CNX Resources (NYSE:CNX) Given New $31.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley has lowered its price target for CNX Resources from $32.00 to $31.00, maintaining an "underweight" rating which indicates a potential downside of 2.5% from the current stock price.
• A number of analysts have recently given varied ratings for CNX Resources, with one analyst assigning a "Buy" rating, nine a "Hold," and five a "Sell" rating, resulting in a consensus rating of "Reduce."
• CNX Resources’ stock closed at $31.80, and has experienced significant trading volume, with various institutional investors holding approximately 95.16% of the company's shares.

CNX Resources (NYSE:CNX - Get Free Report) had its price target dropped by analysts at Morgan Stanley from $32.00 to $31.00 in a report released on Tuesday,Benzinga reports. The firm presently has an "underweight" rating on the oil and gas producer's stock. Morgan Stanley's price objective would suggest a potential downside of 2.50% from the company's current price.

Other equities analysts also recently issued research reports about the company. Piper Sandler decreased their target price on CNX Resources from $26.00 to $24.00 and set an "underweight" rating on the stock in a research report on Thursday, August 14th. Siebert Williams Shank began coverage on CNX Resources in a research report on Monday, September 15th. They issued a "hold" rating and a $32.00 target price on the stock. Zacks Research downgraded CNX Resources from a "hold" rating to a "strong sell" rating in a research report on Monday, October 6th. Mizuho raised their target price on CNX Resources from $34.00 to $35.00 and gave the company a "neutral" rating in a research report on Friday. Finally, Barclays reduced their price objective on CNX Resources from $33.00 to $32.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 7th. One research analyst has rated the stock with a Buy rating, nine have given a Hold rating and five have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $32.50.

CNX Resources Price Performance

Shares of NYSE CNX traded down $0.85 during midday trading on Tuesday, hitting $31.80. The stock had a trading volume of 360,144 shares, compared to its average volume of 2,474,948. The company has a market capitalization of $4.50 billion, a PE ratio of 53.86, a P/E/G ratio of 0.29 and a beta of 0.55. The stock has a 50 day simple moving average of $30.27 and a 200-day simple moving average of $31.18. CNX Resources has a 1 year low of $27.00 and a 1 year high of $41.93. The company has a quick ratio of 0.30, a current ratio of 0.33 and a debt-to-equity ratio of 0.56.

Institutional Investors Weigh In On CNX Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNX. State of Wyoming purchased a new stake in CNX Resources in the second quarter valued at $29,000. Ameritas Advisory Services LLC purchased a new stake in CNX Resources in the second quarter valued at $32,000. Elevation Point Wealth Partners LLC purchased a new stake in CNX Resources in the second quarter valued at $46,000. Sound Income Strategies LLC purchased a new stake in CNX Resources in the first quarter valued at $63,000. Finally, EverSource Wealth Advisors LLC raised its position in CNX Resources by 393.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,925 shares of the oil and gas producer's stock valued at $65,000 after purchasing an additional 1,535 shares during the period. Hedge funds and other institutional investors own 95.16% of the company's stock.

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.

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