CNX Resources (NYSE:CNX) Reaches New 52-Week High After Analyst Upgrade

CNX Resources Co. (NYSE:CNX)’s share price reached a new 52-week high during trading on Tuesday after Mizuho raised their price target on the stock from $30.00 to $32.00. Mizuho currently has a neutral rating on the stock. CNX Resources traded as high as $28.32 and last traded at $28.25, with a volume of 39687 shares changing hands. The stock had previously closed at $28.04.

A number of other equities research analysts also recently issued reports on the stock. Piper Sandler downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $22.00 to $20.00 in a research report on Thursday, August 15th. Scotiabank boosted their price target on CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Stephens restated an “equal weight” rating and issued a $27.00 price target on shares of CNX Resources in a research report on Monday, July 15th. Truist Financial lifted their price objective on CNX Resources from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Finally, StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 3rd. Three analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $26.13.

Insider Activity at CNX Resources

In other CNX Resources news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the company’s stock in a transaction on Monday, September 9th. The stock was acquired at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the purchase, the director now directly owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Mizuho Markets Americas LLC purchased a new stake in shares of CNX Resources in the second quarter worth about $97,200,000. American Century Companies Inc. raised its holdings in shares of CNX Resources by 12.0% during the 2nd quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after acquiring an additional 397,729 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of CNX Resources by 197.0% during the 2nd quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock valued at $11,324,000 after acquiring an additional 309,100 shares during the last quarter. LSV Asset Management grew its holdings in shares of CNX Resources by 18.0% in the first quarter. LSV Asset Management now owns 1,757,121 shares of the oil and gas producer’s stock valued at $41,679,000 after purchasing an additional 267,768 shares in the last quarter. Finally, Quantbot Technologies LP increased its position in CNX Resources by 533.4% in the first quarter. Quantbot Technologies LP now owns 286,480 shares of the oil and gas producer’s stock worth $6,795,000 after purchasing an additional 241,250 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

CNX Resources Trading Up 0.7 %

The company has a quick ratio of 0.40, a current ratio of 0.41 and a debt-to-equity ratio of 0.46. The stock’s 50 day moving average is $26.41 and its 200-day moving average is $24.77. The company has a market cap of $4.33 billion, a PE ratio of 5.08 and a beta of 1.37.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.09. The firm had revenue of $321.44 million for the quarter, compared to analysts’ expectations of $387.46 million. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. During the same period in the prior year, the company earned $0.29 EPS. As a group, sell-side analysts anticipate that CNX Resources Co. will post 1.47 EPS for the current year.

About CNX Resources

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.