Truist Financial Forecasts Strong Price Appreciation for CNX Resources (NYSE:CNX) Stock

CNX Resources (NYSE:CNX) had its price objective raised by Truist Financial from $34.00 to $35.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the oil and gas producer’s stock. Truist Financial’s price target indicates a potential downside of 4.94% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Tudor, Pickering, Holt & Co. lowered CNX Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. BMO Capital Markets raised their target price on shares of CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Scotiabank increased their price objective on shares of CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Piper Sandler boosted their price objective on shares of CNX Resources from $20.00 to $23.00 and gave the company an “underweight” rating in a research report on Friday. Finally, Tudor Pickering upgraded CNX Resources to a “strong sell” rating in a report on Tuesday, October 1st. Seven research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $30.00.

CNX Resources Stock Performance

Shares of NYSE:CNX opened at $36.82 on Friday. The firm’s 50 day simple moving average is $36.83 and its 200 day simple moving average is $29.96. CNX Resources has a fifty-two week low of $19.07 and a fifty-two week high of $41.93. The company has a market capitalization of $5.50 billion, a price-to-earnings ratio of 11.58, a P/E/G ratio of 1.85 and a beta of 1.43. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36.

CNX Resources (NYSE:CNX) last announced its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, topping 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 company had revenue of $424.21 million for the quarter, compared to analysts’ expectations of $398.33 million. During the same period last year, the firm posted $0.35 earnings per share. As a group, sell-side analysts forecast that CNX Resources will post 1.53 earnings per share for the current year.

Insider Activity

In related news, Director Bernard Lanigan, Jr. bought 75,000 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was purchased at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the transaction, the director now owns 401,820 shares in the company, valued at $10,772,794.20. The trade was a 22.95 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CNX Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC grew its holdings in CNX Resources by 54.1% during the 2nd quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock worth $46,000 after acquiring an additional 666 shares during the period. Blue Trust Inc. grew its stake in CNX Resources by 135.4% during the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after purchasing an additional 1,131 shares during the period. CWM LLC increased its holdings 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 worth $70,000 after purchasing an additional 935 shares in the last quarter. Innealta Capital LLC acquired a new position in CNX Resources in the second quarter valued at approximately $131,000. Finally, Atomi Financial Group Inc. bought a new position in shares of CNX Resources during the 3rd quarter worth approximately $202,000. Institutional investors 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.