CNX Resources Corporation. (NYSE:CNX) Receives Average Recommendation of “Reduce” from Analysts

Shares of CNX Resources Corporation. (NYSE:CNX) have earned a consensus recommendation of “Reduce” from the thirteen brokerages that are covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $35.4444.

CNX has been the subject of several recent research reports. Tudor Pickering upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Truist Financial initiated coverage on CNX Resources in a research note on Tuesday, March 24th. They issued a “sell” rating and a $35.00 price objective for the company. Barclays decreased their target price on CNX Resources from $36.00 to $35.00 and set an “underweight” rating for the company in a research note on Tuesday, May 26th. Weiss Ratings cut CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, May 28th. Finally, Zacks Research cut CNX Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th.

CNX Resources Stock Performance

Shares of CNX opened at $33.52 on Thursday. The stock has a 50-day simple moving average of $37.07 and a 200-day simple moving average of $38.14. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.46 and a current ratio of 0.49. The stock has a market capitalization of $4.74 billion, a PE ratio of 4.66 and a beta of 0.58. CNX Resources has a 1 year low of $27.72 and a 1 year high of $43.62.

Insider Activity at CNX Resources

In related news, Director William N. Thorndike, Jr. sold 28,800 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director owned 426,585 shares in the company, valued at $16,316,876.25. The trade was a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Maureen Lally-Green sold 23,631 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $39.52, for a total value of $933,897.12. Following the sale, the director owned 169,577 shares of the company’s stock, valued at approximately $6,701,683.04. The trade was a 12.23% decrease in their position. The SEC filing for this sale provides additional information. 5.03% of the stock is owned by insiders.

Institutional Investors Weigh In On CNX Resources

Several institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. increased its position in CNX Resources by 16.3% during the third quarter. American Century Companies Inc. now owns 3,236,441 shares of the oil and gas producer’s stock worth $103,954,000 after buying an additional 454,071 shares during the period. Pullen Investment Management LLC increased its position in CNX Resources by 76.3% during the fourth quarter. Pullen Investment Management LLC now owns 68,083 shares of the oil and gas producer’s stock worth $2,503,000 after buying an additional 29,469 shares during the period. Capital Research Global Investors increased its position in CNX Resources by 38.6% during the third quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer’s stock worth $126,874,000 after buying an additional 1,100,000 shares during the period. Ossiam increased its position in CNX Resources by 116.9% during the third quarter. Ossiam now owns 672,400 shares of the oil and gas producer’s stock worth $21,597,000 after buying an additional 362,400 shares during the period. Finally, Jupiter Asset Management Ltd. acquired a new position in CNX Resources during the third quarter worth approximately $12,960,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.