Analysts Set CNX Resources Corporation. (NYSE:CNX) PT at $35.44

CNX Resources Corporation. (NYSE:CNX) has been assigned an average rating of “Reduce” from the twelve brokerages that are currently covering the stock, Marketbeat reports. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $35.4444.

Several research analysts have recently issued reports on the company. Tudor Pickering raised CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Morgan Stanley reduced their price objective on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating for the company in a report on Monday, June 29th. Weiss Ratings lowered shares of CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, May 28th. Truist Financial raised shares of CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 target price on the stock in a research note on Wednesday, July 15th. Finally, Barclays dropped their price target on shares of CNX Resources from $36.00 to $35.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 26th.

CNX Resources Stock Down 0.1%

CNX opened at $34.25 on Friday. The stock’s 50 day moving average price is $33.72 and its 200 day moving average price is $36.98. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.49 and a quick ratio of 0.46. The stock has a market cap of $4.85 billion, a P/E ratio of 4.76 and a beta of 0.59. CNX Resources has a 12 month low of $27.72 and a 12 month high of $43.62.

Insider Activity at CNX Resources

In related news, Director William N. Thorndike, Jr. sold 28,800 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $38.25, for a total transaction of $1,101,600.00. Following the transaction, the director owned 426,585 shares in the company, valued at $16,316,876.25. This trade represents a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.03% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CNX Resources

Several hedge funds have recently modified their holdings of the company. State of Wyoming bought a new stake in shares of CNX Resources in the 2nd quarter worth $29,000. Smartleaf Asset Management LLC grew its holdings in CNX Resources by 56.7% during the fourth 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. Los Angeles Capital Management LLC bought a new stake in CNX Resources in the fourth quarter worth about $34,000. Kestra Advisory Services LLC bought a new stake in CNX Resources in the fourth quarter worth about $50,000. Finally, Highlander Partners L.P. acquired a new stake in CNX Resources in the 4th quarter valued at about $56,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

About CNX Resources

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.