Brokerages Set CNX Resources Co. (NYSE:CNX) PT at $29.67

CNX Resources Co. (NYSE:CNX) has been assigned a consensus recommendation of “Strong Sell” from the fifteen ratings firms that are presently covering the stock, Marketbeat.com reports. Eight research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $29.67.

CNX has been the topic of several recent analyst reports. StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Thursday, February 13th. Morgan Stanley started coverage on CNX Resources in a report on Friday, January 10th. They issued an “underweight” rating and a $29.00 price objective on the stock. Truist Financial raised their target price on CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Piper Sandler decreased their price target on CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 29th. Finally, TD Cowen began coverage on CNX Resources in a research report on Wednesday, January 15th. They set a “hold” rating and a $27.00 price objective for the company.

CNX Resources Stock Performance

Shares of CNX Resources stock opened at $29.66 on Friday. The business’s 50 day moving average price is $31.75 and its 200 day moving average price is $32.54. The company has a market cap of $4.41 billion, a price-to-earnings ratio of -43.61, a PEG ratio of 0.40 and a beta of 1.38. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.32 and a current ratio of 0.33. CNX Resources has a one year low of $19.97 and a one year high of $41.93.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, topping the consensus estimate 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, research analysts predict that CNX Resources will post 2.36 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the company’s stock in a transaction on 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC raised its holdings in CNX Resources by 3.5% in 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 acquiring an additional 442 shares in the last quarter. Bessemer Group Inc. increased its position in shares of CNX Resources by 131.5% in the 4th quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer’s stock valued at $34,000 after purchasing an additional 526 shares during the last quarter. Xponance Inc. raised its holdings in shares of CNX Resources by 2.9% in the 4th quarter. Xponance Inc. now owns 20,876 shares of the oil and gas producer’s stock valued at $766,000 after purchasing an additional 588 shares in the last quarter. Principal Securities Inc. lifted its position in shares of CNX Resources by 38.5% during the 4th quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer’s stock worth $91,000 after purchasing an additional 691 shares during the last quarter. Finally, SeaBridge Investment Advisors LLC grew its stake in shares of CNX Resources by 0.8% during the fourth quarter. SeaBridge Investment Advisors LLC now owns 90,301 shares of the oil and gas producer’s stock worth $3,311,000 after purchasing an additional 759 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

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.