CNX Resources Corporation. (NYSE:CNX) Receives $35.67 Consensus Price Target from Analysts

CNX Resources Corporation. (NYSE:CNX) has been assigned a consensus recommendation of “Reduce” from the twelve brokerages that are covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $35.6667.

A number of research analysts have recently issued reports on CNX shares. Barclays raised their price target on shares of CNX Resources from $35.00 to $36.00 and gave the stock an “underweight” rating in a research report on Monday, March 16th. Morgan Stanley reaffirmed an “underweight” rating on shares of CNX Resources in a report on Friday, March 27th. Roth Mkm set a $35.00 price objective on shares of CNX Resources and gave the stock a “neutral” rating in a report on Thursday, January 29th. Weiss Ratings raised shares of CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, February 11th. Finally, Truist Financial assumed coverage on shares of CNX Resources in a report on Tuesday, March 24th. They issued a “sell” rating and a $35.00 price objective on the stock.

CNX Resources Trading Up 0.1%

CNX Resources stock opened at $38.70 on Wednesday. The firm’s 50-day moving average is $40.09 and its 200-day moving average is $37.56. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.41 and a current ratio of 0.44. CNX Resources has a 1 year low of $27.72 and a 1 year high of $43.62. The company has a market cap of $5.51 billion, a P/E ratio of 10.52, a PEG ratio of 0.30 and a beta of 0.65.

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

Insider Transactions at CNX Resources

In related news, Director Maureen Lally-Green sold 23,631 shares of the stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $39.52, for a total value of $933,897.12. Following the sale, the director owned 169,577 shares of the company’s stock, valued at $6,701,683.04. This trade represents a 12.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bernard Lanigan, Jr. sold 46,119 shares of the stock in a transaction dated 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 completion of the sale, the director directly owned 177,180 shares in the company, valued at approximately $7,193,508. This trade represents a 20.65% decrease in their position. The SEC filing for this sale provides additional information. 5.03% of the stock is owned by company insiders.

Institutional Trading of CNX Resources

Large investors have recently modified their holdings of the company. Smartleaf Asset Management LLC increased its holdings in shares of CNX Resources by 56.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock worth $30,000 after acquiring an additional 293 shares during the period. State of Wyoming bought a new position in CNX Resources in the 2nd quarter valued at about $29,000. Los Angeles Capital Management LLC bought a new position in CNX Resources in the 4th quarter valued at about $34,000. Caitlin John LLC bought a new position in CNX Resources in the 3rd quarter valued at about $31,000. Finally, Kestra Advisory Services LLC bought a new position in CNX Resources in the 4th quarter valued at about $50,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.