CNX Resources (NYSE:CNX) Given New $27.00 Price Target at Bank of America

CNX Resources (NYSE:CNX) had its price target cut by equities researchers at Bank of America from $32.00 to $27.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “underperform” rating on the oil and gas producer’s stock. Bank of America‘s price objective indicates a potential downside of 15.11% from the company’s current price.

Several other analysts have also commented on CNX. Stephens raised shares of CNX Resources from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $35.00 to $48.00 in a research report on Tuesday, March 18th. Piper Sandler dropped their price target on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a research note on Wednesday, January 29th. Truist Financial increased their price objective on CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Raymond James upgraded CNX Resources from an “underperform” rating to a “market perform” rating in a report on Tuesday, February 18th. Finally, Morgan Stanley set a $33.00 price objective on shares of CNX Resources and gave the stock an “underweight” rating in a report on Wednesday, March 26th. Nine research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $30.15.

CNX Resources Price Performance

NYSE:CNX opened at $31.81 on Tuesday. CNX Resources has a one year low of $22.82 and a one year high of $41.93. The stock has a market cap of $4.68 billion, a PE ratio of -46.89, a P/E/G ratio of 0.42 and a beta of 1.26. 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 moving average price of $29.87 and a 200 day moving average price of $33.33.

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

Insider Buying and Selling at CNX Resources

In other CNX Resources 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 stock was 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 in the company, valued at approximately $432,928,250. This trade represents a 7.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CNX Resources

Large investors have recently added to or reduced their stakes in the business. Woodline Partners LP acquired a new position in shares of CNX Resources during the 4th quarter worth approximately $71,971,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of CNX Resources during the fourth quarter valued at $37,923,000. Millennium Management LLC increased its position in CNX Resources by 69.1% during the 4th quarter. Millennium Management LLC now owns 1,154,588 shares of the oil and gas producer’s stock worth $42,339,000 after purchasing an additional 471,763 shares in the last quarter. Northern Trust Corp raised its stake in 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 during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in CNX Resources in the 4th quarter valued at $14,268,000. 95.16% of the stock is owned by institutional investors and hedge funds.

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.