CNX Resources (NYSE:CNX) Given New $36.00 Price Target at Barclays

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

Other research analysts have also recently issued reports about the stock. Morgan Stanley lifted their price objective on shares of CNX Resources from $31.00 to $32.00 and gave the company an “underweight” rating in a research note on Friday, January 23rd. Mizuho upped their target price on CNX Resources from $35.00 to $43.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Piper Sandler set a $26.00 target price on CNX Resources in a report on Monday, February 2nd. Zacks Research upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, February 27th. Finally, Roth Mkm set a $35.00 price target on CNX Resources and gave the stock a “neutral” rating in a report on Thursday, January 29th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $36.10.

CNX Resources Stock Down 0.4%

CNX stock opened at $41.96 on Monday. CNX Resources has a 52 week low of $27.68 and a 52 week high of $43.62. The business has a 50-day simple moving average of $38.80 and a 200 day simple moving average of $36.01. The company has a quick ratio of 0.41, a current ratio of 0.44 and a debt-to-equity ratio of 0.52. The company has a market cap of $5.97 billion, a PE ratio of 11.40, a price-to-earnings-growth ratio of 0.44 and a beta of 0.66.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data 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. The firm had revenue of $610.48 million for the quarter, compared to the consensus estimate of $422.65 million. CNX Resources had a net margin of 28.28% and a return on equity of 9.29%. The business’s revenue for the quarter was up 347.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.97) earnings per share. Sell-side analysts anticipate that CNX Resources will post 2.18 EPS for the current fiscal year.

Insider Transactions at CNX Resources

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

Institutional Trading of CNX Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its stake in shares of CNX Resources by 1.4% in the 4th 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 acquiring an additional 118,817 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of CNX Resources by 20.6% during the 4th quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer’s stock valued at $175,210,000 after acquiring an additional 815,039 shares in the last quarter. American Century Companies Inc. grew its position in CNX Resources by 16.3% during the 3rd 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 position in CNX Resources by 0.3% during the 2nd quarter. Southeast Asset Advisors LLC now owns 2,414,955 shares of the oil and gas producer’s stock worth $81,336,000 after acquiring an additional 6,930 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in CNX Resources by 45.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer’s stock worth $74,327,000 after purchasing an additional 633,539 shares in the last quarter. Institutional investors 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.