CNX Resources (NYSE:CNX) Price Target Raised to $36.00

CNX Resources (NYSE:CNX) had its target price lifted by Barclays from $35.00 to $36.00 in a research report released on Monday morning,Benzinga reports. They currently have an underweight rating on the oil and gas producer’s stock.

A number of other research analysts have also recently weighed in on the company. JPMorgan Chase & Co. raised CNX Resources from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $36.00 to $38.00 in a research report on Monday, December 8th. Scotiabank reissued a “sector perform” rating and issued a $44.00 target price on shares of CNX Resources in a report on Wednesday, January 21st. Zacks Research upgraded shares of CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, February 27th. Piper Sandler set a $26.00 price target on shares of CNX Resources in a report on Monday, February 2nd. Finally, Mizuho upped their price target on shares of CNX Resources from $35.00 to $43.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $34.78.

CNX Resources Price Performance

Shares of CNX Resources stock opened at $41.34 on Monday. The stock has a market cap of $5.89 billion, a P/E ratio of 11.23, a P/E/G ratio of 0.43 and a beta of 0.66. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.41 and a current ratio of 0.44. The stock’s fifty day moving average is $38.99 and its 200 day moving average is $36.13. CNX Resources has a one year low of $27.68 and a one year high of $43.62.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.94. CNX Resources had a return on equity of 9.29% and a net margin of 28.28%.The business had revenue of $610.48 million during the quarter, compared to analyst estimates of $422.65 million. During the same quarter in the previous year, the company posted ($0.97) earnings per share. CNX Resources’s revenue for the quarter was up 347.0% on a year-over-year basis. Sell-side analysts anticipate that CNX Resources will post 2.18 earnings per share for the current year.

Insider Activity

In related news, Director Bernard Lanigan, Jr. sold 46,119 shares of CNX Resources stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $40.60, for a total transaction of $1,872,431.40. Following the sale, the director owned 177,180 shares of the company’s stock, valued at approximately $7,193,508. This trade represents a 20.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNX. Dimensional Fund Advisors LP raised its position in shares of CNX Resources by 1.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,745,218 shares of the oil and gas producer’s stock valued at $321,570,000 after buying an additional 118,817 shares during the last quarter. Capital Research Global Investors boosted its position in shares of CNX Resources by 20.6% during the fourth quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer’s stock worth $175,210,000 after acquiring an additional 815,039 shares during the last quarter. American Century Companies Inc. boosted its position in shares of CNX Resources by 16.3% during the third quarter. American Century Companies Inc. now owns 3,236,441 shares of the oil and gas producer’s stock worth $103,954,000 after acquiring an additional 454,071 shares during the last quarter. Southeast Asset Advisors LLC grew its stake in CNX Resources by 0.3% during the second quarter. Southeast Asset Advisors LLC now owns 2,414,955 shares of the oil and gas producer’s stock valued at $81,336,000 after acquiring an additional 6,930 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in CNX Resources by 45.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer’s stock valued at $74,327,000 after acquiring an additional 633,539 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Company Profile

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.