BMO Capital Markets Raises CNX Resources (NYSE:CNX) Price Target to $29.00

CNX Resources (NYSE:CNX) had its target price increased by BMO Capital Markets from $26.00 to $29.00 in a research note released on Friday morning, Benzinga reports. They currently have a market perform rating on the oil and gas producer’s stock.

Several other research firms have also recently commented on CNX. Mizuho boosted their target price on CNX Resources from $30.00 to $32.00 and gave the company a neutral rating in a research note on Monday, September 16th. Truist Financial increased their target price on shares of CNX Resources from $31.00 to $38.00 and gave the stock a buy rating in a report on Monday, September 30th. Piper Sandler downgraded shares of CNX Resources from a neutral rating to an underweight rating and decreased their target price for the company from $22.00 to $20.00 in a research report on Thursday, August 15th. Scotiabank boosted their price target on shares of CNX Resources from $25.00 to $27.00 and gave the stock a sector underperform rating in a research report on Tuesday, August 20th. Finally, Stephens restated an equal weight rating and issued a $27.00 price objective on shares of CNX Resources in a report on Monday, July 15th. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, CNX Resources presently has a consensus rating of Hold and an average price target of $27.22.

CNX Resources Stock Up 0.3 %

Shares of CNX stock opened at $34.10 on Friday. CNX Resources has a 12-month low of $19.07 and a 12-month high of $34.35. The company has a quick ratio of 0.40, a current ratio of 0.41 and a debt-to-equity ratio of 0.46. The firm has a fifty day moving average of $28.04 and a 200-day moving average of $25.74. The company has a market capitalization of $5.23 billion, a price-to-earnings ratio of 6.18 and a beta of 1.38.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.09. The firm had revenue of $321.44 million for the quarter, compared to the consensus estimate of $387.46 million. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. During the same quarter last year, the business posted $0.29 EPS. As a group, equities research analysts predict that CNX Resources will post 1.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CNX Resources news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were acquired at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the purchase, the director now owns 401,820 shares in the company, valued at approximately $10,772,794.20. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 3.10% of the company’s stock.

Institutional Trading of CNX Resources

Several hedge funds have recently added to or reduced their stakes in the company. Mizuho Markets Americas LLC bought a new position in CNX Resources during the 2nd quarter worth $97,200,000. American Century Companies Inc. raised its stake in CNX Resources by 12.0% in the 2nd quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after purchasing an additional 397,729 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in CNX Resources by 197.0% in the 2nd quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock valued at $11,324,000 after purchasing an additional 309,100 shares during the period. LSV Asset Management grew its position in shares of CNX Resources by 18.0% during the 1st quarter. LSV Asset Management now owns 1,757,121 shares of the oil and gas producer’s stock worth $41,679,000 after purchasing an additional 267,768 shares in the last quarter. Finally, Quantbot Technologies LP grew its position in shares of CNX Resources by 533.4% during the 1st quarter. Quantbot Technologies LP now owns 286,480 shares of the oil and gas producer’s stock worth $6,795,000 after purchasing an additional 241,250 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

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.