CNX Resources (NYSE:CNX) Earns Underweight Rating from Analysts at Morgan Stanley

Analysts at Morgan Stanley initiated coverage on shares of CNX Resources (NYSE:CNX) in a research report issued on Friday,Briefing.com Automated Import reports. The firm set an “underweight” rating and a $29.00 price target on the oil and gas producer’s stock. Morgan Stanley’s price objective points to a potential downside of 7.05% from the stock’s current price.

Other analysts have also issued reports about the stock. Mizuho lowered shares of CNX Resources from a “neutral” rating to an “underperform” rating and lifted their target price for the company from $33.00 to $38.00 in a research report on Monday, December 16th. Stephens lifted their price objective on CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. BMO Capital Markets increased their target price on CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Truist Financial raised their target price on CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Finally, Tudor, Pickering, Holt & Co. cut CNX Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Nine analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $30.36.

CNX Resources Trading Up 2.3 %

Shares of CNX opened at $31.20 on Friday. The stock’s 50-day moving average price is $37.23 and its 200 day moving average price is $31.68. The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $4.66 billion, a price-to-earnings ratio of 9.81, a P/E/G ratio of 1.85 and a beta of 1.42. CNX Resources has a 12-month low of $19.07 and a 12-month high of $41.93.

CNX Resources (NYSE:CNX) last released its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. The business had revenue of $424.21 million for the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same period in the previous year, the business posted $0.35 earnings per share. As a group, research analysts predict that CNX Resources will post 1.54 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $31.09, for a total value of $33,421,750.00. Following the completion of the transaction, the insider now owns 13,925,000 shares in the company, valued at $432,928,250. The trade was a 7.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 4.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CNX Resources

A number of institutional investors and hedge funds have recently made changes to their positions in CNX. Connor Clark & Lunn Investment Management Ltd. increased its position in CNX Resources by 311.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock worth $20,087,000 after purchasing an additional 466,694 shares during the period. American Century Companies Inc. grew its position in shares of CNX Resources by 12.0% during the 2nd quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after buying an additional 397,729 shares during the period. Renaissance Technologies LLC raised its stake in shares of CNX Resources by 197.0% during the second quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock worth $11,324,000 after buying an additional 309,100 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in CNX Resources by 12.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock valued at $60,607,000 after buying an additional 202,890 shares during the period. Finally, Federated Hermes Inc. boosted its stake in CNX Resources by 212.5% in the second quarter. Federated Hermes Inc. now owns 147,197 shares of the oil and gas producer’s stock valued at $3,577,000 after acquiring an additional 100,095 shares during the last quarter. 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.