By otakuyassine3@gmail.com 
CNX Resources (NYSE:CNX – Get Free Report) was upgraded by equities research analysts at Stephens from an “equal weight” rating to an “overweight” rating in a research report issued on Tuesday, MarketBeat reports. The brokerage currently has a $48.00 target price on the oil and gas producer’s stock, up from their prior target price of $35.00. Stephens’ price target would indicate a potential upside of 47.89% from the company’s current price.
Several other research analysts have also weighed in on the stock. Raymond James upgraded shares of CNX Resources from an “underperform” rating to a “market perform” rating in a research report on Tuesday, February 18th. Morgan Stanley initiated coverage on shares of CNX Resources in a research report on Friday, January 10th. They issued an “underweight” rating and a $29.00 price target on the stock. StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. increased their price target on shares of CNX Resources from $32.00 to $33.00 and gave the company an “underweight” rating in a research report on Thursday, March 13th. Finally, Piper Sandler lowered their price target on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 29th. Nine equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $30.38.
Check Out Our Latest Report on CNX
CNX Resources Trading Up 2.1 %
Shares of CNX opened at $32.46 on Tuesday. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45. The firm’s 50-day moving average is $29.66 and its two-hundred day moving average is $33.03. CNX Resources has a twelve month low of $21.29 and a twelve month high of $41.93. The firm has a market capitalization of $4.83 billion, a P/E ratio of -47.73, a PEG ratio of 0.42 and a beta of 1.26.
CNX Resources (NYSE:CNX – Get Free Report) last issued its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, topping the consensus estimate 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%. On average, research analysts predict that CNX Resources will post 2.18 earnings per share for the current fiscal year.
Insider Activity at CNX Resources
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 shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the transaction, the insider now owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. This represents a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 3.10% of the company’s stock.
Hedge Funds Weigh In On CNX Resources
A number of large investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its stake in CNX Resources by 0.3% during the third quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer’s stock worth $117,366,000 after purchasing an additional 12,333 shares during the period. Northern Trust Corp raised its stake in CNX Resources by 20.5% during the fourth quarter. Northern Trust Corp now owns 2,421,387 shares of the oil and gas producer’s stock worth $88,792,000 after purchasing an additional 411,485 shares during the period. Charles Schwab Investment Management Inc. raised its stake in CNX Resources by 7.5% during 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 purchasing an additional 139,647 shares during the period. Woodline Partners LP purchased a new position in CNX Resources during the fourth quarter worth approximately $71,971,000. Finally, Capital Research Global Investors raised its stake in CNX Resources by 31.8% during 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 purchasing an additional 350,000 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.
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.
Further Reading
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