Barclays downgraded CNX Resources (CNX) to Underweight from Equal Weight with an unchanged price target of $34. The firm cites valuation for the downgrade following the stock’s outperformance since Q3. The shares now trade at par with gas exploration and production companies on an unlevered free cash flow yield despite CNX’s “meaningfully shorter” inventory duration, the analyst tells investors in a research note.
Claim 50% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CNX:
- CNX Resources downgraded to Underweight from Equal Weight at Barclays
- CNX Resources Approves New Executive Leadership Compensation Packages
- CNX Resources Completes Convertible Notes Exchange
- CNX Resources Announces Convertible Notes Exchange Agreement
- CNX Resources price target raised to $43 from $35 at Mizuho