Brokerages Set CNX Resources Co. (NYSE:CNX) Price Target at $29.69

CNX Resources Co. (NYSE:CNX) has earned a consensus recommendation of “Strong Sell” from the fifteen brokerages that are covering the company, MarketBeat reports. Eight equities research analysts have rated the stock with a sell recommendation and seven have issued a hold recommendation on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $29.38.

Several analysts have recently commented on CNX shares. Truist Financial lifted their price target on shares of CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Raymond James raised CNX Resources from an “underperform” rating to a “market perform” rating in a research note on Tuesday, February 18th. StockNews.com downgraded CNX Resources from a “hold” rating to a “sell” rating in a research report on Thursday, February 13th. Piper Sandler reduced their price objective on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a report on Wednesday, January 29th. Finally, JPMorgan Chase & Co. increased their target price on shares of CNX Resources from $32.00 to $33.00 and gave the stock an “underweight” rating in a research note on Thursday, March 13th.

CNX Resources Stock Up 0.6 %

Shares of CNX opened at $30.69 on Tuesday. CNX Resources has a 52-week low of $21.07 and a 52-week high of $41.93. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. The stock has a fifty day simple moving average of $29.61 and a two-hundred day simple moving average of $33.01. The company has a market capitalization of $4.57 billion, a PE ratio of -45.13, a price-to-earnings-growth ratio of 0.42 and a beta of 1.26.

CNX Resources (NYSE:CNX) last released its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, topping 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%. As a group, equities analysts forecast that CNX Resources will post 2.18 EPS for the current year.

Insider Transactions at CNX Resources

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the transaction, the insider now directly owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. The trade was a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CNX. Congress Asset Management Co. boosted its position in shares of CNX Resources by 7.2% during the 4th quarter. Congress Asset Management Co. now owns 266,447 shares of the oil and gas producer’s stock worth $9,771,000 after acquiring an additional 17,951 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of CNX Resources by 12.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock worth $60,607,000 after acquiring an additional 202,890 shares in the last quarter. World Investment Advisors LLC purchased a new stake in CNX Resources during the third quarter worth approximately $534,000. Convergence Investment Partners LLC acquired a new position in CNX Resources in the fourth quarter valued at approximately $1,556,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in 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 valued at $20,087,000 after purchasing an additional 466,694 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.