CNX Resources (NYSE:CNX) Rating Increased to Sector Perform at Scotiabank

Scotiabank upgraded shares of CNX Resources (NYSE:CNX) from a sector underperform rating to a sector perform rating in a research report sent to investors on Friday morning, Marketbeat reports. Scotiabank currently has $33.00 price target on the oil and gas producer’s stock.

CNX has been the subject of a number of other research reports. Bank of America dropped their price target on CNX Resources from $32.00 to $27.00 and set an “underperform” rating for the company in a research report on Tuesday, April 1st. JPMorgan Chase & Co. raised their target price on shares of CNX Resources from $32.00 to $33.00 and gave the company an “underweight” rating in a report on Thursday, March 13th. Roth Capital set a $30.00 price target on shares of CNX Resources in a report on Thursday, January 23rd. StockNews.com cut shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Thursday, February 13th. Finally, Stephens raised CNX Resources from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $35.00 to $48.00 in a research note on Tuesday, March 18th. Eight equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, CNX Resources has an average rating of “Hold” and an average target price of $31.42.

CNX Resources Price Performance

Shares of NYSE CNX opened at $30.60 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32. The company has a market cap of $4.50 billion, a PE ratio of -45.00, a P/E/G ratio of 0.42 and a beta of 1.33. The stock has a fifty day moving average price of $30.20 and a 200 day moving average price of $33.30. CNX Resources has a 1-year low of $22.82 and a 1-year high of $41.93.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. Sell-side analysts forecast that CNX Resources will post 2.18 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Woodline Partners LP acquired a new stake in shares of CNX Resources in the fourth quarter worth $71,971,000. Arrowstreet Capital Limited Partnership acquired a new stake in CNX Resources in the 4th quarter valued at $37,923,000. Millennium Management LLC raised its position in CNX Resources by 69.1% in the fourth quarter. Millennium Management LLC now owns 1,154,588 shares of the oil and gas producer’s stock valued at $42,339,000 after purchasing an additional 471,763 shares during the period. Northern Trust Corp lifted its stake in shares of CNX Resources by 20.5% during the fourth quarter. Northern Trust Corp now owns 2,421,387 shares of the oil and gas producer’s stock worth $88,792,000 after purchasing an additional 411,485 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of CNX Resources in the fourth quarter worth about $14,268,000. 95.16% of the stock is 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.