Brokerages Set CNX Resources Co. (NYSE:CNX) Price Target at $29.69

Shares of CNX Resources Co. (NYSE:CNX) have earned a consensus rating of “Strong Sell” from the fifteen ratings firms that are covering the stock, MarketBeat reports. Eight analysts have rated the stock with a sell recommendation and seven have assigned a hold recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $29.38.

Several equities analysts recently weighed in on the stock. Morgan Stanley began coverage on shares of CNX Resources in a report on Friday, January 10th. They issued an “underweight” rating and a $29.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on shares of CNX Resources from $32.00 to $33.00 and gave the stock an “underweight” rating in a research note on Thursday, March 13th. Roth Capital set a $30.00 target price on shares of CNX Resources in a research report on Thursday, January 23rd. Mizuho cut their price target on CNX Resources from $38.00 to $34.00 and set an “underperform” rating on the stock in a research report on Tuesday, January 14th. Finally, Piper Sandler decreased their price objective on CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a report on Wednesday, January 29th.

Insider Buying and Selling at CNX Resources

In other CNX Resources news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the transaction, the insider now owns 13,925,000 shares of the company’s stock, valued at $432,928,250. This represents a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in CNX Resources by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer’s stock worth $117,366,000 after purchasing an additional 12,333 shares during the last quarter. Northern Trust Corp lifted its stake in shares of CNX Resources by 20.5% in the fourth quarter. Northern Trust Corp now owns 2,421,387 shares of the oil and gas producer’s stock worth $88,792,000 after buying an additional 411,485 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in CNX Resources by 7.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,000,464 shares of the oil and gas producer’s stock worth $73,357,000 after acquiring an additional 139,647 shares during the last quarter. Woodline Partners LP purchased a new stake in CNX Resources during the 4th quarter valued at about $71,971,000. Finally, Capital Research Global Investors raised its holdings in CNX Resources by 31.8% in the 4th quarter. Capital Research Global Investors now owns 1,450,000 shares of the oil and gas producer’s stock valued at $53,172,000 after acquiring an additional 350,000 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

CNX Resources Price Performance

Shares of CNX opened at $30.69 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32. The company’s fifty day moving average price is $29.61 and its 200-day moving average price is $33.01. CNX Resources has a 1-year low of $21.07 and a 1-year high of $41.93. The firm has a market capitalization of $4.57 billion, a PE ratio of -45.13, a price-to-earnings-growth ratio of 0.42 and a beta of 1.26.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. On average, equities research analysts predict that CNX Resources will post 2.18 EPS for the current year.

CNX Resources Company Profile

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.