JPMorgan Chase & Co. Issues Positive Forecast for CNX Resources (NYSE:CNX) Stock Price

CNX Resources (NYSE:CNX) had its target price increased by JPMorgan Chase & Co. from $32.00 to $33.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an underweight rating on the oil and gas producer’s stock.

A number of other analysts also recently issued reports on CNX. Roth Capital set a $30.00 target price on shares of CNX Resources in a research report on Thursday, January 23rd. Morgan Stanley began coverage on shares of CNX Resources in a research report on Friday, January 10th. They set an “underweight” rating and a $29.00 target price for the company. TD Cowen started coverage on shares of CNX Resources in a research report on Wednesday, January 15th. They set a “hold” rating and a $27.00 target price for the company. Mizuho decreased their price target on CNX Resources from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Tuesday, January 14th. Finally, Truist Financial upped their price target on CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Nine investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $29.38.

CNX Resources Trading Up 2.4 %

NYSE CNX opened at $29.83 on Thursday. CNX Resources has a 12 month low of $21.07 and a 12 month high of $41.93. The company has a 50-day moving average of $29.81 and a 200-day moving average of $32.91. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32. The company has a market cap of $4.44 billion, a P/E ratio of -43.86, a P/E/G ratio of 0.42 and a beta of 1.26.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. CNX Resources had a negative net margin of 7.14% and a positive return on equity of 6.72%. As a group, equities analysts predict that CNX Resources will post 2.18 earnings per share for the current year.

Insider Activity

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the company’s 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 sale, the insider now directly owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. This represents a 7.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.65% of the company’s stock.

Institutional Investors Weigh In On CNX Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC raised its position in shares of CNX Resources by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer’s stock valued at $117,366,000 after acquiring an additional 12,333 shares in the last quarter. Northern Trust Corp raised its position in shares of CNX Resources by 20.5% during the 4th quarter. Northern Trust Corp now owns 2,421,387 shares of the oil and gas producer’s stock valued at $88,792,000 after acquiring an additional 411,485 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in CNX Resources by 7.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,000,464 shares of the oil and gas producer’s stock worth $73,357,000 after buying an additional 139,647 shares during the period. Woodline Partners LP acquired a new stake in CNX Resources in the fourth quarter worth $71,971,000. Finally, Capital Research Global Investors increased its position in CNX Resources by 31.8% in 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 buying an additional 350,000 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

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.