CNX Resources (NYSE:CNX) Reaches New 52-Week High on Analyst Upgrade

CNX Resources Co. (NYSE:CNX) shares reached a new 52-week high on Monday after Mizuho raised their price target on the stock from $32.00 to $33.00. Mizuho currently has a neutral rating on the stock. CNX Resources traded as high as $37.00 and last traded at $37.00, with a volume of 200 shares. The stock had previously closed at $36.29.

Other research analysts have also recently issued research reports about the stock. StockNews.com cut shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 3rd. JPMorgan Chase & Co. upped their price target on shares of CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Stephens reiterated an “equal weight” rating and issued a $27.00 price target on shares of CNX Resources in a report on Monday, July 15th. Tudor, Pickering, Holt & Co. cut 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, seven have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $27.10.

Insider Buying and Selling

In other CNX Resources news, Director Bernard Lanigan, Jr. bought 75,000 shares of CNX Resources stock in a transaction that occurred on Monday, September 9th. The stock was acquired at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the acquisition, the director now owns 401,820 shares of the company’s stock, valued at $10,772,794.20. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.10% of the stock is currently owned by corporate insiders.

Institutional Trading of CNX Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in shares of CNX Resources by 54.1% in the second quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock valued at $46,000 after purchasing an additional 666 shares during the period. Hexagon Capital Partners LLC raised its position in shares of CNX Resources by 113.4% in the first quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 1,136 shares during the period. CWM LLC raised 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 valued at $70,000 after purchasing an additional 935 shares during the period. Natixis bought a new position in shares of CNX Resources in the first quarter valued at about $79,000. Finally, Innealta Capital LLC bought a new position in shares of CNX Resources in the second quarter valued at about $131,000. 95.16% of the stock is owned by institutional investors.

CNX Resources Price Performance

The company has a market capitalization of $5.37 billion, a P/E ratio of 6.35 and a beta of 1.38. The company’s 50-day moving average price is $29.14 and its two-hundred day moving average price is $26.26. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.41 and a quick ratio of 0.40.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.09. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. The company had revenue of $321.44 million for the quarter, compared to analyst estimates of $387.46 million. During the same period in the prior year, the firm earned $0.29 earnings per share. As a group, sell-side analysts expect that CNX Resources Co. will post 1.43 EPS for the current 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.