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

Shares of CNX Resources Co. (NYSE:CNX) hit a new 52-week high on Tuesday after Mizuho raised their price target on the stock from $30.00 to $32.00. Mizuho currently has a neutral rating on the stock. CNX Resources traded as high as $28.32 and last traded at $28.25, with a volume of 39687 shares traded. The stock had previously closed at $28.04.

Other analysts have also recently issued research reports about the stock. Piper Sandler cut shares of 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 report on Thursday, August 15th. JPMorgan Chase & Co. lifted their price objective on CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Scotiabank upped their target price on CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Stephens restated an “equal weight” rating and set a $27.00 price target on shares of CNX Resources in a research report on Monday, July 15th. Finally, Truist Financial increased their price objective on CNX Resources from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Three analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $26.13.

Insider Activity at CNX Resources

In related news, Director Bernard Lanigan, Jr. bought 75,000 shares of the company’s stock in a transaction on Monday, September 9th. The shares were acquired at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the completion of the acquisition, the director now owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Mizuho Markets Americas LLC bought a new stake in shares of CNX Resources during the second quarter valued at approximately $97,200,000. American Century Companies Inc. raised its stake in shares of CNX Resources by 12.0% in the second quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after purchasing an additional 397,729 shares during the last quarter. LSV Asset Management lifted its holdings in shares of CNX Resources by 1.4% during the second quarter. LSV Asset Management now owns 1,780,921 shares of the oil and gas producer’s stock valued at $43,276,000 after purchasing an additional 23,800 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of CNX Resources by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,455,350 shares of the oil and gas producer’s stock valued at $29,107,000 after buying an additional 9,356 shares during the last quarter. Finally, Tributary Capital Management LLC boosted its position in shares of CNX Resources by 0.3% during the second quarter. Tributary Capital Management LLC now owns 901,940 shares of the oil and gas producer’s stock valued at $21,917,000 after buying an additional 2,535 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

CNX Resources Trading Up 1.7 %

The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.40 and a current ratio of 0.41. The firm has a market cap of $4.37 billion, a PE ratio of 5.16 and a beta of 1.37. The stock has a 50-day simple moving average of $26.41 and a two-hundred day simple moving average of $24.77.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.09. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. The company had revenue of $321.44 million for the quarter, compared to the consensus estimate of $387.46 million. During the same quarter in the prior year, the firm earned $0.29 earnings per share. As a group, sell-side analysts anticipate that CNX Resources Co. will post 1.47 EPS for the current year.

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.