CNX Resources (NYSE:CNX) Downgraded by Truist Financial to Hold

by · The Markets Daily

Truist Financial cut shares of CNX Resources (NYSE:CNX – Free Report) from a buy rating to a hold rating in a research note issued to investors on Monday morning, MarketBeat.com reports. Truist Financial currently has $34.00 target price on the oil and gas producer’s stock, down from their prior target price of $38.00.

Other research analysts have also issued reports about the company. Capital One Financial lowered CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 target price for the company. in a research report on Monday, October 14th. Tudor Pickering upgraded CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. Scotiabank lifted their price objective on CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Tudor, Pickering, Holt & Co. downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Finally, Piper Sandler downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $22.00 to $20.00 in a research report on Thursday, August 15th. Six equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $29.00.

Check Out Our Latest Stock Report on CNX Resources

CNX Resources Stock Performance

CNX Resources stock opened at $34.04 on Monday. The business has a 50 day moving average of $31.52 and a 200-day moving average of $27.25. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.41 and a quick ratio of 0.40. CNX Resources has a 1 year low of $19.07 and a 1 year high of $37.57. The company has a market capitalization of $5.08 billion, a P/E ratio of 10.70 and a beta of 1.38.

CNX Resources (NYSE:CNX – Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.09. The firm had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. During the same period in the prior year, the company posted $0.35 EPS. On average, equities research analysts predict that CNX Resources will post 1.43 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the stock in a transaction dated Monday, September 9th. The stock was bought at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the purchase, the director now directly owns 401,820 shares of the company’s stock, valued at $10,772,794.20. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.10% of the company’s stock.

Institutional Trading of CNX Resources

Several large investors have recently made changes to their positions in the company. TFB Advisors LLC bought a new position in CNX Resources in the third quarter worth approximately $223,000. Pittenger & Anderson Inc. raised its position in shares of CNX Resources by 488.4% during the third quarter. Pittenger & Anderson Inc. now owns 25,095 shares of the oil and gas producer’s stock worth $817,000 after purchasing an additional 20,830 shares during the period. QRG Capital Management Inc. lifted its holdings in shares of CNX Resources by 1.7% in the 3rd quarter. QRG Capital Management Inc. now owns 193,646 shares of the oil and gas producer’s stock worth $6,307,000 after purchasing an additional 3,148 shares in the last quarter. Forum Financial Management LP acquired a new stake in CNX Resources in the 3rd quarter valued at $220,000. Finally, Investment Partners Asset Management Inc. bought a new stake in CNX Resources during the 3rd quarter valued at $224,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

About CNX Resources

(Get Free Report)

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.

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