CNX Resources downgraded to Underweight from Neutral at Piper Sandler

Piper Sandler analyst Mark Lear downgraded CNX Resources to Underweight from Neutral with a price target of $20, down from $22. The firm reduced its gas price forecasts to reflect the view that the gas market remains over-supplied. Piper reduced its mid-cycle gas price forecast to $3.25 from $4 as it anticipates operating efficiencies and improving cycle times will continue to drive a lower marginal cost of supply. It also trimmed its intermediate-term oil forecast. As a result, the firm downgraded four exploration and production names.