CNX Resources (NYSE:CNX) Now Covered by Morgan Stanley

Equities research analysts at Morgan Stanley started coverage on shares of CNX Resources (NYSE:CNX - Get Free Report) in a research report issued on Friday, Marketbeat.com reports. The firm set an "underweight" rating and a $29.00 price target on the oil and gas producer's stock. Morgan Stanley's price target would suggest a potential downside of 3.37% from the company's current price.

A number of other equities analysts have also issued reports on the company. Tudor, Pickering, Holt & Co. lowered CNX Resources from a "hold" rating to a "sell" rating in a research note on Tuesday, October 1st. BMO Capital Markets raised their target price on CNX Resources from $26.00 to $29.00 and gave the company a "market perform" rating in a research note on Friday, October 4th. Mizuho cut shares of CNX Resources from a "neutral" rating to an "underperform" rating and boosted their price target for the stock from $33.00 to $38.00 in a research report on Monday, December 16th. JPMorgan Chase & Co. lowered shares of CNX Resources from a "neutral" rating to an "underweight" rating and raised their price objective for the company from $31.00 to $37.00 in a research report on Thursday, December 5th. Finally, Piper Sandler boosted their target price on shares of CNX Resources from $20.00 to $23.00 and gave the stock an "underweight" rating in a report on Friday, December 6th. Nine analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat, CNX Resources presently has an average rating of "Reduce" and an average price target of $30.36.

CNX Resources Stock Performance

Shares of NYSE CNX traded down $1.23 during midday trading on Friday, hitting $30.01. 6,261,153 shares of the company's stock were exchanged, compared to its average volume of 6,804,609. CNX Resources has a twelve month low of $19.07 and a twelve month high of $41.93. The firm has a market cap of $4.48 billion, a P/E ratio of 9.44, a PEG ratio of 1.85 and a beta of 1.42. The stock's 50 day moving average price is $37.23 and its 200-day moving average price is $31.68. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36.

CNX Resources (NYSE:CNX - Get Free Report) last announced its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.09. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. The firm had revenue of $424.21 million for the quarter, compared to the consensus estimate of $398.33 million. During the same quarter in the previous year, the business earned $0.35 EPS. Equities research analysts anticipate that CNX Resources will post 1.54 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the company's stock in a transaction 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 directly owns 13,925,000 shares of the company's stock, valued at approximately $432,928,250. The trade was a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.65% of the company's stock.

Hedge Funds Weigh In On CNX Resources

Several institutional investors and hedge funds have recently bought and sold shares of the business. American Century Companies Inc. boosted its holdings in shares of 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. Geode Capital Management LLC grew its holdings in shares of CNX Resources by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer's stock valued at $117,366,000 after acquiring an additional 12,333 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake 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 worth $60,607,000 after acquiring an additional 202,890 shares during the last quarter. Aureus Asset Management LLC raised its holdings in shares of CNX Resources by 0.6% during the third quarter. Aureus Asset Management LLC now owns 642,289 shares of the oil and gas producer's stock worth $20,919,000 after acquiring an additional 3,659 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in CNX Resources by 311.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer's stock valued at $20,087,000 after purchasing an additional 466,694 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company's stock.

CNX Resources Company Profile

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.