CNX Resources (NYSE:CNX) Hits New 12-Month High Following Analyst Upgrade

CNX Resources Co. (NYSE:CNX) hit a new 52-week high during mid-day trading on Monday after BMO Capital Markets raised their price target on the stock from $26.00 to $29.00. BMO Capital Markets currently has a market perform rating on the stock. CNX Resources traded as high as $34.38 and last traded at $34.19, with a volume of 212468 shares changing hands. The stock had previously closed at $34.10.

Several other research analysts have also recently weighed in on CNX. StockNews.com cut shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 3rd. Truist Financial raised their price objective on shares of CNX Resources from $31.00 to $38.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Mizuho increased their target price on shares of CNX Resources from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Tudor Pickering upgraded CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. Finally, Scotiabank boosted their price objective on CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Five analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, CNX Resources has a consensus rating of “Hold” and a consensus target price of $27.22.

Insider Buying and Selling at CNX Resources

In related news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were bought at an average price 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 trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Mizuho Markets Americas LLC purchased a new position in shares of CNX Resources in the second quarter valued at about $97,200,000. American Century Companies Inc. increased its position in CNX Resources by 12.0% in the second quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after purchasing an additional 397,729 shares during the last quarter. Renaissance Technologies LLC lifted its position in CNX Resources by 197.0% during the second quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock valued at $11,324,000 after purchasing an additional 309,100 shares during the last quarter. LSV Asset Management increased its holdings in shares of CNX Resources by 18.0% in the 1st quarter. LSV Asset Management now owns 1,757,121 shares of the oil and gas producer’s stock worth $41,679,000 after buying an additional 267,768 shares during the last quarter. Finally, Quantbot Technologies LP boosted its holdings in shares of CNX Resources by 533.4% in the 1st quarter. Quantbot Technologies LP now owns 286,480 shares of the oil and gas producer’s stock worth $6,795,000 after purchasing an additional 241,250 shares during the period. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Price Performance

The company has a quick ratio of 0.40, a current ratio of 0.41 and a debt-to-equity ratio of 0.46. The firm’s 50 day simple moving average is $28.37 and its 200 day simple moving average is $25.93. The company has a market capitalization of $5.30 billion, a PE ratio of 6.26 and a beta of 1.38.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share for the quarter, topping 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 firm had revenue of $321.44 million for the quarter, compared to the consensus estimate of $387.46 million. During the same period in the prior year, the business posted $0.29 earnings per share. As a group, research analysts anticipate that CNX Resources Co. will post 1.44 EPS for the current fiscal 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.