CNX Resources (NYSE:CNX) PT Raised to $35.00 at Stephens

CNX Resources (NYSE:CNX) had its target price raised by Stephens from $26.00 to $35.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas producer’s stock. Stephens’ target price indicates a potential downside of 4.14% from the stock’s current price.

Other analysts have also issued reports about the company. Scotiabank increased their price objective on CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Tudor Pickering upgraded CNX Resources to a “strong sell” rating in a report on Tuesday, October 1st. Piper Sandler lowered 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. Tudor, Pickering, Holt & Co. downgraded CNX Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Finally, StockNews.com downgraded CNX Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 3rd. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, CNX Resources has an average rating of “Hold” and an average target price of $27.90.

CNX Resources Price Performance

Shares of CNX traded down $0.69 during trading hours on Friday, hitting $36.51. 1,532,751 shares of the company were exchanged, compared to its average volume of 2,717,892. The company has a market capitalization of $5.59 billion, a PE ratio of 6.61 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 firm has a fifty day simple moving average of $30.69 and a 200-day simple moving average of $26.87. CNX Resources has a one year low of $19.07 and a one year high of $37.57.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 EPS for the quarter, topping the consensus estimate of $0.27 by $0.09. The business had revenue of $321.44 million during the quarter, compared to analysts’ expectations of $387.46 million. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. During the same quarter last year, the firm posted $0.29 earnings per share. As a group, sell-side analysts predict that CNX Resources will post 1.43 earnings per share for the current year.

Insider Activity

In related news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were bought at an average price of $26.81 per share, with a total value of $2,010,750.00. Following the purchase, the director now directly owns 401,820 shares in the company, valued at $10,772,794.20. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 3.10% of the stock is currently owned by company insiders.

Institutional Trading of CNX Resources

Several hedge funds have recently added to or reduced their stakes in CNX. GAMMA Investing LLC increased its holdings in CNX Resources by 54.1% during the 2nd quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock worth $46,000 after purchasing an additional 666 shares in the last quarter. Hexagon Capital Partners LLC increased its holdings in CNX Resources by 113.4% during the 1st quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 1,136 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of CNX Resources by 135.4% in the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock valued at $64,000 after acquiring an additional 1,131 shares in the last quarter. CWM LLC grew its holdings in shares of CNX Resources by 77.0% in the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after acquiring an additional 935 shares in the last quarter. Finally, Natixis acquired a new stake in CNX Resources in the 1st quarter valued at about $79,000. Institutional investors and hedge funds 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.