JPMorgan Chase & Co. Lowers CNX Resources (NYSE:CNX) Price Target to $31.00

CNX Resources (NYSE:CNX) had its target price cut by investment analysts at JPMorgan Chase & Co. from $32.00 to $31.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the oil and gas producer’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 11.73% from the company’s current price.

Several other analysts also recently weighed in on CNX. Scotiabank increased their target price on CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Bank of America initiated coverage on shares of CNX Resources in a research note on Monday. They issued an “underperform” rating and a $34.00 price objective on the stock. Piper Sandler cut shares of CNX Resources from a “neutral” rating to an “underweight” rating and cut their target price for the company from $22.00 to $20.00 in a research note on Thursday, August 15th. BMO Capital Markets raised their price target on shares of CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Finally, Tudor Pickering raised shares of CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. Six analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $29.00.

CNX Resources Stock Performance

Shares of NYSE:CNX traded up $0.07 during trading on Wednesday, reaching $35.12. The stock had a trading volume of 569,744 shares, compared to its average volume of 2,708,622. The stock has a fifty day simple moving average of $31.21 and a two-hundred day simple moving average of $27.14. The company has a quick ratio of 0.40, a current ratio of 0.41 and a debt-to-equity ratio of 0.46. CNX Resources has a 52 week low of $19.07 and a 52 week high of $37.57. The firm has a market capitalization of $5.38 billion, a price-to-earnings ratio of 6.38 and a beta of 1.38.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, topping the consensus estimate of $0.32 by $0.09. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. The firm had revenue of $424.21 million for the quarter, compared to the consensus estimate of $398.33 million. During the same quarter last year, the firm posted $0.35 EPS. As a group, analysts anticipate that CNX Resources will post 1.43 earnings per share for the current fiscal year.

Insider Transactions at CNX Resources

In other news, Director Bernard Lanigan, Jr. bought 75,000 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was bought at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the purchase, the director now owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 3.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNX. Sequoia Financial Advisors LLC boosted its position in CNX Resources by 3.5% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 13,135 shares of the oil and gas producer’s stock valued at $428,000 after buying an additional 442 shares during the last quarter. Pullen Investment Management LLC increased its position in CNX Resources by 2.3% in the second quarter. Pullen Investment Management LLC now owns 27,399 shares of the oil and gas producer’s stock worth $666,000 after purchasing an additional 623 shares during the period. GAMMA Investing LLC raised its holdings in CNX Resources by 54.1% during the 2nd quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock worth $46,000 after purchasing an additional 666 shares during the last quarter. CWM LLC lifted its position 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 valued at $70,000 after purchasing an additional 935 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its position in CNX Resources by 3.3% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 29,307 shares of the oil and gas producer’s stock valued at $712,000 after purchasing an additional 941 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.