CNX Resources (NYSE:CNX) Price Target Raised to $26.00

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 price objective upped by equities researchers at Piper Sandler from $25.00 to $26.00 in a research note 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 suggests a potential downside of 11.02% from the stock's current price.

Several other research analysts have also recently weighed in on CNX. Morgan Stanley reiterated an "underweight" rating and set a $31.00 price target on shares of CNX Resources in a research note on Tuesday, April 15th. TD Cowen upgraded shares of CNX Resources to a "hold" rating in a research report on Monday, July 7th. Scotiabank restated a "sector perform" rating and set a $35.00 price objective (up from $33.00) on shares of CNX Resources in a research report on Friday, July 11th. Barclays started coverage on shares of CNX Resources in a research report on Monday, July 7th. They set an "equal weight" rating and a $33.00 price objective on the stock. Finally, Cowen restated a "hold" rating on shares of CNX Resources in a research report on Friday, April 25th. Eight investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, CNX Resources presently has a consensus rating of "Hold" and an average target price of $31.92.

CNX Resources Stock Performance

Shares of CNX Resources stock traded up $0.15 on Friday, hitting $29.22. 1,506,069 shares of the company's stock were exchanged, compared to its average volume of 2,724,138. The company has a 50-day simple moving average of $32.50 and a 200-day simple moving average of $31.02. The stock has a market capitalization of $4.13 billion, a PE ratio of 49.53, a PEG ratio of 0.28 and a beta of 0.64. CNX Resources has a 1 year low of $23.99 and a 1 year high of $41.93. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.30 and a current ratio of 0.33.

Insider Activity at CNX Resources

In related news, Director J. Palmer Clarkson purchased 10,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were acquired at an average price of $31.20 per share, for a total transaction of $312,000.00. Following the purchase, the director owned 245,433 shares of the company's stock, valued at $7,657,509.60. This trade represents a 4.25% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CNX. Ameritas Advisory Services LLC purchased a new stake in shares of CNX Resources in the 2nd quarter valued at $32,000. Bessemer Group Inc. boosted its holdings 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 acquiring an additional 526 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new stake in shares of CNX Resources in the 1st quarter valued at $61,000. Sound Income Strategies LLC purchased a new stake in shares of CNX Resources in the 1st quarter valued at $63,000. Finally, UMB Bank n.a. boosted its holdings in shares of CNX Resources by 59.7% in the 1st quarter. UMB Bank n.a. now owns 2,062 shares of the oil and gas producer's stock valued at $65,000 after acquiring an additional 771 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

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.