CNX Resources (NYSE:CNX) Reaches New 12-Month High After Analyst Upgrade

CNX Resources Co. (NYSE:CNX) shares reached a new 52-week high during trading on Monday after Mizuho raised their price target on the stock from $32.00 to $33.00. Mizuho currently has a neutral rating on the stock. CNX Resources traded as high as $37.00 and last traded at $37.00, with a volume of 200 shares traded. The stock had previously closed at $36.29.

Several other brokerages have also recently issued reports on CNX. Tudor, Pickering, Holt & Co. cut CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. JPMorgan Chase & Co. raised their price target on CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Piper Sandler cut CNX Resources from a “neutral” rating to an “underweight” rating and cut their price target for the company from $22.00 to $20.00 in a research note on Thursday, August 15th. Stephens restated an “equal weight” rating and issued a $27.00 price target on shares of CNX Resources in a research note on Monday, July 15th. Finally, Truist Financial raised their price target on CNX Resources from $31.00 to $38.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, CNX Resources presently has a consensus rating of “Hold” and an average target price of $27.10.

Insider Buying and Selling

In other CNX Resources news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the stock in a transaction on 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 acquisition, the director now owns 401,820 shares of the company’s stock, valued at $10,772,794.20. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CNX Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Mizuho Markets Americas LLC acquired a new position in shares of CNX Resources during the 2nd quarter worth approximately $97,200,000. American Century Companies Inc. grew its stake in shares of CNX Resources by 12.0% during the 2nd quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock valued at $89,890,000 after buying an additional 397,729 shares during the period. Renaissance Technologies LLC grew its stake in shares of CNX Resources by 197.0% during the 2nd quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock valued at $11,324,000 after buying an additional 309,100 shares during the period. LSV Asset Management boosted its position in CNX Resources by 18.0% during the 1st quarter. LSV Asset Management now owns 1,757,121 shares of the oil and gas producer’s stock worth $41,679,000 after purchasing an additional 267,768 shares during the period. Finally, Quantbot Technologies LP boosted its position in CNX Resources by 533.4% during the 1st quarter. Quantbot Technologies LP now owns 286,480 shares of the oil and gas producer’s stock worth $6,795,000 after purchasing an additional 241,250 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

CNX Resources Trading Down 2.8 %

The company has a market capitalization of $5.22 billion, a PE ratio of 6.17 and a beta of 1.38. The business’s 50-day simple moving average is $29.34 and its two-hundred day simple moving average is $26.34. The company has a current ratio of 0.41, a quick ratio of 0.40 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last posted 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. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. The firm had revenue of $321.44 million during the quarter, compared to analysts’ expectations of $387.46 million. During the same quarter in the prior year, the firm earned $0.29 EPS. On average, analysts predict that CNX Resources Co. will post 1.43 earnings per share for the current year.

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.