Piper Sandler Lowers CNX Resources (NYSE:CNX) Price Target to $22.00

CNX Resources (NYSE:CNX) had its price target cut by Piper Sandler from $23.00 to $22.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an underweight rating on the oil and gas producer’s stock.

Other equities analysts have also issued reports about the company. Mizuho cut their target price on CNX Resources from $38.00 to $34.00 and set an “underperform” rating on the stock in a report on Tuesday, January 14th. TD Cowen assumed coverage on shares of CNX Resources in a report on Wednesday, January 15th. They issued a “hold” rating and a $27.00 price target for the company. JPMorgan Chase & Co. lowered CNX Resources from a “neutral” rating to an “underweight” rating and lifted their price objective for the stock from $31.00 to $37.00 in a report on Thursday, December 5th. Truist Financial upped their target price on shares of CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Finally, Tudor Pickering upgraded CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. Nine research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $29.67.

CNX Resources Price Performance

NYSE:CNX opened at $27.41 on Wednesday. The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46. The business’s 50-day moving average price is $34.35 and its 200 day moving average price is $32.16. CNX Resources has a 52-week low of $19.07 and a 52-week high of $41.93. The firm has a market cap of $4.09 billion, a P/E ratio of 8.62, a PEG ratio of 0.37 and a beta of 1.42.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, beating the consensus estimate of $0.43 by $0.14. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. As a group, sell-side analysts predict that CNX Resources will post 1.6 earnings per share for the current fiscal year.

Insider Transactions at CNX Resources

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the sale, the insider now directly owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. This trade represents a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CNX. Blue Trust Inc. lifted its position in shares of CNX Resources by 135.4% during the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after acquiring an additional 1,131 shares in the last quarter. CWM LLC lifted its holdings in CNX Resources by 77.0% during the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock worth $70,000 after purchasing an additional 935 shares in the last quarter. Principal Securities Inc. boosted its stake in CNX Resources by 38.5% in the 4th quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer’s stock worth $91,000 after purchasing an additional 691 shares during the period. GAMMA Investing LLC grew its holdings in CNX Resources by 62.1% during the 3rd quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock valued at $100,000 after buying an additional 1,177 shares in the last quarter. Finally, Heck Capital Advisors LLC purchased a new position in CNX Resources during the 4th quarter valued at about $121,000. 95.16% of the stock is currently 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.