CNX Resources (NYSE:CNX) Downgraded by Piper Sandler to "Underweight"

CNX Resources (NYSE:CNX - Get Free Report) was downgraded by equities research analysts at Piper Sandler from a "neutral" rating to an "underweight" rating in a research note issued to investors on Thursday, Marketbeat reports. They currently have a $20.00 price objective on the oil and gas producer's stock, down from their previous price objective of $22.00. Piper Sandler's price objective indicates a potential downside of 24.92% from the company's current price.

Several other research analysts also recently weighed in on CNX. Stephens reissued an "equal weight" rating and issued a $27.00 target price on shares of CNX Resources in a research report on Monday, July 15th. Truist Financial lifted their target price on shares of CNX Resources from $30.00 to $31.00 and gave the stock a "buy" rating in a research report on Monday, July 22nd. StockNews.com downgraded shares of CNX Resources from a "hold" rating to a "sell" rating in a research report on Saturday, August 3rd. Finally, Mizuho lifted their target price on shares of CNX Resources from $25.00 to $29.00 and gave the stock a "neutral" rating in a research report on Monday, May 13th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, CNX Resources currently has a consensus rating of "Hold" and an average price target of $25.29.

CNX Resources Price Performance

Shares of NYSE CNX traded up $0.29 during midday trading on Thursday, reaching $26.64. The company's stock had a trading volume of 2,608,870 shares, compared to its average volume of 2,839,102. The company has a current ratio of 0.41, a quick ratio of 0.40 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average price of $25.26 and a 200 day moving average price of $23.61. CNX Resources has a one year low of $19.07 and a one year high of $27.33. The company has a market cap of $4.08 billion, a price-to-earnings ratio of 4.77 and a beta of 1.37.

CNX Resources (NYSE:CNX - Get Free Report) last released its earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.09. The business had revenue of $321.44 million for the quarter, compared to the consensus estimate of $387.46 million. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. During the same period in the previous year, the firm earned $0.29 EPS. On average, equities research analysts expect that CNX Resources will post 1.36 EPS for the current year.

Institutional Trading of CNX Resources

Several large investors have recently added to or reduced their stakes in CNX. GAMMA Investing LLC grew its position in CNX Resources by 54.1% in the second quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer's stock worth $46,000 after acquiring an additional 666 shares in the last quarter. Hexagon Capital Partners LLC grew its position in CNX Resources by 113.4% in the first quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer's stock worth $51,000 after acquiring an additional 1,136 shares in the last quarter. First Eagle Investment Management LLC bought a new stake in CNX Resources in the fourth quarter worth approximately $55,000. Natixis bought a new stake in CNX Resources in the first quarter worth approximately $79,000. Finally, Innealta Capital LLC bought a new stake in CNX Resources in the second quarter worth approximately $131,000. 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.