CNX Resources: Hold Rating Maintained Amidst Stable Guidance and Cautious Capital Strategy

TD Cowen analyst Gabriel Daoud maintained a Hold rating on CNX Resources (CNX – Research Report) today and set a price target of $29.00.

Gabriel Daoud has given his Hold rating due to a combination of factors that include CNX Resources’ stable guidance amidst uncertain macroeconomic conditions. Despite the potential for increased activity in the later part of the year, the company’s current production forecast for FY25 is at the lower end of its guidance range.
Additionally, the capital expenditure plans and the expected free cash flow for FY25 suggest a cautious approach, with the free cash flow yield being relatively modest compared to the enterprise value. These elements, along with the company’s strategy to monitor macro conditions closely before making any significant production adjustments, contribute to the decision to maintain a Hold rating with a slightly increased price target.

Daoud covers the Energy sector, focusing on stocks such as CNX Resources, Gulfport Energy, and Civitas Resources. According to TipRanks, Daoud has an average return of -18.9% and a 28.67% success rate on recommended stocks.

In another report released today, Roth MKM also maintained a Hold rating on the stock with a $30.00 price target.