CNX Resources (NYSE:CNX) Upgraded at Truist Financial

CNX Resources (NYSE:CNX) was upgraded by analysts at Truist Financial from a “sell” rating to a “hold” rating in a report issued on Wednesday,Benzinga reports. The brokerage presently has a $35.00 price target on the oil and gas producer’s stock. Truist Financial’s price objective would suggest a potential upside of 8.18% from the company’s previous close.

CNX has been the topic of a number of other research reports. Weiss Ratings lowered CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, May 28th. Zacks Research downgraded shares of CNX Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Mizuho lowered their price objective 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. Barclays reduced their target price 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, Tudor Pickering upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a report on Friday, May 8th. One analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $35.44.

CNX Resources Stock Up 0.0%

Shares of NYSE:CNX opened at $32.35 on Wednesday. The firm has a market capitalization of $4.58 billion, a PE ratio of 4.49 and a beta of 0.59. The business has a 50 day simple moving average of $34.09 and a two-hundred day simple moving average of $37.15. CNX Resources has a 1 year low of $27.72 and a 1 year high of $43.62. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.49 and a quick ratio of 0.46.

Insiders Place Their Bets

In other CNX Resources news, Director William N. Thorndike, Jr. sold 28,800 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $38.25, for a total transaction of $1,101,600.00. Following the sale, the director 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.03% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CNX Resources

A number of hedge funds have recently made changes to their positions in the stock. Smartleaf Asset Management LLC grew its stake in CNX Resources by 56.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock valued at $30,000 after purchasing an additional 293 shares during the last quarter. State of Wyoming bought a new stake in shares of CNX Resources in the 2nd quarter valued at about $29,000. Los Angeles Capital Management LLC bought a new stake in shares of CNX Resources in the 4th quarter valued at about $34,000. Kestra Advisory Services LLC purchased a new position in shares of CNX Resources in the 4th quarter worth approximately $50,000. Finally, Highlander Partners L.P. bought a new position in shares of CNX Resources during the 4th quarter worth approximately $56,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Company Profile

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.