Mizuho Cuts CNX Resources (NYSE:CNX) Price Target to $34.00

CNX Resources (NYSE:CNX) had its price objective cut by Mizuho from $38.00 to $34.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have an underperform rating on the oil and gas producer’s stock.

A number of other analysts have also recently commented on the company. Truist Financial upped their price objective on CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Stephens upped their price target on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and raised their price objective for the stock from $31.00 to $37.00 in a report on Thursday, December 5th. 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 research report on Tuesday, October 1st. Nine investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $29.75.

CNX Resources Stock Performance

Shares of NYSE CNX opened at $30.62 on Tuesday. The firm’s 50-day moving average price is $36.83 and its 200-day moving average price is $31.90. CNX Resources has a 52-week low of $19.07 and a 52-week high of $41.93. The company has a market cap of $4.57 billion, a PE ratio of 9.63, a PEG ratio of 1.09 and a beta of 1.42. The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.09. The company had revenue of $424.21 million for the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same quarter last year, the company posted $0.35 earnings per share. As a group, analysts anticipate that CNX Resources will post 1.57 EPS for the current year.

Insider Activity at CNX Resources

In other CNX Resources news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the sale, the insider now directly owns 13,925,000 shares of the company’s stock, valued at $432,928,250. This trade represents a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.65% of the stock is owned by corporate insiders.

Institutional Trading of CNX Resources

Several institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its holdings 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 purchasing an additional 12,333 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of CNX Resources by 12.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock worth $60,607,000 after acquiring an additional 202,890 shares during the last quarter. Aureus Asset Management LLC grew its stake in CNX Resources by 0.6% during the third quarter. Aureus Asset Management LLC now owns 642,289 shares of the oil and gas producer’s stock valued at $20,919,000 after acquiring an additional 3,659 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in CNX Resources by 311.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock valued at $20,087,000 after acquiring an additional 466,694 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of CNX Resources by 197.0% during the 2nd quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock valued at $11,324,000 after purchasing an additional 309,100 shares during the last quarter. Hedge funds and other institutional investors 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.