CNX Resources initiated with an Equal Weight at Barclays

Barclays initiated coverage of CNX Resources (CNX) with an Equal Weight rating and $33 price target While the company’s approach to hedging and capital returns has supported cash flow, this limits CNX’s flexibility just as upside gas price risk emerges, the analyst tells investors in a research note. The firm views the shares as fairly valued amid risks of long term capital efficiency degradation and core inventory exhaustion.