CNX Resources (NYSE:CNX) Upgraded at Scotiabank

Scotiabank upgraded shares of CNX Resources (NYSE:CNX) to a hold rating in a research note issued to investors on Wednesday morning,Zacks reports.

Several other research firms have also issued reports on CNX. Weiss Ratings lowered CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 28th. Mizuho cut their target price on CNX Resources from $42.00 to $38.00 and set a “neutral” rating on the stock in a research report on Thursday. Truist Financial decreased their price target on CNX Resources from $35.00 to $34.00 and set a “hold” rating on the stock in a report on Friday. Finally, Morgan Stanley raised their price target on CNX Resources from $32.00 to $34.00 and gave the stock an “underweight” rating in a research report on Thursday. Eight investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $34.25.

CNX Resources Trading Up 3.7%

Shares of NYSE:CNX traded up $1.29 during trading on Wednesday, reaching $35.91. The company’s stock had a trading volume of 1,355,313 shares, compared to its average volume of 2,172,187. The stock has a market capitalization of $5.31 billion, a PE ratio of 6.00 and a beta of 0.69. CNX Resources has a 12 month low of $30.77 and a 12 month high of $43.62. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46. The firm’s 50 day simple moving average is $34.90 and its two-hundred day simple moving average is $35.24.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $475.16 million. During the same period in the previous year, the firm posted $2.43 earnings per share. The firm’s revenue for the quarter was down 35.7% on a year-over-year basis. On average, research analysts predict that CNX Resources will post 3.12 EPS for the current fiscal year.

Institutional Trading of CNX Resources

Several institutional investors have recently added to or reduced their stakes in CNX. Caitlin John LLC purchased a new position in shares of CNX Resources during the second quarter valued at approximately $33,000. Integrated Wealth Concepts LLC purchased a new stake in shares of CNX Resources in the second quarter worth approximately $61,000. IFP Advisors Inc lifted its stake in shares of CNX Resources by 604.0% during the 2nd quarter. IFP Advisors Inc now owns 2,619 shares of the oil and gas producer’s stock worth $89,000 after acquiring an additional 2,247 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of CNX Resources during the 2nd quarter worth approximately $93,000. Finally, Transamerica Financial Advisors LLC purchased a new position in CNX Resources during the 2nd quarter valued at $94,000. Institutional investors 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.