Mizuho Lowers CNX Resources (NYSE:CNX) Price Target to $42.00

CNX Resources (NYSE:CNX) had its price target cut by equities researchers at Mizuho from $44.00 to $42.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas producer’s stock. Mizuho’s target price indicates a potential upside of 20.97% from the company’s previous close.

A number of other brokerages have also recently issued reports on CNX. Morgan Stanley reiterated an “underweight” rating on shares of CNX Resources in a report on Friday, March 27th. Weiss Ratings reissued a “buy (b)” rating on shares of CNX Resources in a research report on Monday, May 11th. Roth Mkm set a $35.00 price target on shares of CNX Resources and gave the company a “neutral” rating in a research report on Thursday, January 29th. Barclays dropped their price target on shares of CNX Resources from $36.00 to $35.00 and set an “underweight” rating on the stock in a research report on Tuesday. Finally, Zacks Research lowered shares of CNX Resources from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, CNX Resources has an average rating of “Reduce” and an average target price of $35.44.

CNX Resources Stock Down 1.7%

Shares of NYSE CNX opened at $34.72 on Wednesday. The stock has a market capitalization of $4.91 billion, a P/E ratio of 4.82 and a beta of 0.64. The company has a 50-day moving average price of $38.37 and a 200-day moving average price of $38.31. CNX Resources has a 1 year low of $27.72 and a 1 year high of $43.62. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.49 and a quick ratio of 0.46.

Insider Activity

In other CNX Resources news, Director William N. Thorndike, Jr. sold 28,800 shares of CNX Resources stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $38.25, for a total value of $1,101,600.00. Following the sale, the director owned 426,585 shares of the company’s stock, valued at approximately $16,316,876.25. The trade was a 6.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Maureen Lally-Green sold 23,631 shares of CNX Resources stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $39.52, for a total transaction of $933,897.12. Following the completion of the sale, the director directly owned 169,577 shares in the company, valued at approximately $6,701,683.04. This represents a 12.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 5.03% of the company’s stock.

Institutional Trading of CNX Resources

Several hedge funds have recently added to or reduced their stakes in CNX. State of Wyoming bought a new stake in CNX Resources in the second quarter worth about $29,000. Smartleaf Asset Management LLC raised its position in CNX Resources by 56.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock worth $30,000 after acquiring an additional 293 shares during the period. Caitlin John LLC bought a new stake in CNX Resources in the third quarter worth about $31,000. Los Angeles Capital Management LLC bought a new stake in CNX Resources in the fourth quarter worth about $34,000. Finally, Kestra Advisory Services LLC bought a new stake in CNX Resources in the fourth quarter worth about $50,000. Institutional investors own 95.16% of the company’s stock.

CNX Resources Company Profile

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.