Bank of America Issues Pessimistic Forecast for CNX Resources (NYSE:CNX) Stock Price

CNX Resources (NYSE:CNX - Free Report) had its price target trimmed by Bank of America from $32.00 to $27.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has an underperform rating on the oil and gas producer's stock.

Other analysts have also issued reports about the stock. Morgan Stanley set a $33.00 price target on shares of CNX Resources and gave the stock an "underweight" rating in a research note on Wednesday, March 26th. Mizuho decreased their target price on shares of CNX Resources from $38.00 to $34.00 and set an "underperform" rating for the company in a report on Tuesday, January 14th. Raymond James raised CNX Resources from an "underperform" rating to a "market perform" rating in a research report on Tuesday, February 18th. Stephens raised CNX Resources from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $35.00 to $48.00 in a research note on Tuesday, March 18th. Finally, Piper Sandler lowered their target price on CNX Resources from $23.00 to $22.00 and set an "underweight" rating on the stock in a research note on Wednesday, January 29th. Nine investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and a consensus price target of $30.83.

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CNX Resources Stock Performance

NYSE:CNX traded down $1.95 during midday trading on Tuesday, reaching $29.29. 4,051,841 shares of the company traded hands, compared to its average volume of 2,656,701. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of -43.08, a price-to-earnings-growth ratio of 0.42 and a beta of 1.26. The company has a fifty day moving average price of $30.03 and a 200 day moving average price of $33.35. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32. CNX Resources has a twelve month low of $22.82 and a twelve month high of $41.93.

CNX Resources (NYSE:CNX - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. On average, analysts expect that CNX Resources will post 2.18 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the business's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the transaction, the insider now owns 13,925,000 shares of the company's stock, valued at approximately $432,928,250. The trade was a 7.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.10% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. grew its stake in shares of CNX Resources by 131.5% in the fourth quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer's stock worth $34,000 after acquiring an additional 526 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of CNX Resources during the 4th quarter worth about $39,000. VSM Wealth Advisory LLC bought a new position in shares of CNX Resources during the 4th quarter worth about $55,000. Ameriflex Group Inc. acquired a new position in shares of CNX Resources during the fourth quarter valued at about $88,000. Finally, Principal Securities Inc. lifted its stake in shares of CNX Resources by 38.5% in the fourth quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer's stock valued at $91,000 after buying an additional 691 shares during the period. 95.16% of the stock is owned by institutional investors.

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.