Barclays Begins Coverage on CNX Resources (NYSE:CNX)

Investment analysts at Barclays assumed coverage on shares of CNX Resources (NYSE:CNX - Get Free Report) in a report released on Monday, MarketBeat Ratings reports. The brokerage set an "equal weight" rating and a $33.00 price target on the oil and gas producer's stock. Barclays's price target points to a potential downside of 0.99% from the stock's previous close.

CNX has been the subject of a number of other reports. Bank of America decreased their target price on CNX Resources from $32.00 to $27.00 and set an "underperform" rating for the company in a research note on Tuesday, April 1st. Scotiabank upgraded CNX Resources from a "sector underperform" rating to a "sector perform" rating and set a $33.00 target price for the company in a research note on Friday, April 11th. Piper Sandler lifted their target price on CNX Resources from $21.00 to $25.00 and gave the company an "underweight" rating in a research note on Tuesday, May 13th. Morgan Stanley restated an "underweight" rating and issued a $31.00 target price on shares of CNX Resources in a research note on Tuesday, April 15th. Finally, Stephens upgraded CNX Resources from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $35.00 to $48.00 in a research note on Tuesday, March 18th. Eight equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, CNX Resources has a consensus rating of "Hold" and an average target price of $31.69.

CNX Resources Stock Up 2.4%

Shares of CNX stock traded up $0.77 during trading hours on Monday, hitting $33.33. 2,128,674 shares of the company were exchanged, compared to its average volume of 2,598,279. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.25 and a current ratio of 0.27. CNX Resources has a one year low of $23.85 and a one year high of $41.93. The business's 50-day simple moving average is $32.28 and its two-hundred day simple moving average is $31.21. The stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of -16.18, a P/E/G ratio of 0.31 and a beta of 0.66.

Insiders Place Their Bets

In other news, Director J. Palmer Clarkson acquired 10,000 shares of the stock in a transaction on Monday, May 12th. The shares were purchased at an average cost of $31.20 per share, for a total transaction of $312,000.00. Following the transaction, the director owned 245,433 shares in the company, valued at approximately $7,657,509.60. This trade represents a 4.25% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.10% of the company's stock.

Hedge Funds Weigh In On CNX Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. Bessemer Group Inc. grew its holdings in shares of CNX Resources by 131.5% during the 4th quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer's stock valued at $34,000 after acquiring an additional 526 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in CNX Resources during the fourth quarter valued at about $39,000. VSM Wealth Advisory LLC bought a new position in CNX Resources during the fourth quarter valued at about $55,000. Harbor Capital Advisors Inc. bought a new position in CNX Resources during the first quarter valued at about $61,000. Finally, Sound Income Strategies LLC bought a new stake in shares of CNX Resources in the 1st quarter valued at approximately $63,000. 95.16% of the stock is currently owned by hedge funds and other 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.