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

CNX Resources (NYSE:CNX) had its price objective upped by equities researchers at Piper Sandler from $20.00 to $23.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “underweight” rating on the oil and gas producer’s stock. Piper Sandler’s price objective indicates a potential downside of 37.53% from the company’s current price.

Other analysts also recently issued reports about the stock. Tudor Pickering upgraded shares of CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. Stephens boosted their price objective on CNX Resources from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. Bank of America started coverage on CNX Resources in a research report on Monday, October 28th. They issued an “underperform” rating and a $34.00 target price on the stock. JPMorgan Chase & Co. lowered CNX Resources from a “neutral” rating to an “underweight” rating and boosted their price target for the stock from $31.00 to $37.00 in a research report on Thursday. Finally, Mizuho raised their price target on CNX Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Seven research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $30.00.

CNX Resources Stock Performance

Shares of CNX stock opened at $36.82 on Friday. The company has a market cap of $5.50 billion, a P/E ratio of 11.58, a PEG ratio of 1.85 and a beta of 1.43. The business has a 50 day moving average of $36.83 and a two-hundred day moving average of $29.96. CNX Resources has a 52 week low of $19.07 and a 52 week high of $41.93. The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last released its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. The business had revenue of $424.21 million during the quarter, compared to analyst estimates of $398.33 million. During the same quarter in the previous year, the firm posted $0.35 EPS. As a group, analysts anticipate that CNX Resources will post 1.53 EPS for the current year.

Insider Buying and Selling

In other CNX Resources news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were purchased at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the transaction, the director now owns 401,820 shares in the company, valued at $10,772,794.20. This represents a 22.95 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CNX Resources

Several large investors have recently modified their holdings of the stock. QRG Capital Management Inc. lifted its holdings in shares of CNX Resources by 13.8% during the second quarter. QRG Capital Management Inc. now owns 190,498 shares of the oil and gas producer’s stock valued at $4,629,000 after purchasing an additional 23,069 shares during the last quarter. Bridges Investment Management Inc. acquired a new stake in CNX Resources during the 2nd quarter worth about $916,000. Charles Schwab Investment Management Inc. lifted its stake in CNX Resources by 12.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock valued at $60,607,000 after buying an additional 202,890 shares in the last quarter. Paralel Advisors LLC acquired a new position in shares of CNX Resources in the second quarter worth about $2,338,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of CNX Resources by 311.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock worth $20,087,000 after acquiring an additional 466,694 shares in the last quarter. 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.