CNX Resources (NYSE:CNX) Upgraded to “Sector Perform” at Scotiabank

CNX Resources (NYSE:CNX) was upgraded by investment analysts at Scotiabank from a “sector underperform” rating to a “sector perform” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. The firm currently has a $33.00 price target on the oil and gas producer’s stock. Scotiabank’s price objective would indicate a potential upside of 7.84% from the stock’s previous close.

CNX has been the subject of a number of other reports. Stephens upgraded CNX Resources from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $35.00 to $48.00 in a report on Tuesday, March 18th. Piper Sandler cut their target price on CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a research note on Wednesday, January 29th. Mizuho lifted their price target on shares of CNX Resources from $34.00 to $35.00 and gave the stock an “underperform” rating in a research note on Monday, April 7th. Bank of America cut their price objective on shares of CNX Resources from $32.00 to $27.00 and set an “underperform” rating for the company in a research note on Tuesday, April 1st. Finally, StockNews.com cut shares of CNX Resources from a “hold” rating to a “sell” rating in a research report on Thursday, February 13th. Eight investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $31.42.

CNX Resources Trading Up 5.7 %

Shares of CNX opened at $30.60 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32. CNX Resources has a 1-year low of $22.82 and a 1-year high of $41.93. The company has a market capitalization of $4.50 billion, a P/E ratio of -45.00, a P/E/G ratio of 0.42 and a beta of 1.33. The firm’s 50 day simple moving average is $30.20 and its 200 day simple moving average is $33.28.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.14. CNX Resources had a negative net margin of 7.14% and a positive return on equity of 6.72%. Sell-side analysts forecast that CNX Resources will post 2.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC increased its stake in shares of CNX Resources by 3,220.4% during the first quarter. GAMMA Investing LLC now owns 106,119 shares of the oil and gas producer’s stock valued at $3,371,000 after buying an additional 102,923 shares during the period. Centaurus Financial Inc. bought a new stake in CNX Resources in the fourth quarter valued at $146,000. Heck Capital Advisors LLC purchased a new position in CNX Resources during the 4th quarter valued at $121,000. Pullen Investment Management LLC raised its holdings in CNX Resources by 2.7% in the 4th quarter. Pullen Investment Management LLC now owns 32,151 shares of the oil and gas producer’s stock worth $1,179,000 after purchasing an additional 841 shares in the last quarter. Finally, Ameriflex Group Inc. purchased a new stake in shares of CNX Resources in the 4th quarter worth about $88,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

About CNX Resources

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.