CNX Resources (NYSE:CNX) PT Raised to $22.00

CNX Resources (NYSE:CNX) had its price target upped by Piper Sandler from $18.00 to $22.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the oil and gas producer’s stock. Piper Sandler’s target price would indicate a potential downside of 8.18% from the company’s previous close.

Several other analysts have also weighed in on the company. Truist Financial upped their target price on CNX Resources from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, April 5th. Mizuho increased their price objective on shares of CNX Resources from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Roth Mkm increased their price objective on CNX Resources from $18.00 to $22.00 and gave the company a “neutral” rating in a research note on Tuesday, April 2nd. Bank of America raised shares of CNX Resources from an “underperform” rating to a “neutral” rating and set a $23.00 target price for the company in a research note on Friday, January 5th. Finally, Scotiabank upped their target price on shares of CNX Resources from $20.00 to $25.00 and gave the company a “sector underperform” rating in a report on Thursday, April 11th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, CNX Resources presently has a consensus rating of “Hold” and an average target price of $24.43.

CNX Resources Price Performance

CNX stock traded up $0.26 during trading on Friday, reaching $23.96. 841,396 shares of the company were exchanged, compared to its average volume of 2,950,103. CNX Resources has a 52-week low of $14.36 and a 52-week high of $24.82. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.49 and a current ratio of 0.51. The company has a market cap of $3.67 billion, a P/E ratio of 2.64 and a beta of 1.33. The stock’s 50 day moving average price is $22.07 and its 200 day moving average price is $21.34.

CNX Resources (NYSE:CNX) last announced its quarterly earnings results on Thursday, January 25th. The oil and gas producer reported $2.89 EPS for the quarter, topping the consensus estimate of $0.30 by $2.59. The business had revenue of $999.50 million for the quarter, compared to analyst estimates of $401.62 million. CNX Resources had a return on equity of 9.00% and a net margin of 50.34%. The company’s quarterly revenue was down 38.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.64 EPS. As a group, analysts predict that CNX Resources will post 1.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Timothy Scott Bedard sold 1,226 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.83, for a total transaction of $25,537.58. Following the completion of the transaction, the executive vice president now owns 67,982 shares of the company’s stock, valued at approximately $1,416,065.06. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 3.10% of the stock is owned by corporate insiders.

Institutional Trading of CNX Resources

Several institutional investors have recently made changes to their positions in CNX. Southeastern Asset Management Inc. TN grew its holdings in shares of CNX Resources by 19.9% during the 1st quarter. Southeastern Asset Management Inc. TN now owns 13,758,674 shares of the oil and gas producer’s stock worth $220,414,000 after purchasing an additional 2,279,108 shares during the period. State Street Corp grew its stake in CNX Resources by 15.6% during the first quarter. State Street Corp now owns 13,033,827 shares of the oil and gas producer’s stock worth $270,061,000 after buying an additional 1,760,214 shares during the period. Vanguard Group Inc. increased its position in shares of CNX Resources by 10.5% in the third quarter. Vanguard Group Inc. now owns 18,448,774 shares of the oil and gas producer’s stock worth $286,510,000 after acquiring an additional 1,758,826 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of CNX Resources by 2,477.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,513,616 shares of the oil and gas producer’s stock valued at $31,362,000 after acquiring an additional 1,454,887 shares during the period. Finally, LSV Asset Management lifted its holdings in shares of CNX Resources by 223.4% during the 4th quarter. LSV Asset Management now owns 1,489,353 shares of the oil and gas producer’s stock valued at $29,787,000 after acquiring an additional 1,028,805 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

CNX Resources Company Profile

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.