Truist Financial Forecasts Strong Price Appreciation for CNX Resources (NYSE:CNX) Stock

CNX Resources (NYSE:CNX) had its target price increased by stock analysts at Truist Financial from $34.00 to $35.00 in a report issued on Friday,Benzinga reports. The firm presently has a “hold” rating on the oil and gas producer’s stock. Truist Financial’s target price points to a potential downside of 8.38% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the company. Tudor Pickering raised CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. Scotiabank lifted their price objective on shares of CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Mizuho increased their price target on CNX Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Piper Sandler raised their target price on CNX Resources from $20.00 to $23.00 and gave the company an “underweight” rating in a report on Friday. Finally, Bank of America started coverage on CNX Resources in a research report on Monday, October 28th. They set an “underperform” rating and a $34.00 target price on the stock. Seven research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $30.00.

CNX Resources Stock Performance

Shares of NYSE CNX opened at $38.20 on Friday. The company has a market cap of $5.70 billion, a PE ratio of 12.01, a P/E/G ratio of 1.93 and a beta of 1.43. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. The stock has a 50 day simple moving average of $36.73 and a 200-day simple moving average of $29.84. CNX Resources has a 12-month low of $19.07 and a 12-month high of $41.93.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, beating the consensus estimate of $0.32 by $0.09. The business had revenue of $424.21 million during the quarter, compared to analyst estimates of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same period in the prior year, the business earned $0.35 earnings per share. On average, equities research analysts forecast that CNX Resources will post 1.53 EPS for the current year.

Insider Transactions at CNX Resources

In related news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was acquired at an average price of $26.81 per share, with a total value of $2,010,750.00. Following the completion of the acquisition, the director now directly owns 401,820 shares in the company, valued at approximately $10,772,794.20. This trade represents a 22.95 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. QRG Capital Management Inc. grew its position in shares of CNX Resources by 13.8% during the 2nd quarter. QRG Capital Management Inc. now owns 190,498 shares of the oil and gas producer’s stock worth $4,629,000 after buying an additional 23,069 shares during the period. Bridges Investment Management Inc. bought a new stake in CNX Resources in the 2nd quarter valued at $916,000. Charles Schwab Investment Management Inc. boosted its position in 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 during the last quarter. Paralel Advisors LLC bought a new position in shares of CNX Resources in the 2nd quarter valued at about $2,338,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake 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. 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.