Siebert Williams Shank Begins Coverage on CNX Resources (NYSE:CNX)

Key Points

• Siebert Williams Shank has initiated coverage on CNX Resources, assigning it a "hold" rating and setting a price target of $32.00, suggesting a potential upside of 6.71% from the current stock price.
• Other analysts have recently issued mixed ratings, with Mizuho upgrading to "neutral" but lowering the price target to $34.00, while Barclays and Scotiabank also provided their respective target prices of $33.00 and $35.00.
• The stock of CNX Resources currently has a consensus rating of "Reduce" with a target price of $31.64, indicating a growing caution among analysts regarding the company's market performance.

Analysts at Siebert Williams Shank initiated coverage on shares of CNX Resources (NYSE:CNX - Get Free Report) in a research report issued to clients and investors on Monday, MarketBeat.com reports. The firm set a "hold" rating and a $32.00 price target on the oil and gas producer's stock. Siebert Williams Shank's price target indicates a potential upside of 6.71% from the stock's current price.

A number of other brokerages also recently issued reports on CNX. Mizuho upgraded shares of CNX Resources from an "underperform" rating to a "neutral" rating and cut their price target for the stock from $36.00 to $34.00 in a report on Monday. Barclays started coverage on shares of CNX Resources in a report on Monday, July 7th. They issued an "equal weight" rating and a $33.00 target price for the company. Scotiabank reiterated a "sector perform" rating and issued a $35.00 target price (up previously from $33.00) on shares of CNX Resources in a report on Friday, July 11th. TD Cowen upgraded shares of CNX Resources to a "hold" rating in a report on Monday, July 7th. Finally, Piper Sandler dropped their target price on shares of CNX Resources from $26.00 to $24.00 and set an "underweight" rating for the company in a report on Thursday, August 14th. One analyst has rated the stock with a Buy rating, ten have issued a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $31.64.

CNX Resources Trading Up 0.2%

CNX opened at $29.99 on Monday. The company's 50 day simple moving average is $30.40 and its two-hundred day simple moving average is $30.98. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of 50.83, a price-to-earnings-growth ratio of 0.27 and a beta of 0.60. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.33 and a quick ratio of 0.30. CNX Resources has a 1-year low of $27.00 and a 1-year high of $41.93.

Institutional Investors Weigh In On CNX Resources

Several institutional investors have recently modified their holdings of CNX. Woodline Partners LP purchased a new stake in CNX Resources in the fourth quarter valued at $71,971,000. Nuveen LLC acquired a new stake in shares of CNX Resources in the first quarter valued at approximately $35,567,000. Adage Capital Partners GP L.L.C. grew its position in shares of CNX Resources by 514.0% in the first 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 purchasing an additional 1,004,545 shares during the last quarter. Vanguard Group Inc. lifted its stake 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 period. Finally, Mackenzie Financial Corp lifted its stake in shares of CNX Resources by 5,262.2% during the second quarter. Mackenzie Financial Corp now owns 555,473 shares of the oil and gas producer's stock valued at $18,708,000 after buying an additional 545,114 shares during the period. 95.16% of the stock is 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.

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