CNX Resources (NYSE:CNX) Stock Moved Up to Hold by Scotiabank

Scotiabank upgraded shares of CNX Resources (NYSE:CNX) to a hold rating in a research report sent to investors on Wednesday,Zacks reports.

Other analysts also recently issued research reports about the company. Morgan Stanley lifted their target price on CNX Resources from $32.00 to $34.00 and gave the company an “underweight” rating in a research note on Thursday. Truist Financial decreased their price target on CNX Resources from $35.00 to $34.00 and set a “hold” rating for the company in a research note on Friday. Mizuho lowered their price target on CNX Resources from $42.00 to $38.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Weiss Ratings lowered CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 28th. Eight research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $34.25.

CNX Resources Stock Performance

Shares of NYSE:CNX traded up $1.29 during trading hours on Wednesday, hitting $35.91. The stock had a trading volume of 1,355,313 shares, compared to its average volume of 2,172,187. The stock’s fifty day simple moving average is $34.90 and its 200 day simple moving average is $35.24. CNX Resources has a 1-year low of $30.77 and a 1-year high of $43.62. The firm has a market capitalization of $5.31 billion, a price-to-earnings ratio of 6.00 and a beta of 0.69. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.72.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.72. The company had revenue of $618.48 million for the quarter, compared to analysts’ expectations of $475.16 million. CNX Resources had a return on equity of 10.40% and a net margin of 36.53%. The business’s revenue for the quarter was down 35.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.43 earnings per share. Sell-side analysts anticipate that CNX Resources will post 3.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CNX Resources

A number of institutional investors have recently modified their holdings of CNX. BlackRock Inc. bought a new stake in CNX Resources during the 2nd quarter worth approximately $650,689,000. Dimensional Fund Advisors LP grew its holdings in shares of CNX Resources by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,774,069 shares of the oil and gas producer’s stock valued at $338,260,000 after acquiring an additional 28,851 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of CNX Resources by 6,057.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer’s stock valued at $147,988,000 after acquiring an additional 3,776,511 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of CNX Resources in the second quarter valued at about $87,949,000. Finally, Bank of New York Mellon Corp bought a new stake in CNX Resources during the second quarter worth about $41,432,000. Institutional investors own 95.16% of the company’s stock.

About CNX Resources

CNX Resources Corporation (NYSE: CNX) is an independent natural gas exploration and production company focused primarily on developing unconventional natural gas reserves in the Appalachian Basin. Its operations are concentrated in the Marcellus and Utica shale formations, where it uses horizontal drilling and hydraulic fracturing to produce pipeline-quality natural gas.

The company’s activities include acquiring, developing and operating natural gas properties, as well as managing related gathering and infrastructure assets.