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

Piper Sandler cut shares of CNX Resources (NYSE:CNX) from a neutral rating to an underweight rating in a research report sent to investors on Thursday morning, Marketbeat.com reports. Piper Sandler currently has $20.00 price objective on the oil and gas producer’s stock, down from their previous price objective of $22.00.

Other equities analysts have also recently issued reports about the company. StockNews.com cut CNX Resources from a hold rating to a sell rating in a report on Saturday, August 3rd. Mizuho boosted their price objective on CNX Resources from $25.00 to $29.00 and gave the stock a neutral rating in a report on Monday, May 13th. Stephens reiterated an equal weight rating and issued a $27.00 target price on shares of CNX Resources in a report on Monday, July 15th. Finally, 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. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and an average price target of $25.29.

CNX Resources Price Performance

Shares of NYSE CNX opened at $26.75 on Thursday. The firm has a 50-day moving average of $25.30 and a two-hundred day moving average of $23.72. The company has a market capitalization of $4.10 billion, a price-to-earnings ratio of 4.85 and a beta of 1.37. The company has a current ratio of 0.41, a quick ratio of 0.40 and a debt-to-equity ratio of 0.46. CNX Resources has a twelve month low of $19.07 and a twelve month high of $27.33.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 EPS for the quarter, beating the consensus estimate of $0.27 by $0.09. The business had revenue of $321.44 million during the quarter, compared to analyst estimates 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 prior year, the business earned $0.29 earnings per share. As a group, analysts expect that CNX Resources will post 1.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CNX Resources

Large investors have recently made changes to their positions in the business. Pullen Investment Management LLC boosted its holdings in shares of CNX Resources by 2.3% during the second quarter. Pullen Investment Management LLC now owns 27,399 shares of the oil and gas producer’s stock worth $666,000 after purchasing an additional 623 shares during the period. GAMMA Investing LLC boosted its stake in shares of CNX Resources by 54.1% during the 2nd quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock valued at $46,000 after buying an additional 666 shares during the period. Riverwater Partners LLC grew its holdings in shares of CNX Resources by 1.0% during the 1st quarter. Riverwater Partners LLC now owns 65,673 shares of the oil and gas producer’s stock valued at $1,558,000 after acquiring an additional 676 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in shares of CNX Resources by 3.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 29,307 shares of the oil and gas producer’s stock worth $712,000 after acquiring an additional 941 shares during the last quarter. Finally, Congress Asset Management Co. MA raised its holdings in shares of CNX Resources by 0.4% during the fourth quarter. Congress Asset Management Co. MA now owns 265,558 shares of the oil and gas producer’s stock worth $5,311,000 after acquiring an additional 945 shares in the last quarter. Institutional investors and hedge funds 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.