Mizuho Forecasts Strong Price Appreciation for CNX Resources (NYSE:CNX) Stock

CNX Resources (NYSE:CNX) had its price objective upped by Mizuho from $34.00 to $35.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “underperform” rating on the oil and gas producer’s stock. Mizuho’s price target suggests a potential upside of 24.49% from the company’s current price.

CNX has been the subject of several other research reports. StockNews.com downgraded CNX Resources from a “hold” rating to a “sell” rating in a research note on Thursday, February 13th. Morgan Stanley set a $33.00 price objective on shares of CNX Resources and gave the company an “underweight” rating in a research note on Wednesday, March 26th. Bank of America lowered their target price on shares of CNX Resources from $32.00 to $27.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 1st. Piper Sandler reduced their price target on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a research report on Wednesday, January 29th. Finally, Stephens raised shares of CNX Resources from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $35.00 to $48.00 in a report on Tuesday, March 18th. Nine equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CNX Resources presently has an average rating of “Reduce” and a consensus target price of $30.92.

CNX Resources Stock Performance

NYSE CNX opened at $28.12 on Monday. The firm has a market cap of $4.14 billion, a P/E ratio of -41.34, a price-to-earnings-growth ratio of 0.42 and a beta of 1.33. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. The company’s 50 day moving average is $30.05 and its 200-day moving average is $33.34. CNX Resources has a 12-month low of $22.82 and a 12-month high of $41.93.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, beating 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%. Sell-side analysts predict that CNX Resources will post 2.18 earnings per share for the current year.

Hedge Funds Weigh In On CNX Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its position in CNX Resources by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer’s stock worth $117,366,000 after buying an additional 12,333 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of CNX Resources by 20.5% in the 4th quarter. Northern Trust Corp now owns 2,421,387 shares of the oil and gas producer’s stock worth $88,792,000 after acquiring an additional 411,485 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of CNX Resources by 7.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,000,464 shares of the oil and gas producer’s stock valued at $73,357,000 after purchasing an additional 139,647 shares in the last quarter. Woodline Partners LP bought a new position in shares of CNX Resources during the 4th quarter valued at $71,971,000. Finally, Capital Research Global Investors raised its position in CNX Resources by 31.8% in the 4th quarter. Capital Research Global Investors now owns 1,450,000 shares of the oil and gas producer’s stock worth $53,172,000 after purchasing an additional 350,000 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.