BMO Capital Markets Increases CNX Resources (NYSE:CNX) Price Target to $29.00

CNX Resources (NYSE:CNX) had its target price upped by investment analysts at BMO Capital Markets from $26.00 to $29.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “market perform” rating on the oil and gas producer’s stock. BMO Capital Markets’ price objective would indicate a potential downside of 14.96% from the company’s current price.

CNX has been the subject of a number of other research reports. Stephens reaffirmed an “equal weight” rating and issued a $27.00 target price on shares of CNX Resources in a report on Monday, July 15th. Piper Sandler cut CNX Resources from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $22.00 to $20.00 in a report on Thursday, August 15th. Tudor, Pickering, Holt & Co. lowered CNX Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Scotiabank upped their price target on CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Finally, StockNews.com lowered CNX Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 3rd. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $27.22.

CNX Resources Price Performance

Shares of NYSE CNX opened at $34.10 on Friday. The stock has a market capitalization of $5.23 billion, a PE ratio of 6.18 and a beta of 1.38. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.41 and a quick ratio of 0.40. The business has a fifty day moving average price of $28.04 and a two-hundred day moving average price of $25.71. CNX Resources has a fifty-two week low of $19.07 and a fifty-two week high of $34.35.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.09. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. The company had revenue of $321.44 million during the quarter, compared to analysts’ expectations of $387.46 million. During the same quarter in the previous year, the firm earned $0.29 EPS. As a group, equities analysts predict that CNX Resources will post 1.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CNX Resources news, Director Bernard Lanigan, Jr. bought 75,000 shares of the business’s stock in a transaction on Monday, September 9th. The shares were acquired at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the purchase, the director now owns 401,820 shares in the company, valued at approximately $10,772,794.20. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CNX Resources

A number of institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC grew its position in shares of CNX Resources by 829.9% during the third quarter. SG Americas Securities LLC now owns 42,982 shares of the oil and gas producer’s stock valued at $1,400,000 after purchasing an additional 38,360 shares in the last quarter. Creative Planning lifted its stake in CNX Resources by 9.8% in the second quarter. Creative Planning now owns 31,265 shares of the oil and gas producer’s stock worth $760,000 after purchasing an additional 2,779 shares during the last quarter. Algert Global LLC bought a new stake in CNX Resources in the second quarter worth about $375,000. Caxton Associates LP lifted its stake in CNX Resources by 46.5% in the second quarter. Caxton Associates LP now owns 43,854 shares of the oil and gas producer’s stock worth $1,066,000 after purchasing an additional 13,914 shares during the last quarter. Finally, Bank of Montreal Can lifted its stake in CNX Resources by 2.5% in the second quarter. Bank of Montreal Can now owns 233,515 shares of the oil and gas producer’s stock worth $5,686,000 after purchasing an additional 5,797 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.