BMO Capital Markets Increases CNX Resources (NYSE:CNX) Price Target to $29.00

CNX Resources (NYSE:CNX) had its price target raised by equities researchers at BMO Capital Markets from $26.00 to $29.00 in a report issued on Friday, Benzinga reports. The brokerage presently has a “market perform” rating on the oil and gas producer’s stock. BMO Capital Markets’ target price indicates a potential downside of 15.16% from the stock’s previous close.

Several other equities research analysts also recently weighed in on CNX. Truist Financial increased their target price on shares of CNX Resources from $31.00 to $38.00 and gave the stock a “buy” rating in a research note on Monday. Mizuho increased their target price 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. StockNews.com downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 3rd. Tudor Pickering upgraded shares of CNX Resources to a “strong sell” rating in a research note on Tuesday. Finally, Tudor, Pickering, Holt & Co. downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday. Five analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CNX Resources presently has an average rating of “Hold” and an average price target of $27.22.

CNX Resources Stock Performance

Shares of CNX stock traded up $0.17 during mid-day trading on Friday, hitting $34.18. 789,141 shares of the stock were exchanged, compared to its average volume of 2,724,053. The stock’s fifty day simple moving average is $27.87 and its two-hundred day simple moving average is $25.62. The stock has a market capitalization of $5.24 billion, a price-to-earnings ratio of 6.19 and a beta of 1.38. CNX Resources has a 12-month low of $19.07 and a 12-month high of $34.35. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.40 and a current ratio of 0.41.

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 (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.09. The company had revenue of $321.44 million for 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 quarter last year, the company posted $0.29 earnings per share. On average, analysts forecast that CNX Resources will post 1.44 EPS for the current year.

Insider Transactions at CNX Resources

In other CNX Resources news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was acquired at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the purchase, the director now directly owns 401,820 shares in the company, valued at approximately $10,772,794.20. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 3.10% of the company’s stock.

Institutional Trading of CNX Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Pullen Investment Management LLC grew its stake in CNX Resources by 2.3% in the 2nd quarter. Pullen Investment Management LLC now owns 27,399 shares of the oil and gas producer’s stock worth $666,000 after acquiring an additional 623 shares during the period. GAMMA Investing LLC grew its stake in CNX Resources by 54.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock worth $46,000 after acquiring an additional 666 shares during the period. Riverwater Partners LLC grew its stake in CNX Resources by 1.0% in the 1st quarter. Riverwater Partners LLC now owns 65,673 shares of the oil and gas producer’s stock worth $1,558,000 after acquiring an additional 676 shares during the period. Vanguard Personalized Indexing Management LLC grew its stake in shares of CNX Resources by 3.3% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 29,307 shares of the oil and gas producer’s stock valued at $712,000 after buying an additional 941 shares during the period. Finally, Congress Asset Management Co. MA grew its stake in shares of CNX Resources by 0.4% during the 4th quarter. Congress Asset Management Co. MA now owns 265,558 shares of the oil and gas producer’s stock valued at $5,311,000 after buying an additional 945 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.