CNX Resources Co. (NYSE:CNX) Given Average Recommendation of “Strong Sell” by Brokerages

CNX Resources Co. (NYSE:CNX) has earned an average rating of “Strong Sell” from the fourteen ratings firms that are presently covering the firm, Marketbeat Ratings reports. Eight research analysts have rated the stock with a sell rating and six have issued a hold rating on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $29.67.

Several brokerages recently weighed in on CNX. StockNews.com downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Thursday. Morgan Stanley initiated coverage on shares of CNX Resources in a report on Friday, January 10th. They issued an “underweight” rating and a $29.00 price target on the stock. Piper Sandler dropped their price objective on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 29th. Bank of America initiated coverage on shares of CNX Resources in a research note on Monday, October 28th. They set an “underperform” rating and a $34.00 price objective on the stock. Finally, Mizuho dropped their price objective on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating on the stock in a research note on Tuesday, January 14th.

CNX Resources Price Performance

Shares of NYSE:CNX opened at $30.45 on Friday. CNX Resources has a twelve month low of $19.07 and a twelve month high of $41.93. The company’s 50 day moving average is $32.48 and its 200 day moving average is $32.39. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45. The company has a market cap of $4.55 billion, a PE ratio of -44.78, a price-to-earnings-growth ratio of 0.39 and a beta of 1.38.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, topping 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%. On average, sell-side analysts forecast that CNX Resources will post 2.36 EPS for the current year.

Insider Activity

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the transaction, the insider now owns 13,925,000 shares in the company, valued at $432,928,250. This trade represents a 7.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC lifted its holdings in CNX Resources by 3.5% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 13,135 shares of the oil and gas producer’s stock valued at $428,000 after purchasing an additional 442 shares in the last quarter. Bessemer Group Inc. lifted its holdings in CNX Resources by 131.5% in the 4th quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer’s stock valued at $34,000 after purchasing an additional 526 shares in the last quarter. Xponance Inc. lifted its holdings in CNX Resources by 2.9% in the 4th quarter. Xponance Inc. now owns 20,876 shares of the oil and gas producer’s stock valued at $766,000 after purchasing an additional 588 shares in the last quarter. Principal Securities Inc. lifted its holdings in CNX Resources by 38.5% in the 4th quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer’s stock valued at $91,000 after purchasing an additional 691 shares in the last quarter. Finally, SeaBridge Investment Advisors LLC lifted its holdings in CNX Resources by 0.8% in the 4th quarter. SeaBridge Investment Advisors LLC now owns 90,301 shares of the oil and gas producer’s stock valued at $3,311,000 after purchasing an additional 759 shares in the last quarter. 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.