Scotiabank Issues Positive Forecast for CNX Resources (NYSE:CNX) Stock Price

Key Points

• Scotiabank has increased its target price for CNX Resources from $35.00 to $36.00, indicating an upside potential of 8.20% from the stock's previous closing price.
• Other analysts have mixed views, with Piper Sandler cutting their target price to $24.00, while Mizuho upgraded their rating to neutral but lowered their target price to $34.00.
• Most analysts have rated CNX Resources as a Hold, with a consensus rating of "Reduce" and an average price target of approximately $31.85.

CNX Resources (NYSE:CNX - Get Free Report) had its target price increased by stock analysts at Scotiabank from $35.00 to $36.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "sector perform" rating on the oil and gas producer's stock. Scotiabank's target price points to a potential upside of 8.20% from the company's previous close.

Other research analysts have also issued reports about the company. Piper Sandler decreased their target price on CNX Resources from $26.00 to $24.00 and set an "underweight" rating for the company in a report on Thursday, August 14th. Mizuho upgraded CNX Resources from an "underperform" rating to a "neutral" rating and decreased their target price for the company from $36.00 to $34.00 in a report on Monday, September 15th. Weiss Ratings reiterated a "hold (c)" rating on shares of CNX Resources in a report on Saturday, September 27th. Zacks Research lowered CNX Resources from a "hold" rating to a "strong sell" rating in a report on Monday. Finally, Siebert Williams Shank started coverage on CNX Resources in a report on Monday, September 15th. They issued a "hold" rating and a $32.00 target price for the company. One equities research analyst has rated the stock with a Buy rating, ten have given a Hold rating and five have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $31.85.

CNX Resources Trading Down 1.6%

Shares of NYSE CNX traded down $0.55 during trading on Thursday, reaching $33.27. The stock had a trading volume of 101,833 shares, compared to its average volume of 2,487,466. CNX Resources has a fifty-two week low of $27.00 and a fifty-two week 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. The business's 50-day moving average price is $30.10 and its 200-day moving average price is $31.17. The company has a market cap of $4.71 billion, a P/E ratio of 56.39, a PEG ratio of 0.31 and a beta of 0.55.

Institutional Trading of CNX Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of 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 purchasing an additional 665,289 shares during the last quarter. Southeast Asset Advisors LLC raised its stake in CNX Resources by 0.3% during the 2nd quarter. Southeast Asset Advisors LLC now owns 2,414,955 shares of the oil and gas producer's stock valued at $81,336,000 after acquiring an additional 6,930 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its stake in CNX Resources by 16.7% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,400,000 shares of the oil and gas producer's stock valued at $47,152,000 after acquiring an additional 200,000 shares during the last quarter. Nuveen LLC purchased a new stake in CNX Resources during the 1st quarter valued at approximately $35,567,000. Finally, AQR Capital Management LLC raised its stake in CNX Resources by 112.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer's stock valued at $33,932,000 after acquiring an additional 532,770 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

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.

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.