Zacks Research Downgrades CNX Resources (NYSE:CNX) to Strong Sell

by · The Markets Daily

CNX Resources (NYSE:CNX – Get Free Report) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Monday,Zacks.com reports.

Several other analysts have also recently commented on CNX. Weiss Ratings restated a “hold (c)” rating on shares of CNX Resources in a research note on Monday, December 29th. JPMorgan Chase & Co. raised shares of CNX Resources from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $36.00 to $38.00 in a report on Monday, December 8th. Mizuho raised their price objective on shares of CNX Resources from $35.00 to $43.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Scotiabank boosted their target price on CNX Resources from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Friday, November 21st. Finally, Morgan Stanley cut their target price on CNX Resources from $32.00 to $31.00 and set an “underweight” rating for the company in a research note on Tuesday, October 14th. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $34.70.

Get Our Latest Report on CNX Resources

CNX Resources Trading Up 1.5%

Shares of CNX stock opened at $36.62 on Monday. The company has a market capitalization of $4.94 billion, a P/E ratio of 25.61, a price-to-earnings-growth ratio of 0.36 and a beta of 0.63. The company has a current ratio of 0.34, a quick ratio of 0.31 and a debt-to-equity ratio of 0.55. The business’s 50 day moving average is $37.52 and its two-hundred day moving average is $33.56. CNX Resources has a twelve month low of $27.00 and a twelve month high of $42.13.

CNX Resources (NYSE:CNX – Get Free Report) last issued its quarterly earnings results on Thursday, October 30th. The oil and gas producer reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.09. CNX Resources had a return on equity of 9.10% and a net margin of 16.56%.The firm had revenue of $423.00 million during the quarter, compared to the consensus estimate of $408.80 million. CNX Resources’s quarterly revenue was up 37.6% on a year-over-year basis. Equities analysts forecast that CNX Resources will post 2.18 EPS for the current year.

Institutional Investors Weigh In On CNX Resources

Several institutional investors have recently modified their holdings of CNX. State of Wyoming purchased a new position in CNX Resources in the 2nd quarter valued at approximately $29,000. Ameritas Advisory Services LLC purchased a new stake in CNX Resources during the second quarter worth $32,000. Caitlin John LLC acquired a new stake in CNX Resources in the third quarter valued at $31,000. Elevation Point Wealth Partners LLC purchased a new position in shares of CNX Resources in the second quarter valued at $46,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of CNX Resources by 393.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,925 shares of the oil and gas producer’s stock valued at $65,000 after buying an additional 1,535 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

CNX Resources Company Profile

(Get Free Report)

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.

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