CNX Resources Corporation. (NYSE:CNX) Receives $34.00 Consensus Price Target from Brokerages

Shares of CNX Resources Corporation. (NYSE:CNX) have received an average rating of “Reduce” from the fourteen research firms that are presently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $34.00.

A number of analysts recently issued reports on the company. Weiss Ratings reissued a “hold (c)” rating on shares of CNX Resources in a report on Monday, December 29th. Morgan Stanley decreased their price target on CNX Resources from $32.00 to $31.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 14th. Mizuho raised their price objective on shares of CNX Resources from $35.00 to $43.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. JPMorgan Chase & Co. raised shares of CNX Resources from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $36.00 to $38.00 in a research note on Monday, December 8th. Finally, Scotiabank increased their target price on shares of CNX Resources from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research note on Friday, November 21st.

Institutional Investors Weigh In On CNX Resources

Several large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its stake in CNX Resources by 18.8% in the 4th quarter. GAMMA Investing LLC now owns 3,821 shares of the oil and gas producer’s stock worth $140,000 after acquiring an additional 606 shares during the last quarter. Swiss Life Asset Management Ltd purchased a new position in shares of CNX Resources during the third quarter worth about $224,000. CIBC Bancorp USA Inc. purchased a new position in shares of CNX Resources during the third quarter worth about $469,000. CANADA LIFE ASSURANCE Co increased its position in shares of CNX Resources by 0.7% in the third quarter. CANADA LIFE ASSURANCE Co now owns 89,239 shares of the oil and gas producer’s stock worth $2,900,000 after purchasing an additional 643 shares during the last quarter. Finally, Dark Forest Capital Management LP purchased a new stake in CNX Resources in the third quarter valued at approximately $391,000. Institutional investors own 95.16% of the company’s stock.

CNX Resources Stock Performance

NYSE CNX opened at $36.78 on Monday. The company’s 50 day moving average is $37.32 and its 200-day moving average is $33.39. CNX Resources has a 12-month low of $27.00 and a 12-month high of $42.13. The company has a quick ratio of 0.31, a current ratio of 0.34 and a debt-to-equity ratio of 0.55. The firm has a market cap of $4.96 billion, a P/E ratio of 25.72, a price-to-earnings-growth ratio of 0.31 and a beta of 0.63.

CNX Resources (NYSE:CNX) last released its quarterly earnings data on Thursday, October 30th. The oil and gas producer reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.09. CNX Resources had a net margin of 16.56% and a return on equity of 9.10%. The business had revenue of $423.00 million during the quarter, compared to analyst estimates of $408.80 million. The firm’s quarterly revenue was up 37.6% compared to the same quarter last year. Sell-side analysts predict that CNX Resources will post 2.18 earnings per share for the current year.

CNX Resources Company Profile

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.