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

CNX Resources Corporation. (NYSE:CNX)’s share price reached a new 52-week high during trading on Monday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The stock traded as high as $43.12 and last traded at $42.0560, with a volume of 176309 shares changing hands. The stock had previously closed at $41.78.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings upgraded shares of CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, February 11th. Roth Mkm set a $35.00 target price on shares of CNX Resources and gave the company a “neutral” rating in a research note on Thursday, January 29th. Morgan Stanley increased their price target on shares of CNX Resources from $31.00 to $32.00 and gave the stock an “underweight” rating in a research report on Friday, January 23rd. Piper Sandler set a $26.00 price objective on CNX Resources in a report on Monday, February 2nd. Finally, JPMorgan Chase & Co. upgraded CNX Resources from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $36.00 to $38.00 in a research note on Monday, December 8th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, CNX Resources currently has an average rating of “Reduce” and a consensus price target of $36.00.

Insider Transactions at CNX Resources

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CNX. Dorsey Wright & Associates bought a new stake in CNX Resources during the 4th quarter worth approximately $5,498,000. Axxcess Wealth Management LLC acquired a new position in CNX Resources in the fourth quarter worth $358,000. Mercer Global Advisors Inc. ADV grew its holdings in shares of CNX Resources by 8.3% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 65,660 shares of the oil and gas producer’s stock worth $2,414,000 after purchasing an additional 5,028 shares during the last quarter. NewEdge Advisors LLC bought a new stake in shares of CNX Resources during the fourth quarter worth $3,761,000. Finally, VestGen Investment Management acquired a new stake in shares of CNX Resources in the fourth quarter valued at $710,000. 95.16% of the stock is owned by institutional investors and hedge funds.

CNX Resources Price Performance

The stock has a fifty day moving average of $37.96 and a 200-day moving average of $35.20. The company has a quick ratio of 0.41, a current ratio of 0.44 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $5.96 billion, a P/E ratio of 11.38, a PEG ratio of 0.43 and a beta of 0.66.

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

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.