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

CNX Resources (NYSE:CNX) had its price objective upped by analysts at Barclays from $35.00 to $36.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “underweight” rating on the oil and gas producer’s stock. Barclays‘s price objective suggests a potential downside of 15.78% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the company. Scotiabank restated a “sector perform” rating and issued a $44.00 price objective on shares of CNX Resources in a research report on Wednesday, January 21st. Zacks Research raised shares of CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, February 27th. JPMorgan Chase & Co. raised shares of CNX Resources from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $36.00 to $38.00 in a report on Monday, December 8th. Morgan Stanley raised their price objective on shares of CNX Resources from $31.00 to $32.00 and gave the company an “underweight” rating in a research report on Friday, January 23rd. Finally, Roth Mkm set a $35.00 price objective on shares of CNX Resources and gave the stock a “neutral” rating in a report on Thursday, January 29th. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $36.10.

CNX Resources Price Performance

CNX traded up $0.61 during trading on Monday, reaching $42.75. 217,612 shares of the company were exchanged, compared to its average volume of 2,309,515. CNX Resources has a 12-month low of $27.68 and a 12-month high of $43.62. The company’s 50-day moving average is $38.68 and its two-hundred day moving average is $35.92. 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 company has a market cap of $6.09 billion, a price-to-earnings ratio of 11.61, a P/E/G ratio of 0.44 and a beta of 0.65.

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

Insider Buying and Selling

In other CNX Resources news, Director Bernard Lanigan, Jr. sold 46,119 shares of the firm’s stock in a transaction on 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 sale, the director owned 177,180 shares of the company’s stock, valued at $7,193,508. This trade represents a 20.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.59% of the stock is owned by corporate insiders.

Institutional Trading of CNX Resources

A number of institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of CNX Resources by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 86,878 shares of the oil and gas producer’s stock valued at $2,735,000 after buying an additional 3,785 shares during the period. Acadian Asset Management LLC purchased a new stake in CNX Resources in the first quarter worth $583,000. Allworth Financial LP boosted its holdings in CNX Resources by 1,491.5% in the second quarter. Allworth Financial LP now owns 5,618 shares of the oil and gas producer’s stock valued at $189,000 after acquiring an additional 5,265 shares in the last quarter. Vise Technologies Inc. bought a new stake in CNX Resources in the second quarter valued at $252,000. Finally, Police & Firemen s Retirement System of New Jersey increased its position in CNX Resources by 1.9% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 32,099 shares of the oil and gas producer’s stock valued at $1,081,000 after purchasing an additional 601 shares during the period. 95.16% of the stock is currently owned by hedge funds and other 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.