CNX Resources (NYSE:CNX) Reaches New 52-Week High on Analyst Upgrade

CNX Resources Co. (NYSE:CNX) shares reached a new 52-week high on Monday after Mizuho raised their price target on the stock from $32.00 to $33.00. Mizuho currently has a neutral rating on the stock. CNX Resources traded as high as $37.00 and last traded at $37.00, with a volume of 200 shares changing hands. The stock had previously closed at $36.29.

A number of other equities research analysts also recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Stephens restated an “equal weight” rating and issued a $27.00 price target on shares of CNX Resources in a research note on Monday, July 15th. BMO Capital Markets raised their price target on shares of CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Tudor, Pickering, Holt & Co. downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Finally, Scotiabank raised their price objective on shares of CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $27.10.

Insiders Place Their Bets

In other news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the stock in a transaction on Monday, September 9th. The stock was purchased at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the acquisition, the director now owns 401,820 shares in the company, valued at $10,772,794.20. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CNX. Congress Asset Management Co. MA increased its stake in shares of CNX Resources by 0.4% in the 4th quarter. Congress Asset Management Co. MA now owns 265,558 shares of the oil and gas producer’s stock valued at $5,311,000 after acquiring an additional 945 shares in the last quarter. Gateway Investment Advisers LLC bought a new stake in shares of CNX Resources in the 1st quarter valued at $231,000. Hexagon Capital Partners LLC increased its stake in shares of CNX Resources by 113.4% in the 1st quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock valued at $51,000 after acquiring an additional 1,136 shares in the last quarter. AlphaMark Advisors LLC increased its stake in shares of CNX Resources by 36.7% in the 1st quarter. AlphaMark Advisors LLC now owns 15,225 shares of the oil and gas producer’s stock valued at $361,000 after acquiring an additional 4,091 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of CNX Resources by 243.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 72,656 shares of the oil and gas producer’s stock valued at $1,723,000 after acquiring an additional 51,490 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

CNX Resources Stock Down 3.4 %

The firm’s 50 day moving average price is $29.14 and its two-hundred day moving average price is $26.26. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.40 and a current ratio of 0.41. The company has a market cap of $5.37 billion, a P/E ratio of 6.35 and a beta of 1.38.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.09. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. The business had revenue of $321.44 million during the quarter, compared to the consensus estimate of $387.46 million. During the same quarter last year, the firm posted $0.29 EPS. Equities research analysts anticipate that CNX Resources Co. will post 1.43 EPS for the current fiscal year.

About CNX Resources

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.