JPMorgan Chase & Co. Cuts CNX Resources (NYSE:CNX) Price Target to $31.00

CNX Resources (NYSE:CNX) had its target price reduced by JPMorgan Chase & Co. from $32.00 to $31.00 in a research report report published on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the oil and gas producer’s stock.

Other analysts have also issued research reports about the stock. Tudor Pickering raised shares of CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. Bank of America initiated coverage on shares of CNX Resources in a report on Monday, October 28th. They issued an “underperform” rating and a $34.00 price target on the stock. Stephens upped their price objective on CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. StockNews.com downgraded CNX Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 3rd. Finally, Mizuho upped their price target on CNX Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Six investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $29.00.

CNX Resources Stock Performance

CNX stock opened at $33.95 on Wednesday. The business has a 50 day moving average of $31.65 and a 200-day moving average of $27.32. The firm has a market cap of $5.07 billion, a PE ratio of 10.67, a P/E/G ratio of 1.73 and a beta of 1.38. CNX Resources has a 12-month low of $19.07 and a 12-month high of $37.57. The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. The firm had revenue of $424.21 million during the quarter, compared to the consensus estimate of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same quarter in the prior year, the company earned $0.35 EPS. As a group, sell-side analysts expect that CNX Resources will post 1.5 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were purchased at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the transaction, the director now directly owns 401,820 shares in the company, valued at approximately $10,772,794.20. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Mizuho Markets Americas LLC purchased a new position in CNX Resources during the second quarter worth about $97,200,000. American Century Companies Inc. lifted its position in CNX Resources by 12.0% during the second quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock valued at $89,890,000 after purchasing an additional 397,729 shares during the last quarter. LSV Asset Management lifted its position in CNX Resources by 1.4% during the second quarter. LSV Asset Management now owns 1,780,921 shares of the oil and gas producer’s stock valued at $43,276,000 after purchasing an additional 23,800 shares during the last quarter. Tributary Capital Management LLC grew its stake in CNX Resources by 0.3% in the 2nd quarter. Tributary Capital Management LLC now owns 901,940 shares of the oil and gas producer’s stock worth $21,917,000 after buying an additional 2,535 shares in the last quarter. Finally, Clearbridge Investments LLC increased its holdings in shares of CNX Resources by 2.2% in the 1st quarter. Clearbridge Investments LLC now owns 587,005 shares of the oil and gas producer’s stock worth $13,924,000 after buying an additional 12,441 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.