Robert W. Baird Begins Coverage on CNX Resources (CNX)

Robert W. Baird assumed coverage on shares of CNX Resources (NYSE:CNX) in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $22.00 price target on the oil and gas producer’s stock.

Other research analysts have also issued research reports about the company. Stifel Nicolaus reiterated a buy rating and set a $24.00 price target on shares of CNX Resources in a research report on Friday, October 13th. Jefferies Group reiterated a buy rating and set a $20.00 price target on shares of CNX Resources in a research report on Tuesday, October 10th. B. Riley started coverage on CNX Resources in a research report on Tuesday, November 21st. They set a buy rating and a $32.00 price target for the company. Seaport Global Securities started coverage on CNX Resources in a research report on Thursday, November 30th. They set a buy rating and a $32.00 price target for the company. Finally, SunTrust Banks upgraded CNX Resources from a hold rating to a buy rating in a research report on Thursday, December 7th. Two equities research 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. CNX Resources currently has a consensus rating of Hold and an average price target of $22.91.

CNX Resources (CNX) opened at $14.41 on Tuesday. CNX Resources has a 12-month low of $11.29 and a 12-month high of $16.47. The stock has a market capitalization of $3,320.00, a P/E ratio of 75.79 and a beta of 1.53. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.86 and a current ratio of 0.94.

CNX Resources (NYSE:CNX) last released its quarterly earnings data on Tuesday, October 31st. The oil and gas producer reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.14). CNX Resources had a negative net margin of 7.49% and a positive return on equity of 1.09%. The company had revenue of $671.30 million for the quarter, compared to analyst estimates of $623.00 million. During the same quarter in the prior year, the firm earned $0.04 EPS. The company’s revenue for the quarter was down 10.0% compared to the same quarter last year. equities analysts forecast that CNX Resources will post 0.33 earnings per share for the current fiscal year.

CNX Resources announced that its board has approved a share buyback program on Tuesday, September 5th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the oil and gas producer to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio raised its stake in shares of CNX Resources by 140.2% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 243,488 shares of the oil and gas producer’s stock worth $4,125,000 after buying an additional 142,129 shares in the last quarter. California Public Employees Retirement System raised its stake in shares of CNX Resources by 2.2% in the 3rd quarter. California Public Employees Retirement System now owns 628,546 shares of the oil and gas producer’s stock worth $10,648,000 after buying an additional 13,700 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of CNX Resources by 22.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 36,821 shares of the oil and gas producer’s stock worth $624,000 after buying an additional 6,786 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of CNX Resources by 147.1% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 44,262 shares of the oil and gas producer’s stock worth $750,000 after buying an additional 26,346 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of CNX Resources in the 3rd quarter worth $445,000. 99.29% of the stock is currently owned by institutional investors.

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CNX Resources Company Profile

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.

Analyst Recommendations for CNX Resources (NYSE:CNX)

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