Analysts Set CNX Resources Co. (NYSE:CNX) Target Price at $31.58

Shares of CNX Resources Co. (NYSE:CNX) have earned a consensus recommendation of “Reduce” from the fifteen brokerages that are covering the stock, MarketBeat.com reports. Seven research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $31.58.

A number of equities analysts recently commented on CNX shares. Scotiabank raised CNX Resources from a “sector underperform” rating to a “sector perform” rating and set a $33.00 price objective on the stock in a research note on Friday, April 11th. JPMorgan Chase & Co. lifted their price objective on CNX Resources from $32.00 to $33.00 and gave the stock an “underweight” rating in a research note on Thursday, March 13th. Mizuho lifted their price objective on CNX Resources from $35.00 to $36.00 and gave the stock an “underperform” rating in a research note on Tuesday, May 13th. Morgan Stanley reaffirmed an “underweight” rating and issued a $31.00 price objective on shares of CNX Resources in a research note on Tuesday, April 15th. Finally, Raymond James raised CNX Resources from an “underperform” rating to a “market perform” rating in a research note on Tuesday, February 18th.

Insider Activity

In other news, Director J. Palmer Clarkson acquired 10,000 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was purchased at an average price of $31.20 per share, for a total transaction of $312,000.00. Following the completion of the acquisition, the director now directly owns 245,433 shares in the company, valued at $7,657,509.60. The trade was a 4.25% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CNX Resources

Several hedge funds and other institutional investors have recently modified their holdings of the company. Woodline Partners LP bought a new stake in CNX Resources during the fourth quarter worth $71,971,000. Nuveen LLC bought a new stake in CNX Resources during the first quarter worth $35,567,000. Arrowstreet Capital Limited Partnership bought a new stake in CNX Resources during the fourth quarter worth $37,923,000. Adage Capital Partners GP L.L.C. grew its holdings in CNX Resources by 514.0% during the first quarter. Adage Capital Partners GP L.L.C. now owns 1,200,000 shares of the oil and gas producer’s stock worth $37,776,000 after buying an additional 1,004,545 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in CNX Resources by 4.4% during the first quarter. Vanguard Group Inc. now owns 15,952,281 shares of the oil and gas producer’s stock worth $502,178,000 after buying an additional 665,289 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

CNX Resources Stock Performance

Shares of CNX stock opened at $31.33 on Friday. The business’s 50-day moving average price is $30.82 and its 200-day moving average price is $32.37. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $4.53 billion, a price-to-earnings ratio of -46.07, a PEG ratio of 0.42 and a beta of 0.62. CNX Resources has a 12 month low of $23.63 and a 12 month high of $41.93.

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.