CNX Resources (NYSE:CNX) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of CNX Resources (NYSE:CNX) in a research note issued to investors on Friday morning, Marketbeat.com reports. The brokerage issued an underweight rating and a $29.00 target price on the oil and gas producer’s stock.

Several other research analysts have also weighed in on CNX. Bank of America began coverage on CNX Resources in a report on Monday, October 28th. They set an “underperform” rating and a $34.00 target price on the stock. JPMorgan Chase & Co. lowered CNX Resources from a “neutral” rating to an “underweight” rating and boosted their price objective for the company from $31.00 to $37.00 in a research report on Thursday, December 5th. Capital One Financial downgraded shares of CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 target price on the stock. in a report on Monday, October 14th. Tudor, Pickering, Holt & Co. lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Finally, BMO Capital Markets increased their price objective on shares of CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Nine analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat, CNX Resources currently has a consensus rating of “Reduce” and a consensus price target of $30.36.

CNX Resources Price Performance

CNX Resources stock opened at $30.01 on Friday. The firm has a market capitalization of $4.48 billion, a P/E ratio of 9.44, a PEG ratio of 1.85 and a beta of 1.42. The business has a 50-day moving average of $37.23 and a 200-day moving average of $31.68. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. CNX Resources has a 1 year low of $19.07 and a 1 year high of $41.93.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 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 the consensus estimate of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same quarter in the prior year, the firm earned $0.35 earnings per share. On average, equities analysts anticipate that CNX Resources will post 1.54 EPS for the current year.

Insider Transactions at CNX Resources

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the company’s 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 sale, the insider now owns 13,925,000 shares in the company, valued at $432,928,250. This represents a 7.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 4.65% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

Institutional investors have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of CNX Resources by 311.0% during the 3rd 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 acquiring an additional 466,694 shares during the period. American Century Companies Inc. boosted its position in CNX Resources by 12.0% during the second quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after purchasing an additional 397,729 shares during the period. Renaissance Technologies LLC increased its holdings in shares of CNX Resources by 197.0% in the second quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock valued at $11,324,000 after purchasing an additional 309,100 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of 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 purchasing an additional 202,890 shares during the period. Finally, Federated Hermes Inc. lifted its stake in shares of CNX Resources by 212.5% during the 2nd quarter. Federated Hermes Inc. now owns 147,197 shares of the oil and gas producer’s stock worth $3,577,000 after buying an additional 100,095 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.