Piper Sandler Forecasts Strong Price Appreciation for CNX Resources (NYSE:CNX) Stock

CNX Resources (NYSE:CNX - Get Free Report) had its price objective boosted by equities researchers at Piper Sandler from $20.00 to $23.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an "underweight" rating on the oil and gas producer's stock. Piper Sandler's target price indicates a potential downside of 37.53% from the stock's previous close.

Several other equities analysts have also weighed in on CNX. Truist Financial lowered shares of CNX Resources from a "buy" rating to a "hold" rating and cut their price objective for the company from $38.00 to $34.00 in a research report on Monday, October 28th. Tudor, Pickering, Holt & Co. downgraded shares of CNX Resources from a "hold" rating to a "sell" rating in a report on Tuesday, October 1st. Mizuho lifted their price objective on shares of CNX Resources from $32.00 to $33.00 and gave the company a "neutral" rating in a research note on Monday, October 14th. Stephens increased their target price on shares of CNX Resources from $26.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Friday, October 25th. Finally, JPMorgan Chase & Co. lowered CNX Resources from a "neutral" rating to an "underweight" rating and raised their target price for the company from $31.00 to $37.00 in a report on Thursday. Seven analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $30.00.

CNX Resources Stock Down 3.6 %

NYSE CNX traded down $1.36 during trading on Friday, reaching $36.82. 2,894,990 shares of the company's stock were exchanged, compared to its average volume of 1,923,707. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. CNX Resources has a fifty-two week low of $19.07 and a fifty-two week high of $41.93. The company's fifty day simple moving average is $36.83 and its 200-day simple moving average is $29.93. The firm has a market capitalization of $5.50 billion, a PE ratio of 11.58, a P/E/G ratio of 1.85 and a beta of 1.43.

CNX Resources (NYSE:CNX - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, beating analysts' consensus estimates of $0.32 by $0.09. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. The firm had revenue of $424.21 million for the quarter, compared to the consensus estimate of $398.33 million. During the same period in the previous year, the firm posted $0.35 earnings per share. Sell-side analysts predict that CNX Resources will post 1.53 EPS for the current year.

Insider Transactions at CNX Resources

In other news, Director Bernard Lanigan, Jr. bought 75,000 shares of the firm's stock in a transaction that occurred on Monday, September 9th. The shares were acquired at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the completion of the transaction, the director now directly owns 401,820 shares in the company, valued at $10,772,794.20. This represents a 22.95 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.10% of the company's stock.

Hedge Funds Weigh In On CNX Resources

Several large investors have recently added to or reduced their stakes in CNX. Sequoia Financial Advisors LLC increased its position in shares of CNX Resources by 3.5% during the third quarter. Sequoia Financial Advisors LLC now owns 13,135 shares of the oil and gas producer's stock valued at $428,000 after purchasing an additional 442 shares during the period. Pullen Investment Management LLC boosted its position in shares of CNX Resources by 2.3% during the 2nd quarter. Pullen Investment Management LLC now owns 27,399 shares of the oil and gas producer's stock valued at $666,000 after acquiring an additional 623 shares in the last quarter. GAMMA Investing LLC increased its stake in CNX Resources by 54.1% in the second quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer's stock valued at $46,000 after acquiring an additional 666 shares during the period. CWM LLC increased its stake in CNX Resources by 77.0% in the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer's stock valued at $70,000 after acquiring an additional 935 shares during the period. Finally, Vanguard Personalized Indexing Management LLC raised its position in CNX Resources by 3.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 29,307 shares of the oil and gas producer's stock worth $712,000 after purchasing an additional 941 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

CNX Resources Company Profile

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.