CNX Resources (NYSE:CNX) Sets New 12-Month High on Analyst Upgrade

CNX Resources Co. (NYSE:CNX) shares hit a new 52-week high during mid-day trading on Monday after Truist Financial raised their price target on the stock from $31.00 to $38.00. Truist Financial currently has a buy rating on the stock. CNX Resources traded as high as $32.49 and last traded at $32.42, with a volume of 618794 shares changing hands. The stock had previously closed at $31.49.

A number of other brokerages have also issued reports on CNX. Stephens reaffirmed an “equal weight” rating and issued a $27.00 target price on shares of CNX Resources in a research report on Monday, July 15th. Piper Sandler lowered CNX Resources from a “neutral” rating to an “underweight” rating and cut their target price for the company from $22.00 to $20.00 in a research report on Thursday, August 15th. JPMorgan Chase & Co. upped their price target on CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. StockNews.com lowered CNX Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 3rd. Finally, Scotiabank upped their price target on CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, CNX Resources currently has an average rating of “Hold” and an average target price of $27.00.

Insiders Place Their Bets

In related news, Director Bernard Lanigan, Jr. bought 75,000 shares of the company’s stock in a transaction on Monday, September 9th. The shares were purchased at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the completion of the transaction, the director now directly owns 401,820 shares of the company’s stock, valued at $10,772,794.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC boosted its stake in CNX Resources by 54.1% during the second quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock valued at $46,000 after buying an additional 666 shares in the last quarter. Hexagon Capital Partners LLC boosted its stake in CNX Resources by 113.4% during the first quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock valued at $51,000 after buying an additional 1,136 shares in the last quarter. Natixis bought a new position in CNX Resources during the first quarter valued at about $79,000. Innealta Capital LLC bought a new position in CNX Resources during the second quarter valued at about $131,000. Finally, TFO Wealth Partners LLC boosted its stake in CNX Resources by 64,084.6% during the fourth quarter. TFO Wealth Partners LLC now owns 8,344 shares of the oil and gas producer’s stock valued at $167,000 after buying an additional 8,331 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

CNX Resources Price Performance

The company has a 50 day moving average of $27.53 and a two-hundred day moving average of $25.51. The firm has a market cap of $5.00 billion, a P/E ratio of 5.92 and a beta of 1.37. The company has a quick ratio of 0.40, a current ratio of 0.41 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.09. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. The business had revenue of $321.44 million during the quarter, compared to analysts’ expectations of $387.46 million. During the same quarter last year, the business posted $0.29 earnings per share. Sell-side analysts expect that CNX Resources Co. will post 1.44 EPS for the current year.

About CNX Resources

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.