JPMorgan Chase & Co. Issues Positive Forecast for CNX Resources (NYSE:CNX) Stock Price

CNX Resources (NYSE:CNX - Free Report) had its price objective lifted by JPMorgan Chase & Co. from $32.00 to $33.00 in a research report sent to investors on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the oil and gas producer's stock.

Other equities research analysts have also issued research reports about the stock. Morgan Stanley began coverage on shares of CNX Resources in a report on Friday, January 10th. They set an "underweight" rating and a $29.00 target price for the company. Roth Capital set a $30.00 price objective on shares of CNX Resources in a report on Thursday, January 23rd. Mizuho reduced their target price on shares of CNX Resources from $38.00 to $34.00 and set an "underperform" rating on the stock in a research note on Tuesday, January 14th. StockNews.com cut shares of CNX Resources from a "hold" rating to a "sell" rating in a research note on Thursday, February 13th. Finally, Piper Sandler reduced their price target on shares of CNX Resources from $23.00 to $22.00 and set an "underweight" rating on the stock in a research report on Wednesday, January 29th. Nine analysts have rated the stock with a sell rating and seven have issued a hold rating to the company's stock. According to MarketBeat, CNX Resources presently has an average rating of "Reduce" and an average price target of $29.38.

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CNX Resources Price Performance

CNX Resources stock traded up $0.19 during midday trading on Thursday, reaching $30.69. The company had a trading volume of 1,985,892 shares, compared to its average volume of 2,626,957. 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 12-month low of $21.07 and a 12-month high of $41.93. The company has a market capitalization of $4.57 billion, a P/E ratio of -45.13, a P/E/G ratio of 0.42 and a beta of 1.26. The firm's fifty day simple moving average is $29.61 and its 200-day simple moving average is $32.99.

CNX Resources (NYSE:CNX - Get Free Report) last announced its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 EPS 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%. As a group, equities analysts anticipate that CNX Resources will post 2.18 EPS for the current year.

Insider Activity

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $31.09, for a total value of $33,421,750.00. Following the sale, the insider now directly owns 13,925,000 shares in the company, valued at approximately $432,928,250. This trade represents a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On CNX Resources

Several large investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its holdings in shares of CNX Resources by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer's stock valued at $117,366,000 after purchasing an additional 12,333 shares in the last quarter. Northern Trust Corp raised its stake in CNX Resources by 20.5% in the fourth quarter. Northern Trust Corp now owns 2,421,387 shares of the oil and gas producer's stock valued at $88,792,000 after buying an additional 411,485 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in CNX Resources by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,000,464 shares of the oil and gas producer's stock worth $73,357,000 after buying an additional 139,647 shares during the last quarter. Woodline Partners LP acquired a new position in shares of CNX Resources during the 4th quarter worth about $71,971,000. Finally, Capital Research Global Investors increased its holdings in shares of CNX Resources by 31.8% in the 4th quarter. Capital Research Global Investors now owns 1,450,000 shares of the oil and gas producer's stock valued at $53,172,000 after acquiring an additional 350,000 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company's stock.

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.