CNX Resources (NYSE:CNX) Raised to Overweight at Stephens

CNX Resources (NYSE:CNX) was upgraded by stock analysts at Stephens from an “equal weight” rating to an “overweight” rating in a note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has a $48.00 target price on the oil and gas producer’s stock, up from their previous target price of $35.00. Stephens’ price target would indicate a potential upside of 47.89% from the stock’s current price.

CNX has been the subject of several other research reports. JPMorgan Chase & Co. boosted their price target 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. Mizuho dropped their price target on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating for the company in a research note on Tuesday, January 14th. TD Cowen began coverage on shares of CNX Resources in a research note on Wednesday, January 15th. They issued a “hold” rating and a $27.00 price target for the company. Roth Capital set a $30.00 price target on shares of CNX Resources in a research note on Thursday, January 23rd. Finally, Truist Financial boosted their price target on shares of CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Nine analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $30.38.

CNX Resources Stock Up 2.1 %

CNX Resources stock opened at $32.46 on Tuesday. CNX Resources has a fifty-two week low of $21.29 and a fifty-two week high of $41.93. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.32 and a current ratio of 0.33. The firm has a 50 day moving average price of $29.66 and a 200 day moving average price of $33.03. The company has a market capitalization of $4.83 billion, a PE ratio of -47.73, a price-to-earnings-growth ratio of 0.42 and a beta of 1.26.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, beating 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%. Research analysts expect that CNX Resources will post 2.18 earnings per share for the current year.

Insider Activity at CNX Resources

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $31.09, for a total value of $33,421,750.00. Following the completion of the sale, the insider now directly owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. This represents a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CNX Resources

A number of institutional investors and hedge funds have recently made changes to their positions in CNX. Woodline Partners LP purchased a new stake in shares of CNX Resources in the fourth quarter valued at about $71,971,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of CNX Resources during the fourth quarter worth about $37,923,000. Millennium Management LLC increased its stake in shares of CNX Resources by 69.1% during the fourth quarter. Millennium Management LLC now owns 1,154,588 shares of the oil and gas producer’s stock worth $42,339,000 after acquiring an additional 471,763 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of CNX Resources by 311.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock worth $20,087,000 after acquiring an additional 466,694 shares during the period. Finally, Northern Trust Corp increased its stake in shares of CNX Resources by 20.5% during the fourth quarter. Northern Trust Corp now owns 2,421,387 shares of the oil and gas producer’s stock worth $88,792,000 after acquiring an additional 411,485 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

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.