CNX Resources Corporation. (NYSE:CNX) Stock Rated “Reduce” by Sell-Side Analysts

CNX Resources Corporation. (NYSE:CNX) has earned a consensus recommendation of “Reduce” from the twelve analysts that are covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell recommendation and nine have given a hold recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $34.88.

Several analysts have recently weighed in on the company. Weiss Ratings restated a “hold (c+)” rating on shares of CNX Resources in a research note on Monday, October 26th. Morgan Stanley boosted their price target on CNX Resources from $32.00 to $34.00 and gave the stock an “underweight” rating in a research note on Thursday, October 15th. Truist Financial increased their price target on CNX Resources from $34.00 to $39.00 and gave the company a “hold” rating in a report on Thursday, October 29th. Scotiabank initiated coverage on CNX Resources in a research note on Wednesday, October 14th. They set a “sector perform” rating and a $34.00 price objective for the company. Finally, 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 note on Thursday, October 15th.

CNX Resources Stock Performance

Shares of NYSE:CNX opened at $34.99 on Friday. The company has a market cap of $5.00 billion, a P/E ratio of 5.93 and a beta of 0.61. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.02 and a current ratio of 1.08. CNX Resources has a one year low of $30.77 and a one year high of $43.62. The business’s 50-day simple moving average is $35.04 and its 200 day simple moving average is $36.39.

Hedge Funds Weigh In On CNX Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of CNX Resources in the second quarter worth $650,689,000. Dimensional Fund Advisors LP boosted its stake in CNX Resources by 0.3% during 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 during 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 acquiring an additional 3,776,511 shares during the last quarter. Bank of America Corp DE bought a new position in CNX Resources during the 2nd quarter valued at $87,949,000. Finally, Bank of New York Mellon Corp acquired a new position in CNX Resources during the 2nd quarter worth $41,432,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Company Profile

CNX Resources Corporation (NYSE:CNX) is an independent natural gas exploration and production company focused on the Appalachian Basin. The company develops and produces natural gas from unconventional shale formations, with its operations concentrated in the Marcellus and Utica shale areas.

CNX’s activities include leasing, drilling, completing and operating natural gas wells, as well as managing related gathering and infrastructure arrangements used to transport production to market.