CNX Resources (NYSE:CNX) Sets New 12-Month High on Analyst Upgrade

CNX Resources Co. (NYSE:CNX)’s share price hit a new 52-week high on Monday after Truist Financial raised their price target on the stock from $31.00 to $38.00. Truist Financial currently has a buy rating on the stock. CNX Resources traded as high as $32.49 and last traded at $32.42, with a volume of 618794 shares changing hands. The stock had previously closed at $31.49.

A number of other equities research analysts also recently weighed in on the company. Scotiabank lifted their target price on CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Stephens restated an “equal weight” rating and issued a $27.00 target price on shares of CNX Resources in a research note on Monday, July 15th. Mizuho lifted their price target on shares of CNX Resources from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Piper Sandler cut shares of CNX Resources from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $22.00 to $20.00 in a research note on Thursday, August 15th. Finally, StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 3rd. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $27.00.

Insider Buying and Selling

In other news, Director Bernard Lanigan, Jr. bought 75,000 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was bought at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the purchase, the director now owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.10% of the stock is currently owned by corporate insiders.

Institutional Trading of CNX Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Creative Planning increased its position in CNX Resources by 9.8% in the 2nd quarter. Creative Planning now owns 31,265 shares of the oil and gas producer’s stock valued at $760,000 after acquiring an additional 2,779 shares in the last quarter. Algert Global LLC acquired a new stake in shares of CNX Resources in the second quarter valued at approximately $375,000. Caxton Associates LP raised its position in CNX Resources by 46.5% in the 2nd quarter. Caxton Associates LP now owns 43,854 shares of the oil and gas producer’s stock worth $1,066,000 after purchasing an additional 13,914 shares during the last quarter. Bank of Montreal Can lifted its holdings in CNX Resources by 2.5% during the 2nd quarter. Bank of Montreal Can now owns 233,515 shares of the oil and gas producer’s stock worth $5,686,000 after buying an additional 5,797 shares in the last quarter. Finally, DRW Securities LLC bought a new position in CNX Resources in the 2nd quarter valued at $326,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

CNX Resources Price Performance

The stock has a market capitalization of $4.97 billion, a P/E ratio of 5.70 and a beta of 1.37. 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 stock has a 50-day simple moving average of $27.25 and a 200 day simple moving average of $25.36.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas producer reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.09. The firm had revenue of $321.44 million during the quarter, compared to analyst estimates of $387.46 million. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. During the same period last year, the company earned $0.29 earnings per share. On average, equities analysts forecast that CNX Resources Co. will post 1.44 earnings per share for the current fiscal 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.