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 - Get Free Report) had its price objective decreased by investment analysts at Piper Sandler from $26.00 to $24.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an "underweight" rating on the oil and gas producer's stock. Piper Sandler's price target suggests a potential downside of 16.76% from the company's previous close.

Other equities analysts have also issued reports about the company. Barclays assumed coverage on CNX Resources in a report on Monday, July 7th. They set an "equal weight" rating and a $33.00 target price for the company. Mizuho increased their target price on CNX Resources from $35.00 to $36.00 and gave the company an "underperform" rating in a report on Tuesday, May 13th. TD Cowen upgraded CNX Resources to a "hold" rating in a report on Monday, July 7th. Cowen restated a "hold" rating on shares of CNX Resources in a report on Friday, April 25th. Finally, Scotiabank reaffirmed a "sector perform" rating and issued a $35.00 price target (up 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 assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, CNX Resources has a consensus rating of "Hold" and an average target price of $31.77.

CNX Resources Stock Down 0.8%

Shares of NYSE CNX traded down $0.23 on Thursday, hitting $28.83. The company had a trading volume of 141,890 shares, compared to its average volume of 2,664,605. The company has a quick ratio of 0.30, a current ratio of 0.33 and a debt-to-equity ratio of 0.56. CNX Resources has a 12-month low of $25.88 and a 12-month high of $41.93. The business has a 50 day moving average of $32.11 and a two-hundred day moving average of $30.99. The firm has a market capitalization of $4.08 billion, a P/E ratio of 49.11, a PEG ratio of 0.25 and a beta of 0.64.

Institutional Investors Weigh In On CNX Resources

Several hedge funds and other institutional investors have recently bought and sold shares of CNX. Vanguard Group Inc. grew its holdings in shares of CNX Resources by 4.4% during the first 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. Northern Trust Corp increased its position in shares of CNX Resources by 20.5% during the fourth quarter. Northern Trust Corp now owns 2,421,387 shares of the oil and gas producer's stock worth $88,792,000 after acquiring an additional 411,485 shares in the last quarter. Southeast Asset Advisors LLC increased its position in shares of CNX Resources by 0.3% during the second quarter. Southeast Asset Advisors LLC now owns 2,414,955 shares of the oil and gas producer's stock worth $81,336,000 after acquiring an additional 6,930 shares in the last quarter. Woodline Partners LP bought a new stake in shares of CNX Resources during the fourth quarter worth about $71,971,000. Finally, Capital Research Global Investors increased its position in shares of CNX Resources by 31.8% during the fourth quarter. Capital Research Global Investors now owns 1,450,000 shares of the oil and gas producer's stock worth $53,172,000 after acquiring an additional 350,000 shares in the last quarter. 95.16% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.