Zacks Investment Research cut shares of CNX Resources (NYSE:CNX) from a hold rating to a strong sell rating in a report released on Wednesday, December 27th.
According to Zacks, “CNX Resources Corporation was formed from the separation of natural gas and coal business of CONSOL Energy Inc.’s (CONSOL). This oil and natural gas company is focused on low-cost Appalachian region but will have to fight a difficult battle with the existing major natural gas companies. Failure on the part of the company to replenish its reserves may impact its production and cash flow. Exploration and production of natural gas involve lots of risks and could impact its operating results. Since its formation, CNX Resources’ shares have gained higher than the industry it belongs to. CNX Resources’ low cost natural gas production areas of CNX Resources and increasing consciousness to lower emissions will drive demand for natural gas and are going to act as tailwinds for the company.”
Other equities research analysts also recently issued reports about the stock. Stifel Nicolaus reissued a buy rating and issued a $24.00 price target on shares of CNX Resources in a report on Friday, October 13th. Jefferies Group reissued a buy rating and issued a $20.00 price target on shares of CNX Resources in a report on Tuesday, October 10th. SunTrust Banks raised shares of CNX Resources from a hold rating to a buy rating in a report on Thursday, December 7th. Seaport Global Securities initiated coverage on shares of CNX Resources in a report on Thursday, November 30th. They issued a buy rating and a $32.00 price target for the company. Finally, B. Riley initiated coverage on shares of CNX Resources in a report on Tuesday, November 21st. They issued a buy rating and a $32.00 price target for the company. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $22.91.
Shares of CNX Resources (CNX) opened at $15.19 on Wednesday. The firm has a market cap of $3,460.00, a PE ratio of -15.66 and a beta of 1.52. CNX Resources has a 1-year low of $11.29 and a 1-year high of $16.47. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.94 and a quick ratio of 0.86.
CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Tuesday, October 31st. The oil and gas producer reported ($0.11) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.14). CNX Resources had a negative net margin of 4.53% and a negative return on equity of 2.69%. The business had revenue of $671.30 million during the quarter, compared to analyst estimates of $623.00 million. During the same period in the previous year, the company posted $0.04 earnings per share. CNX Resources’s revenue was down 10.0% compared to the same quarter last year. analysts forecast that CNX Resources will post 0.13 EPS for the current fiscal year.
CNX Resources announced that its board has initiated a stock buyback program on Tuesday, October 31st that authorizes the company to buyback $369.00 million in outstanding shares. This buyback authorization authorizes the oil and gas producer to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in CNX Resources by 9.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,634 shares of the oil and gas producer’s stock worth $114,000 after buying an additional 631 shares during the period. Strategic Global Advisors LLC acquired a new stake in CNX Resources during the 3rd quarter worth about $172,000. Virtu KCG Holdings LLC acquired a new stake in CNX Resources during the 2nd quarter worth about $179,000. Emerald Advisers Inc. PA acquired a new position in shares of CNX Resources in the 3rd quarter valued at about $192,000. Finally, Jane Street Group LLC increased its holdings in shares of CNX Resources by 411.2% in the 3rd quarter. Jane Street Group LLC now owns 12,170 shares of the oil and gas producer’s stock valued at $206,000 after purchasing an additional 16,081 shares during the period. Hedge funds and other institutional investors own 99.29% of the company’s stock.
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About CNX Resources
CNX Resources Corp., formerly CONSOL Energy Inc, is an integrated energy company. The Company’s divisions include Exploration and Production (E&P), Pennsylvania (PA) Mining Operations and Other. The E&P division operates through four segments: Marcellus Shale, Utica Shale, Coalbed Methane (CBM) and Other Gas, which produce pipeline quality natural gas for sale primarily to gas wholesalers.
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