CNX Resources (NYSE:CNX) Given New $33.00 Price Target at JPMorgan Chase & Co.

CNX Resources (NYSE:CNX) had its target price raised by investment analysts at JPMorgan Chase & Co. from $32.00 to $33.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “underweight” rating on the oil and gas producer’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 8.15% from the stock’s previous close.

CNX has been the subject of a number of other research reports. Raymond James upgraded CNX Resources from an “underperform” rating to a “market perform” rating in a research note on Tuesday, February 18th. Piper Sandler reduced their price objective on CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a research note on Wednesday, January 29th. Morgan Stanley assumed coverage on CNX Resources in a research note on Friday, January 10th. They issued an “underweight” rating and a $29.00 price objective for the company. Roth Capital set a $30.00 price objective on CNX Resources in a research note on Thursday, January 23rd. Finally, Mizuho reduced their price objective on CNX Resources from $38.00 to $34.00 and set an “underperform” rating for the company in a research note on Tuesday, January 14th. Nine analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $29.38.

CNX Resources Trading Up 2.2 %

NYSE CNX opened at $30.51 on Thursday. The firm has a market capitalization of $4.54 billion, a P/E ratio of -44.87, a PEG ratio of 0.42 and a beta of 1.26. The business has a fifty day simple moving average of $29.61 and a 200 day simple moving average of $32.91. CNX Resources has a 12 month low of $21.07 and a 12 month high of $41.93. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45.

CNX Resources (NYSE:CNX) last released its quarterly 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%. On average, analysts predict that CNX Resources will post 2.18 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the 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 sale, the insider now owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. This represents a 7.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.65% of the stock is currently owned by insiders.

Institutional Trading of CNX Resources

Institutional investors have recently added to or reduced their stakes in the stock. Congress Asset Management Co. lifted its holdings in CNX Resources by 7.2% during the 4th quarter. Congress Asset Management Co. now owns 266,447 shares of the oil and gas producer’s stock worth $9,771,000 after purchasing an additional 17,951 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in CNX Resources by 12.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock worth $60,607,000 after purchasing an additional 202,890 shares in the last quarter. World Investment Advisors LLC purchased a new stake in shares of CNX Resources in the 3rd quarter valued at about $534,000. Convergence Investment Partners LLC purchased a new stake in shares of CNX Resources in the 4th quarter valued at about $1,556,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of CNX Resources by 311.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock valued at $20,087,000 after acquiring an additional 466,694 shares in the last quarter. Hedge funds and other 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.