Barclays Issues Pessimistic Forecast for CNX Resources (NYSE:CNX) Stock Price

CNX Resources (NYSE:CNX) had its price target cut by Barclays from $36.00 to $35.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “underweight” rating on the oil and gas producer’s stock. Barclays‘s target price suggests a potential upside of 0.81% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Piper Sandler set a $26.00 price objective on shares of CNX Resources in a research note on Monday, February 2nd. Morgan Stanley restated an “underweight” rating on shares of CNX Resources in a research note on Friday, March 27th. Tudor Pickering upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Truist Financial began coverage on CNX Resources in a research note on Tuesday, March 24th. They issued a “sell” rating and a $35.00 target price on the stock. Finally, Weiss Ratings restated a “buy (b)” rating on shares of CNX Resources in a research note on Monday, May 11th. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, CNX Resources presently has a consensus rating of “Reduce” and a consensus price target of $35.56.

CNX Resources Price Performance

NYSE CNX opened at $34.72 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.49 and a quick ratio of 0.46. The firm has a market capitalization of $4.91 billion, a price-to-earnings ratio of 4.82 and a beta of 0.64. The company has a 50 day simple moving average of $38.37 and a 200-day simple moving average of $38.31. CNX Resources has a 52-week low of $27.72 and a 52-week high of $43.62.

Insider Transactions at CNX Resources

In other CNX Resources news, Director Maureen Lally-Green sold 23,631 shares of the business’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $39.52, for a total value of $933,897.12. Following the completion of the sale, the director owned 169,577 shares of the company’s stock, valued at $6,701,683.04. The trade was a 12.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William N. Thorndike, Jr. sold 28,800 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $38.25, for a total value of $1,101,600.00. Following the completion of the sale, the director directly owned 426,585 shares of the company’s stock, valued at $16,316,876.25. This represents a 6.32% decrease in their position. The disclosure for this sale is available in the SEC filing. 5.03% of the stock is owned by insiders.

Hedge Funds Weigh In On CNX Resources

Large investors have recently made changes to their positions in the business. AlphaQuest LLC lifted its position in shares of CNX Resources by 5,703.1% during the 3rd quarter. AlphaQuest LLC now owns 63,022 shares of the oil and gas producer’s stock worth $2,024,000 after purchasing an additional 61,936 shares during the last quarter. American Century Companies Inc. lifted its position in shares of CNX Resources by 16.3% during the 3rd quarter. American Century Companies Inc. now owns 3,236,441 shares of the oil and gas producer’s stock worth $103,954,000 after purchasing an additional 454,071 shares during the last quarter. Capital Management Corp VA lifted its position in shares of CNX Resources by 9.0% during the 3rd quarter. Capital Management Corp VA now owns 393,671 shares of the oil and gas producer’s stock worth $12,645,000 after purchasing an additional 32,404 shares during the last quarter. Pullen Investment Management LLC lifted its position in shares of CNX Resources by 76.3% during the 4th quarter. Pullen Investment Management LLC now owns 68,083 shares of the oil and gas producer’s stock worth $2,503,000 after purchasing an additional 29,469 shares during the last quarter. Finally, Capital Research Global Investors lifted its position in shares of CNX Resources by 38.6% during the 3rd quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer’s stock worth $126,874,000 after purchasing an additional 1,100,000 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

About CNX Resources

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.