Piper Sandler Cuts CNX Resources (NYSE:CNX) Price Target to $24.00

Key Points

• Piper Sandler has reduced the price target for CNX Resources from $26.00 to $24.00, indicating a potential downside of 16.76% from the stock's previous close.
• CNX Resources currently has a consensus rating of "Hold" among analysts, with eight ratings categorized as sell, eight as hold, and one as buy.
• The stock experienced a minor decline of 0.8% on Thursday, closing at $28.83, while the company has an average target price of $31.77 according to MarketBeat.com.

CNX Resources (NYSE:CNX - Free Report) had its target price decreased by Piper Sandler from $26.00 to $24.00 in a research note published on Thursday morning,Benzinga reports. Piper Sandler currently has an underweight rating on the oil and gas producer's stock.

Other equities research analysts have also recently issued reports about the stock. Barclays began coverage on shares of CNX Resources in a report on Monday, July 7th. They issued an "equal weight" rating and a $33.00 price objective for the company. Scotiabank reiterated a "sector perform" rating and set a $35.00 price target (up previously from $33.00) on shares of CNX Resources in a research note on Friday, July 11th. Mizuho raised their price objective on CNX Resources from $35.00 to $36.00 and gave the company an "underperform" rating in a research note on Tuesday, May 13th. Cowen restated a "hold" rating on shares of CNX Resources in a report on Friday, April 25th. Finally, TD Cowen upgraded CNX Resources to a "hold" rating in a report on Monday, July 7th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and seven have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus price target of $31.77.

CNX Resources Stock Down 0.6%

CNX stock traded down $0.16 during trading hours on Thursday, hitting $27.95. The company's stock had a trading volume of 674,702 shares, compared to its average volume of 2,648,303. The stock has a 50 day moving average price of $31.93 and a two-hundred day moving average price of $31.05. CNX Resources has a 12 month low of $26.45 and a 12 month high of $41.93. The company has a market capitalization of $3.95 billion, a PE ratio of 47.36, a price-to-earnings-growth ratio of 0.25 and a beta of 0.64. 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

Several hedge funds have recently made changes to their positions in the stock. State of Wyoming bought a new stake in shares of CNX Resources in the 2nd quarter worth approximately $29,000. Ameritas Advisory Services LLC bought a new position in CNX Resources in the second quarter worth $32,000. Bessemer Group Inc. lifted its position in CNX Resources by 131.5% in the fourth quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer's stock worth $34,000 after purchasing an additional 526 shares during the period. Elevation Point Wealth Partners LLC acquired a new stake in CNX Resources during the second quarter worth $46,000. Finally, Harbor Capital Advisors Inc. bought a new stake in CNX Resources in the 1st quarter valued at $61,000. Institutional investors 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.