Bank of America Lowers CNX Resources (NYSE:CNX) Price Target to $27.00

by · The Cerbat Gem

CNX Resources (NYSE:CNX – Free Report) had its price objective reduced by Bank of America from $32.00 to $27.00 in a research note released on Tuesday morning,Benzinga reports. Bank of America currently has an underperform rating on the oil and gas producer’s stock.

A number of other analysts have also recently weighed in on CNX. Raymond James upgraded CNX Resources from an “underperform” rating to a “market perform” rating in a research note on Tuesday, February 18th. Stephens upgraded shares of CNX Resources from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $35.00 to $48.00 in a research report on Tuesday, March 18th. Piper Sandler decreased their price objective on CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a research report on Wednesday, January 29th. Mizuho reduced their target price on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating for the company in a research note on Tuesday, January 14th. Finally, Roth Capital set a $30.00 price target on CNX Resources in a research note on Thursday, January 23rd. Nine equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, CNX Resources has an average rating of “Reduce” and a consensus price target of $30.83.

View Our Latest Report on CNX Resources

CNX Resources Price Performance

CNX stock opened at $31.22 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 company has a market capitalization of $4.60 billion, a PE ratio of -45.91, a P/E/G ratio of 0.42 and a beta of 1.26. The business’s fifty day moving average price is $30.01 and its 200 day moving average price 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 – Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. On average, sell-side analysts anticipate that CNX Resources will post 2.18 EPS for the current year.

Insider Transactions 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 value of $33,421,750.00. Following the transaction, 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 document filed with the SEC, which is available through this hyperlink. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

Several hedge funds and other institutional investors have recently bought and sold shares of CNX. Bessemer Group Inc. increased its position in shares of CNX Resources by 131.5% during the fourth quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer’s stock worth $34,000 after acquiring an additional 526 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of CNX Resources in the 4th quarter worth approximately $39,000. VSM Wealth Advisory LLC acquired a new position in shares of CNX Resources during the fourth quarter valued at $55,000. Ameriflex Group Inc. acquired a new position in CNX Resources during the 4th quarter valued at about $88,000. Finally, Principal Securities Inc. boosted its position in shares of CNX Resources by 38.5% during the fourth quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer’s stock worth $91,000 after buying an additional 691 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

CNX Resources Company Profile

(Get Free Report)

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.

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