Analysts Set CNX Resources Corporation. (NYSE:CNX) PT at $34.78

CNX Resources Corporation. (NYSE:CNX) has been assigned a consensus rating of “Reduce” from the twelve research firms that are currently covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $34.7778.

Several equities research analysts have recently issued reports on CNX shares. Morgan Stanley raised their price target on shares of CNX Resources from $31.00 to $32.00 and gave the stock an “underweight” rating in a research note on Friday, January 23rd. Barclays upped their price objective on CNX Resources from $35.00 to $36.00 and gave the company an “underweight” rating in a research note on Monday, March 16th. Weiss Ratings raised CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, February 11th. JPMorgan Chase & Co. upgraded CNX Resources from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $36.00 to $38.00 in a research note on Monday, December 8th. Finally, Piper Sandler set a $26.00 price target on CNX Resources in a research report on Monday, February 2nd.

Insiders Place Their Bets

In related news, Director Bernard Lanigan, Jr. sold 46,119 shares of the business’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $40.60, for a total value of $1,872,431.40. Following the sale, the director directly owned 177,180 shares in the company, valued at approximately $7,193,508. The trade was a 20.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.59% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. increased its stake in shares of CNX Resources by 101.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 5,351 shares of the oil and gas producer’s stock worth $197,000 after purchasing an additional 2,696 shares in the last quarter. Nalls Sherbakoff Group LLC purchased a new stake in shares of CNX Resources during the 4th quarter valued at approximately $201,000. Rehmann Capital Advisory Group purchased a new stake in shares of CNX Resources during the 4th quarter valued at approximately $231,000. Dorsey Wright & Associates bought a new position in CNX Resources in the 4th quarter worth approximately $5,498,000. Finally, Axxcess Wealth Management LLC bought a new position in CNX Resources in the 4th quarter worth approximately $358,000. Institutional investors own 95.16% of the company’s stock.

CNX Resources Price Performance

Shares of NYSE:CNX opened at $40.71 on Friday. The company has a market capitalization of $5.80 billion, a P/E ratio of 11.06, a price-to-earnings-growth ratio of 0.42 and a beta of 0.65. The company’s 50-day moving average is $39.32 and its 200 day moving average is $36.41. 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 fifty-two week low of $27.68 and a fifty-two week high of $43.62.

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

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.