CNX Resources (NYSE:CNX) Upgraded by Tudor Pickering to Strong Sell

Tudor Pickering upgraded shares of CNX Resources (NYSE:CNX) to a strong sell rating in a research report released on Tuesday morning, Zacks.com reports.

A number of other equities analysts have also recently issued reports on CNX. Tudor, Pickering, Holt & Co. cut CNX Resources from a hold rating to a sell rating in a report on Tuesday. Truist Financial lifted their price objective on CNX Resources from $31.00 to $38.00 and gave the company a buy rating in a report on Monday. Mizuho boosted their target price on shares of CNX Resources from $30.00 to $32.00 and gave the company a neutral rating in a research note on Monday, September 16th. StockNews.com cut shares of CNX Resources from a hold rating to a sell rating in a research report on Saturday, August 3rd. Finally, Stephens restated an equal weight rating and issued a $27.00 price target on shares of CNX Resources in a research report on Monday, July 15th. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, CNX Resources presently has an average rating of Hold and an average target price of $27.00.

CNX Resources Stock Performance

Shares of NYSE CNX opened at $34.00 on Tuesday. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of 6.16 and a beta of 1.37. CNX Resources has a one year low of $19.07 and a one year high of $34.03. The business has a fifty day simple moving average of $27.69 and a 200 day simple moving average of $25.57. The company has a current ratio of 0.41, a quick ratio of 0.40 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.09. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. The company had revenue of $321.44 million during the quarter, compared to analysts’ expectations of $387.46 million. During the same quarter in the prior year, the company posted $0.29 EPS. Sell-side analysts expect that CNX Resources will post 1.44 EPS for the current year.

Insider Activity

In related news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was acquired at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the completion of the purchase, the director now directly owns 401,820 shares in the company, valued at $10,772,794.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CNX Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in CNX. Parkwood LLC raised its stake in CNX Resources by 11.2% during the 4th quarter. Parkwood LLC now owns 490,435 shares of the oil and gas producer’s stock worth $9,809,000 after buying an additional 49,278 shares during the period. QRG Capital Management Inc. increased its holdings in shares of CNX Resources by 13.8% in the second quarter. QRG Capital Management Inc. now owns 190,498 shares of the oil and gas producer’s stock worth $4,629,000 after acquiring an additional 23,069 shares in the last quarter. Duality Advisers LP increased its holdings in shares of CNX Resources by 61.1% in the first quarter. Duality Advisers LP now owns 131,196 shares of the oil and gas producer’s stock worth $3,112,000 after acquiring an additional 49,741 shares in the last quarter. Boston Partners acquired a new stake in shares of CNX Resources during the first quarter worth about $951,000. Finally, Moloney Securities Asset Management LLC bought a new position in shares of CNX Resources during the 1st quarter valued at about $986,000. 95.16% of the stock is owned by institutional investors.

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.