CNX Resources (NYSE:CNX) Sets New 12-Month High – Here’s Why

CNX Resources Co. (NYSE:CNX) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $40.18 and last traded at $40.11, with a volume of 1816884 shares trading hands. The stock had previously closed at $39.37.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CNX shares. Truist Financial lowered CNX Resources from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $38.00 to $34.00 in a report on Monday, October 28th. Mizuho upped their price target on shares of CNX Resources from $32.00 to $33.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Tudor Pickering upgraded shares of CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. JPMorgan Chase & Co. lowered their target price on shares of CNX Resources from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Finally, Piper Sandler downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $22.00 to $20.00 in a research report on Thursday, August 15th. Six investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $29.00.

CNX Resources Trading Up 1.1 %

The stock has a market cap of $6.13 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 1.90 and a beta of 1.37. The business has a fifty day simple moving average of $34.72 and a 200 day simple moving average of $28.73. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.37.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.09. The firm had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same quarter last year, the business posted $0.35 EPS. As a group, equities analysts anticipate that CNX Resources Co. will post 1.53 EPS for the current year.

Insider Activity at CNX Resources

In related news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were acquired at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the acquisition, the director now directly owns 401,820 shares in the company, valued at approximately $10,772,794.20. The trade was a 22.95 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. Mizuho Markets Americas LLC purchased a new position in CNX Resources in the second quarter valued at about $97,200,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of CNX Resources by 311.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock valued at $20,087,000 after buying an additional 466,694 shares in the last quarter. 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 valued at $89,890,000 after buying an additional 397,729 shares during the period. Renaissance Technologies LLC lifted its position in 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 worth $11,324,000 after acquiring an additional 309,100 shares in the last quarter. Finally, Levin Capital Strategies L.P. purchased a new position in CNX Resources in the 1st quarter worth approximately $4,813,000. 95.16% of the stock is owned by institutional investors and hedge funds.

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.