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

CNX Resources (NYSE:CNX) had its price target boosted by equities research analysts at Barclays from $35.00 to $36.00 in a research note issued on Friday, Benzinga reports. The firm presently has an “underweight” rating on the oil and gas producer’s stock. Barclays‘s target price suggests a potential downside of 1.43% from the company’s current price.

Other equities analysts have also issued reports about the company. Truist Financial upped their target price on CNX Resources from $34.00 to $39.00 and gave the stock a “hold” rating in a research note on Thursday, October 29th. Mizuho dropped their price target on CNX Resources from $42.00 to $38.00 and set a “neutral” rating for the company in a research report on Thursday, October 15th. Benchmark reiterated a “hold” rating on shares of CNX Resources in a research report on Thursday, October 29th. Scotiabank assumed coverage on CNX Resources in a report on Wednesday, October 14th. They set a “sector perform” rating and a $34.00 price objective for the company. Finally, Morgan Stanley upped their price objective on shares of CNX Resources from $32.00 to $34.00 and gave the stock an “underweight” rating in a research report on Thursday, October 15th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $35.00.

CNX Resources Price Performance

Shares of CNX stock traded up $0.12 on Friday, reaching $36.52. The company’s stock had a trading volume of 1,063,207 shares, compared to its average volume of 1,660,940. The company has a market capitalization of $5.22 billion, a P/E ratio of 6.19 and a beta of 0.61. CNX Resources has a 12-month low of $30.77 and a 12-month high of $43.62. The stock’s 50 day simple moving average is $34.98 and its 200-day simple moving average is $36.38. The company has a quick ratio of 1.02, a current ratio of 1.08 and a debt-to-equity ratio of 0.48.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in CNX Resources in the 2nd quarter worth approximately $650,689,000. Arrowstreet Capital Limited Partnership boosted its stake in CNX Resources by 6,057.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer’s stock worth $147,988,000 after buying an additional 3,776,511 shares in the last quarter. Bank of America Corp DE purchased a new stake in CNX Resources in the second quarter worth approximately $87,949,000. Bank of New York Mellon Corp bought a new position in CNX Resources during the second quarter valued at approximately $41,432,000. Finally, Wellington Management Group LLP grew its position in CNX Resources by 192.4% during the second quarter. Wellington Management Group LLP now owns 924,662 shares of the oil and gas producer’s stock valued at $31,374,000 after acquiring an additional 608,386 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

About CNX Resources

CNX Resources Corporation is an independent natural gas company headquartered in Canonsburg, Pennsylvania. It explores for, develops and produces natural gas, primarily from shale formations in the Appalachian Basin, including the Marcellus and Utica. The company’s operations are concentrated in Pennsylvania, West Virginia and Ohio. Its natural gas is supplied to markets that serve residential, commercial and industrial customers, as well as electric power generation. CNX traces its roots to the coal industry and the Consolidation Coal Company, founded in the 19th century.