CNX Resources (CNX) Cut to Strong Sell at Zacks Investment Research

Zacks Investment Research lowered shares of CNX Resources (NYSE:CNX) from a hold rating to a strong sell rating in a research note published 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.”

A number of other research firms have also recently commented on CNX. SunTrust Banks set a $17.00 target price on shares of CNX Resources and gave the stock a hold rating in a research note on Tuesday, October 17th. Barclays set a $16.00 price objective on shares of CNX Resources and gave the company a hold rating in a research note on Tuesday, December 12th. Robert W. Baird began coverage on shares of CNX Resources in a research note on Tuesday, December 19th. They set an outperform rating and a $22.00 price objective for the company. B. Riley began coverage on shares of CNX Resources in a research note on Tuesday, November 21st. They set a buy rating and a $32.00 price objective for the company. Finally, Susquehanna Bancshares upped their price objective on shares of CNX Resources from $16.00 to $18.00 and gave the company a neutral rating in a research note on Monday, September 25th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $22.91.

CNX Resources (CNX) opened at $15.19 on Wednesday. CNX Resources has a fifty-two week low of $11.35 and a fifty-two week high of $16.55. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.94 and a quick ratio of 0.86. The firm has a market cap of $3,500.00, a price-to-earnings ratio of -15.66 and a beta of 1.52.

CNX Resources (NYSE:CNX) last released its earnings results on Tuesday, October 31st. The oil and gas producer reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.14). The company had revenue of $671.30 million for the quarter, compared to analysts’ expectations of $623.00 million. CNX Resources had a positive return on equity of 1.09% and a negative net margin of 7.49%. The firm’s revenue for the quarter was down 10.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.04 EPS. equities research analysts expect that CNX Resources will post 0.13 EPS for the current fiscal year.

CNX Resources declared that its board has authorized a stock repurchase plan on Tuesday, October 31st that permits the company to repurchase $369.00 million in outstanding shares. This repurchase authorization permits the oil and gas producer to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Hedge funds have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of CNX Resources by 9.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,634 shares of the oil and gas producer’s stock worth $114,000 after acquiring an additional 631 shares during the last quarter. Strategic Global Advisors LLC acquired a new position in shares of CNX Resources in the 3rd quarter worth approximately $172,000. Emerald Advisers Inc. PA acquired a new position in shares of CNX Resources in the 3rd quarter worth approximately $192,000. Virtu KCG Holdings LLC acquired a new position in shares of CNX Resources in the 2nd quarter worth approximately $179,000. Finally, Jane Street Group LLC lifted 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 worth $206,000 after acquiring an additional 16,081 shares during the last quarter. 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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