the company’s stock.

Institutional Investors Weigh In On CNX Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State of Wyoming acquired a new position in CNX Resources during the 2nd quarter valued at about $29,000. Smartleaf Asset Management LLC increased its holdings in CNX Resources by 56.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock worth $30,000 after purchasing an additional 293 shares in the last quarter. Caitlin John LLC purchased a new stake in shares of CNX Resources in the third quarter worth approximately $31,000. Los Angeles Capital Management LLC purchased a new stake in shares of CNX Resources in the fourth quarter worth approximately $34,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of CNX Resources in the fourth quarter worth approximately $50,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

CNX Resources Price Performance

Shares of NYSE CNX opened at $33.83 on Monday. The firm’s 50-day moving average price is $34.92 and its 200-day moving average price is $37.39. CNX Resources has a 1-year low of $27.72 and a 1-year high of $43.62. The firm has a market capitalization of $4.79 billion, a P/E ratio of 4.70 and a beta of 0.59. The company has a current ratio of 0.49, a quick ratio of 0.46 and a debt-to-equity ratio of 0.47.

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.