CNX Resources (NYSE:CNX) Price Target Raised to $22.00

CNX Resources (NYSE:CNX) had its price objective lifted by Piper Sandler from $18.00 to $22.00 in a research note released on Friday, Benzinga reports. The firm currently has a neutral rating on the oil and gas producer’s stock.

Several other analysts have also recently weighed in on the company. Truist Financial boosted their price objective on CNX Resources from $28.00 to $30.00 and gave the stock a buy rating in a report on Friday, April 5th. Scotiabank boosted their price objective on CNX Resources from $20.00 to $25.00 and gave the stock a sector underperform rating in a report on Thursday, April 11th. Roth Mkm boosted their price objective on CNX Resources from $18.00 to $22.00 and gave the stock a neutral rating in a report on Tuesday, April 2nd. Bank of America raised CNX Resources from an underperform rating to a neutral rating and set a $23.00 price objective for the company in a report on Friday, January 5th. Finally, Mizuho boosted their price objective on CNX Resources from $24.00 to $25.00 and gave the stock a neutral rating in a report on Thursday, April 11th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $24.43.

CNX Resources Stock Up 1.4 %

Shares of NYSE CNX opened at $24.02 on Friday. The firm’s 50-day simple moving average is $22.16 and its 200 day simple moving average is $21.35. The company has a market cap of $3.68 billion, a price-to-earnings ratio of 2.64 and a beta of 1.33. The company has a quick ratio of 0.49, a current ratio of 0.51 and a debt-to-equity ratio of 0.43. CNX Resources has a 12-month low of $14.36 and a 12-month high of $24.82.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, January 25th. The oil and gas producer reported $2.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $2.59. The business had revenue of $999.50 million for the quarter, compared to the consensus estimate of $401.62 million. CNX Resources had a net margin of 50.34% and a return on equity of 9.00%. The firm’s quarterly revenue was down 38.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.64 EPS. On average, research analysts expect that CNX Resources will post 1.31 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Timothy Scott Bedard sold 1,226 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $20.83, for a total value of $25,537.58. Following the completion of the sale, the executive vice president now directly owns 67,982 shares of the company’s stock, valued at approximately $1,416,065.06. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CNX Resources

Several institutional investors and hedge funds have recently modified their holdings of the business. Teza Capital Management LLC grew its position in shares of CNX Resources by 0.5% in the 3rd quarter. Teza Capital Management LLC now owns 111,206 shares of the oil and gas producer’s stock valued at $2,511,000 after purchasing an additional 522 shares during the period. Franklin Resources Inc. grew its position in shares of CNX Resources by 4.1% in the 2nd quarter. Franklin Resources Inc. now owns 13,618 shares of the oil and gas producer’s stock valued at $241,000 after purchasing an additional 540 shares during the period. Nomura Asset Management Co. Ltd. grew its position in shares of CNX Resources by 30.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,540 shares of the oil and gas producer’s stock valued at $57,000 after purchasing an additional 590 shares during the period. HighTower Advisors LLC grew its position in shares of CNX Resources by 4.8% in the 1st quarter. HighTower Advisors LLC now owns 14,676 shares of the oil and gas producer’s stock valued at $234,000 after purchasing an additional 666 shares during the period. Finally, Royal Bank of Canada grew its position in shares of CNX Resources by 1.0% in the 2nd quarter. Royal Bank of Canada now owns 80,851 shares of the oil and gas producer’s stock valued at $1,433,000 after purchasing an additional 817 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

About CNX Resources

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.