Piper Sandler Issues Positive Forecast for CNX Resources (NYSE:CNX) Stock Price

Key Points

• Piper Sandler raised CNX Resources' price target from $25.00 to $26.00, maintaining an "underweight" rating on the stock, indicating a potential downside from the previous close.
• Other analysts from Barclays, Mizuho, and Scotiabank have varying price targets and ratings, with a consensus average target of $31.92 and a majority of analysts rating the stock as "hold."
• Insider trading was noted as J. Palmer Clarkson purchased 10,000 shares of CNX Resources, resulting in a significant increase in their ownership stake in the company.

CNX Resources (NYSE:CNX - Get Free Report) had its target price boosted by investment analysts at Piper Sandler from $25.00 to $26.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "underweight" rating on the oil and gas producer's stock. Piper Sandler's target price would suggest a potential downside of 10.10% from the company's previous close.

CNX has been the subject of several other reports. TD Cowen raised shares of CNX Resources to a "hold" rating in a research note on Monday, July 7th. Mizuho upped their price objective on CNX Resources from $35.00 to $36.00 and gave the stock an "underperform" rating in a report on Tuesday, May 13th. Cowen reiterated a "hold" rating on shares of CNX Resources in a research report on Friday, April 25th. Morgan Stanley reissued an "underweight" rating and issued a $31.00 target price on shares of CNX Resources in a report on Tuesday, April 15th. Finally, Scotiabank reaffirmed a "sector perform" rating and set a $35.00 price target (up previously from $33.00) on shares of CNX Resources in a research report on Friday, July 11th. Eight investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $31.92.

CNX Resources Stock Performance

Shares of CNX stock traded down $1.39 on Friday, reaching $28.92. The stock had a trading volume of 3,141,801 shares, compared to its average volume of 2,537,055. CNX Resources has a 12 month low of $23.85 and a 12 month high of $41.93. The firm has a market capitalization of $4.09 billion, a price-to-earnings ratio of 49.02, a P/E/G ratio of 0.28 and a beta of 0.64. The firm's 50-day moving average is $32.55 and its two-hundred day moving average is $31.03. The company has a quick ratio of 0.30, a current ratio of 0.33 and a debt-to-equity ratio of 0.56.

Insider Activity

In other news, Director J. Palmer Clarkson acquired 10,000 shares of CNX Resources stock in a transaction that occurred on Monday, May 12th. The stock was purchased at an average price of $31.20 per share, for a total transaction of $312,000.00. Following the completion of the transaction, the director directly owned 245,433 shares in the company, valued at approximately $7,657,509.60. This trade represents a 4.25% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.59% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bessemer Group Inc. grew its position in shares of CNX Resources by 131.5% during the fourth quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer's stock worth $34,000 after buying an additional 526 shares in the last quarter. Ameritas Advisory Services LLC acquired a new position in CNX Resources in the 2nd quarter worth approximately $32,000. Harbor Capital Advisors Inc. acquired a new stake in shares of CNX Resources during the 1st quarter valued at $61,000. Sound Income Strategies LLC bought a new position in shares of CNX Resources during the 1st quarter valued at $63,000. Finally, UMB Bank n.a. boosted its holdings in shares of CNX Resources by 59.7% during the 1st quarter. UMB Bank n.a. now owns 2,062 shares of the oil and gas producer's stock worth $65,000 after buying an additional 771 shares during the period. 95.16% of the stock is 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.