CNX Resources (NYSE:CNX) Upgraded at Stephens

Stephens upgraded shares of CNX Resources (NYSE:CNX) from an equal weight rating to an overweight rating in a research note issued to investors on Tuesday, Marketbeat reports. The brokerage currently has $48.00 price target on the oil and gas producer’s stock, up from their prior price target of $35.00.

Several other equities analysts have also weighed in on CNX. TD Cowen began coverage on shares of CNX Resources in a research report on Wednesday, January 15th. They issued a “hold” rating and a $27.00 price objective on the stock. Morgan Stanley initiated coverage on shares of CNX Resources in a report on Friday, January 10th. They issued an “underweight” rating and a $29.00 price target on the stock. Piper Sandler reduced their price objective on CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a report on Wednesday, January 29th. JPMorgan Chase & Co. increased their target price on CNX Resources from $32.00 to $33.00 and gave the stock an “underweight” rating in a research note on Thursday, March 13th. Finally, Truist Financial lifted their price target on CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Nine investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $30.38.

CNX Resources Trading Down 1.4 %

CNX Resources stock opened at $31.98 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.32 and a current ratio of 0.33. The stock has a 50-day simple moving average of $29.68 and a 200 day simple moving average of $33.02. The stock has a market capitalization of $4.76 billion, a P/E ratio of -47.03, a PEG ratio of 0.42 and a beta of 1.26. CNX Resources has a 52 week low of $22.25 and a 52 week high of $41.93.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, topping the consensus estimate of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. Analysts expect that CNX Resources will post 2.18 earnings per share for the current year.

Insider Activity at CNX Resources

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $31.09, for a total value of $33,421,750.00. Following the transaction, the insider now directly owns 13,925,000 shares of the company’s stock, valued at $432,928,250. This trade represents a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.10% of the stock is owned by insiders.

Institutional Investors Weigh In On CNX Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNX. Woodline Partners LP acquired a new position in shares of CNX Resources during the 4th quarter worth $71,971,000. Arrowstreet Capital Limited Partnership bought a new position in CNX Resources in the fourth quarter valued at about $37,923,000. Millennium Management LLC raised its stake in CNX Resources by 69.1% during the fourth quarter. Millennium Management LLC now owns 1,154,588 shares of the oil and gas producer’s stock worth $42,339,000 after acquiring an additional 471,763 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of CNX Resources by 311.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock worth $20,087,000 after acquiring an additional 466,694 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of CNX Resources by 20.5% in the 4th quarter. Northern Trust Corp now owns 2,421,387 shares of the oil and gas producer’s stock valued at $88,792,000 after purchasing an additional 411,485 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

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.