CNX Resources (NYSE:CNX) Stock Price Expected to Rise, Barclays Analyst Says

CNX Resources (NYSE:CNX) had its target price upped by research analysts at Barclays from $35.00 to $36.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “underweight” rating on the oil and gas producer’s stock. Barclays‘s price target indicates a potential downside of 15.78% from the company’s previous close.

Other analysts also recently issued reports about the stock. Roth Mkm set a $35.00 target price on shares of CNX Resources and gave the stock a “neutral” rating in a research report on Thursday, January 29th. Mizuho boosted their price objective on shares of CNX Resources from $35.00 to $43.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. JPMorgan Chase & Co. upgraded shares of CNX Resources from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $36.00 to $38.00 in a report on Monday, December 8th. Piper Sandler set a $26.00 target price on shares of CNX Resources in a research note on Monday, February 2nd. Finally, Weiss Ratings upgraded shares of CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, February 11th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $36.10.

CNX Resources Stock Up 1.4%

Shares of CNX traded up $0.61 on Monday, reaching $42.75. The stock had a trading volume of 217,612 shares, compared to its average volume of 2,309,515. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.41 and a current ratio of 0.44. CNX Resources has a 12-month low of $27.68 and a 12-month high of $43.62. The firm has a market capitalization of $6.09 billion, a price-to-earnings ratio of 11.61, a price-to-earnings-growth ratio of 0.44 and a beta of 0.65. The company has a 50-day simple moving average of $38.68 and a 200-day simple moving average of $35.92.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.94. The company had revenue of $610.48 million for the quarter, compared to analysts’ expectations of $422.65 million. CNX Resources had a return on equity of 9.29% and a net margin of 28.28%.The firm’s revenue for the quarter was up 347.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.97) earnings per share. Sell-side analysts predict that CNX Resources will post 2.18 EPS for the current year.

Insider Activity

In other news, Director Bernard Lanigan, Jr. sold 46,119 shares of CNX Resources stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $40.60, for a total value of $1,872,431.40. Following the completion of the transaction, the director owned 177,180 shares of the company’s stock, valued at $7,193,508. The trade was a 20.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.59% of the stock is currently owned by corporate insiders.

Institutional Trading of CNX Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. State of Wyoming bought a new position in shares of CNX Resources in the second quarter worth approximately $29,000. Smartleaf Asset Management LLC grew its holdings in shares of CNX Resources by 56.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock valued at $30,000 after buying an additional 293 shares during the last quarter. Caitlin John LLC bought a new stake in shares of CNX Resources during the third quarter valued at approximately $31,000. Los Angeles Capital Management LLC purchased a new position in CNX Resources in the 4th quarter worth approximately $34,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in CNX Resources in the 2nd quarter worth approximately $46,000. 95.16% of the stock is currently owned by institutional investors.

About CNX Resources

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.