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

CNX Resources (NYSE:CNX) had its price target upped by Piper Sandler from $21.00 to $25.00 in a research note published on Tuesday,Benzinga reports. They currently have an underweight rating on the oil and gas producer’s stock.

A number of other analysts have also issued reports on CNX. Mizuho boosted their price objective on CNX Resources from $35.00 to $36.00 and gave the company an “underperform” rating in a research note on Tuesday. Scotiabank upgraded CNX Resources from a “sector underperform” rating to a “sector perform” rating and set a $33.00 price objective on the stock in a research note on Friday, April 11th. StockNews.com lowered CNX Resources from a “hold” rating to a “sell” rating in a research note on Thursday, February 13th. TD Cowen started coverage on CNX Resources in a research note on Wednesday, January 15th. They set a “hold” rating and a $27.00 price objective on the stock. Finally, Roth Capital set a $30.00 target price on CNX Resources in a research report on Thursday, January 23rd. Eight investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $31.58.

CNX Resources Stock Performance

NYSE:CNX opened at $32.58 on Tuesday. 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 52-week low of $23.52 and a 52-week high of $41.93. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of -47.91, a PEG ratio of 0.42 and a beta of 0.62. The business’s fifty day moving average is $30.54 and its 200 day moving average is $32.67.

Insider Transactions at CNX Resources

In other news, Director J. Palmer Clarkson acquired 10,000 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was purchased at an average cost of $31.20 per share, for a total transaction of $312,000.00. Following the acquisition, the director now owns 245,433 shares of the company’s stock, valued at $7,657,509.60. This trade represents a 4.25% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. Congress Asset Management Co. boosted its holdings in shares of CNX Resources by 7.2% in 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. Convergence Investment Partners LLC purchased a new position in shares of CNX Resources in the 4th quarter worth about $1,556,000. Charles Schwab Investment Management Inc. boosted its holdings in CNX Resources by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,000,464 shares of the oil and gas producer’s stock valued at $73,357,000 after acquiring an additional 139,647 shares during the period. Wakefield Asset Management LLLP purchased a new stake in CNX Resources during the 4th quarter valued at about $1,047,000. Finally, Assetmark Inc. boosted its holdings in CNX Resources by 2.2% during the 4th quarter. Assetmark Inc. now owns 885,429 shares of the oil and gas producer’s stock valued at $32,469,000 after acquiring an additional 19,309 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.