CNX Resources (NYSE:CNX) Hits New 1-Year High on Analyst Upgrade

CNX Resources Co. (NYSE:CNX)’s share price reached a new 52-week high on Monday after BMO Capital Markets raised their price target on the stock from $26.00 to $29.00. BMO Capital Markets currently has a market perform rating on the stock. CNX Resources traded as high as $34.38 and last traded at $34.19, with a volume of 212468 shares traded. The stock had previously closed at $34.10.

A number of other equities analysts also recently issued reports on the company. Stephens reissued an “equal weight” rating and set a $27.00 price objective on shares of CNX Resources in a report on Monday, July 15th. StockNews.com cut CNX Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 3rd. Scotiabank raised their price objective on CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Tudor, Pickering, Holt & Co. downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Finally, Tudor Pickering upgraded shares of CNX Resources to a “strong sell” rating in a report on Tuesday, October 1st. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $27.22.

Insider Activity

In other CNX Resources news, Director Bernard Lanigan, Jr. bought 75,000 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were purchased at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the transaction, the director now directly owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CNX Resources

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in CNX Resources by 62.1% in the 3rd quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock valued at $100,000 after buying an additional 1,177 shares in the last quarter. SG Americas Securities LLC increased its position in CNX Resources by 829.9% during the third quarter. SG Americas Securities LLC now owns 42,982 shares of the oil and gas producer’s stock worth $1,400,000 after purchasing an additional 38,360 shares during the last quarter. Creative Planning increased its position in CNX Resources by 9.8% during the second quarter. Creative Planning now owns 31,265 shares of the oil and gas producer’s stock worth $760,000 after purchasing an additional 2,779 shares during the last quarter. Algert Global LLC acquired a new position in CNX Resources in the 2nd quarter valued at about $375,000. Finally, Caxton Associates LP boosted its holdings in CNX Resources by 46.5% in the 2nd quarter. Caxton Associates LP now owns 43,854 shares of the oil and gas producer’s stock valued at $1,066,000 after purchasing an additional 13,914 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

CNX Resources Price Performance

The stock’s 50-day simple moving average is $28.04 and its 200 day simple moving average is $25.77. The company has a market cap of $5.24 billion, a price-to-earnings ratio of 6.18 and a beta of 1.38. 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 (NYSE:CNX) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.09. The firm had revenue of $321.44 million during the quarter, compared to analysts’ expectations of $387.46 million. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. During the same quarter in the previous year, the business posted $0.29 earnings per share. On average, equities research analysts anticipate that CNX Resources Co. will post 1.44 EPS for the current fiscal year.

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.