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

CNX Resources (NYSE:CNX) had its price target cut by investment analysts at Piper Sandler from $23.00 to $22.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the oil and gas producer’s stock. Piper Sandler’s target price indicates a potential downside of 19.90% from the stock’s previous close.

A number of other analysts have also recently weighed in on the stock. Capital One Financial cut shares of CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 target price for the company. in a report on Monday, October 14th. BMO Capital Markets lifted their target price on CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Tudor, Pickering, Holt & Co. downgraded CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Morgan Stanley began coverage on CNX Resources in a research report on Friday, January 10th. They issued an “underweight” rating and a $29.00 price target for the company. Finally, JPMorgan Chase & Co. lowered shares of CNX Resources from a “neutral” rating to an “underweight” rating and upped their price objective for the company from $31.00 to $37.00 in a research note on Thursday, December 5th. Nine research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $29.67.

CNX Resources Stock Performance

CNX opened at $27.46 on Wednesday. CNX Resources has a 1-year low of $19.07 and a 1-year high of $41.93. The company has a market capitalization of $4.10 billion, a price-to-earnings ratio of 8.64, a price-to-earnings-growth ratio of 0.47 and a beta of 1.42. The business has a 50 day moving average price of $34.63 and a two-hundred day moving average price of $32.15. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.14. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. Research analysts predict that CNX Resources will post 1.59 EPS 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 business’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 value of $33,421,750.00. Following the completion of the sale, the insider now owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. The trade was a 7.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 3.10% of the stock is currently owned by company insiders.

Institutional Trading of CNX Resources

Several large investors have recently added to or reduced their stakes in CNX. Blue Trust Inc. lifted its stake in shares of CNX Resources by 135.4% in the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock valued at $64,000 after purchasing an additional 1,131 shares during the last quarter. CWM LLC lifted its position in shares of CNX Resources by 77.0% in the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock worth $70,000 after buying an additional 935 shares during the last quarter. Principal Securities Inc. boosted its stake in shares of CNX Resources by 38.5% during the 4th quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer’s stock worth $91,000 after acquiring an additional 691 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of 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 acquiring an additional 1,177 shares during the last quarter. Finally, Heck Capital Advisors LLC bought a new position in shares of CNX Resources in the 4th quarter valued at approximately $121,000. 95.16% of the stock is owned by 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.