Analysts Set CNX Resources Co. (NYSE:CNX) Price Target at $29.00

CNX Resources Co. (NYSE:CNX) has been assigned a consensus recommendation of “Reduce” from the twelve research firms that are currently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a sell rating and seven have issued a hold rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $29.00.

Several brokerages have commented on CNX. JPMorgan Chase & Co. cut their price target on shares of CNX Resources from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Truist Financial cut CNX Resources from a “buy” rating to a “hold” rating and reduced their price target for the company from $38.00 to $34.00 in a research report on Monday, October 28th. BMO Capital Markets boosted their price target on CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Piper Sandler cut CNX Resources from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $22.00 to $20.00 in a research note on Thursday, August 15th. Finally, Scotiabank boosted their target price on shares of CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th.

CNX Resources Stock Up 0.9 %

Shares of NYSE:CNX opened at $39.83 on Friday. CNX Resources has a 52 week low of $19.07 and a 52 week high of $41.93. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.37. The company has a market capitalization of $5.95 billion, a PE ratio of 12.53, a PEG ratio of 1.91 and a beta of 1.43. The company has a 50 day moving average price of $36.24 and a two-hundred day moving average price of $29.61.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, beating the consensus estimate of $0.32 by $0.09. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. The business had revenue of $424.21 million for the quarter, compared to analysts’ expectations of $398.33 million. During the same period in the previous year, the firm posted $0.35 EPS. Analysts forecast that CNX Resources will post 1.53 earnings per share for the current year.

Insider Activity at CNX Resources

In related news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were bought at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the acquisition, the director now owns 401,820 shares of the company’s stock, valued at $10,772,794.20. This represents a 22.95 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 4.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CNX Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. QRG Capital Management Inc. grew its holdings in shares of CNX Resources by 13.8% during the second quarter. QRG Capital Management Inc. now owns 190,498 shares of the oil and gas producer’s stock worth $4,629,000 after purchasing an additional 23,069 shares in the last quarter. Boston Partners purchased a new stake in CNX Resources in the first quarter worth approximately $951,000. Bridges Investment Management Inc. purchased a new stake in shares of CNX Resources during the second quarter valued at approximately $916,000. Paralel Advisors LLC purchased a new stake in shares of CNX Resources during the second quarter valued at approximately $2,338,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of CNX Resources by 12.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock valued at $60,607,000 after purchasing an additional 202,890 shares during the period. 95.16% of the stock is currently owned by 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.