CNX Resources Co. (NYSE:CNX) Receives $29.00 Average Price Target from Brokerages

CNX Resources Co. (NYSE:CNX) has been assigned an average recommendation of “Reduce” from the twelve brokerages that are currently covering the stock, MarketBeat reports. Six investment analysts have rated the stock with a sell rating and six have issued a hold rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $29.60.

A number of brokerages have recently commented on CNX. Capital One Financial lowered shares of CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price target on the stock. in a report on Monday, October 14th. Tudor Pickering upgraded shares of CNX Resources to a “strong sell” rating in a report on Tuesday, October 1st. Mizuho increased their price objective on shares of CNX Resources from $32.00 to $33.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Piper Sandler downgraded CNX Resources from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $22.00 to $20.00 in a report on Thursday, August 15th. Finally, Bank of America started coverage on CNX Resources in a research report on Monday, October 28th. They set an “underperform” rating and a $34.00 target price on the stock.

CNX Resources Price Performance

Shares of NYSE:CNX opened at $38.20 on Friday. CNX Resources has a one year low of $19.07 and a one year high of $41.93. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36. The company has a market cap of $5.70 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 1.93 and a beta of 1.43. The firm has a 50 day simple moving average of $36.57 and a 200 day simple moving average of $29.78.

CNX Resources (NYSE:CNX) last announced its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. The firm had revenue of $424.21 million for the quarter, compared to analyst estimates of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same period last year, the firm posted $0.35 earnings per share. Research analysts predict that CNX Resources will post 1.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CNX Resources news, Director Bernard Lanigan, Jr. bought 75,000 shares of CNX Resources stock in a transaction dated Monday, September 9th. The stock was bought 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 directly owns 401,820 shares in the company, valued at approximately $10,772,794.20. The trade was a 22.95 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. QRG Capital Management Inc. lifted its holdings in CNX Resources by 13.8% during the second quarter. QRG Capital Management Inc. now owns 190,498 shares of the oil and gas producer’s stock valued at $4,629,000 after purchasing an additional 23,069 shares during the last quarter. Boston Partners bought a new stake in CNX Resources during the 1st quarter worth approximately $951,000. Bridges Investment Management Inc. bought a new position in CNX Resources in the 2nd quarter valued at $916,000. Charles Schwab Investment Management Inc. increased its holdings in shares of CNX Resources by 12.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock worth $60,607,000 after purchasing an additional 202,890 shares during the period. Finally, Paralel Advisors LLC purchased a new stake in shares of CNX Resources in the second quarter worth $2,338,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.