CNX Resources (NYSE:CNX) Price Target Raised to $35.00 at Scotiabank

CNX Resources (NYSE:CNX - Get Free Report) had its price objective lifted by stock analysts at Scotiabank from $33.00 to $35.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "sector perform" rating on the oil and gas producer's stock. Scotiabank's price target suggests a potential upside of 2.94% from the stock's previous close.

CNX has been the subject of a number of other research reports. Piper Sandler upped their target price on shares of CNX Resources from $21.00 to $25.00 and gave the stock an "underweight" rating in a report on Tuesday, May 13th. TD Cowen raised shares of CNX Resources to a "hold" rating in a report on Monday. Barclays started coverage on shares of CNX Resources in a report on Monday. They issued an "equal weight" rating and a $33.00 price objective for the company. Mizuho upped their price objective on shares of CNX Resources from $35.00 to $36.00 and gave the company an "underperform" rating in a report on Tuesday, May 13th. Finally, Morgan Stanley reissued an "underweight" rating and issued a $31.00 price objective on shares of CNX Resources in a report on Tuesday, April 15th. Eight 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 company. According to MarketBeat.com, CNX Resources presently has a consensus rating of "Hold" and an average target price of $31.85.

CNX Resources Price Performance

Shares of CNX Resources stock traded up $0.67 during trading hours on Friday, reaching $34.00. 1,670,014 shares of the company's stock were exchanged, compared to its average volume of 2,594,516. CNX Resources has a 1 year low of $23.85 and a 1 year high of $41.93. The company has a market capitalization of $4.92 billion, a P/E ratio of -16.50, a price-to-earnings-growth ratio of 0.33 and a beta of 0.66. The business has a fifty day moving average of $32.43 and a two-hundred day moving average of $31.17. The company has a quick ratio of 0.25, a current ratio of 0.27 and a debt-to-equity ratio of 0.63.

Insiders Place Their Bets

In related news, Director J. Palmer Clarkson acquired 10,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were bought at an average price of $31.20 per share, with a total value of $312,000.00. Following the completion of the acquisition, the director owned 245,433 shares in the company, valued at $7,657,509.60. This trade represents a 4.25% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 3.10% of the company's stock.

Hedge Funds Weigh In On CNX Resources

Hedge funds have recently modified their holdings of the business. Woodline Partners LP purchased a new position in CNX Resources in the 4th quarter valued at $71,971,000. Nuveen LLC purchased a new position in CNX Resources in the 1st quarter valued at $35,567,000. Arrowstreet Capital Limited Partnership purchased a new position in CNX Resources in the 4th quarter valued at $37,923,000. Adage Capital Partners GP L.L.C. grew its position in CNX Resources by 514.0% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 1,200,000 shares of the oil and gas producer's stock valued at $37,776,000 after buying an additional 1,004,545 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in CNX Resources by 4.4% in the 1st quarter. Vanguard Group Inc. now owns 15,952,281 shares of the oil and gas producer's stock valued at $502,178,000 after buying an additional 665,289 shares during the last quarter. 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.