CNX Resources (NYSE:CNX) Reaches New 52-Week High at $23.87

CNX Resources Co. (NYSE:CNX) shares reached a new 52-week high on Wednesday . The company traded as high as $23.87 and last traded at $23.87, with a volume of 1370044 shares changing hands. The stock had previously closed at $22.94.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CNX shares. Piper Sandler raised their price target on shares of CNX Resources from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, March 7th. Truist Financial raised their price target on shares of CNX Resources from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, March 13th. StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Bank of America upgraded shares of CNX Resources from an “underperform” rating to a “neutral” rating and set a $23.00 price objective for the company in a research note on Friday, January 5th. Finally, Mizuho lifted their price target on shares of CNX Resources from $23.00 to $24.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, CNX Resources has an average rating of “Hold” and a consensus price target of $23.40.

CNX Resources Price Performance

The company has a current ratio of 0.51, a quick ratio of 0.49 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $3.63 billion, a PE ratio of 2.61, a P/E/G ratio of 1.58 and a beta of 1.32. The stock’s fifty day simple moving average is $20.90 and its 200-day simple moving average is $21.13.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, January 25th. The oil and gas producer reported $2.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $2.59. The firm had revenue of $999.50 million for the quarter, compared to the consensus estimate of $401.62 million. CNX Resources had a net margin of 50.34% and a return on equity of 9.00%. The business’s revenue for the quarter was down 38.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.64 EPS. As a group, sell-side analysts forecast that CNX Resources Co. will post 1.48 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Timothy Scott Bedard purchased 1,226 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were bought at an average cost of $20.50 per share, with a total value of $25,133.00. Following the acquisition, the executive vice president now owns 1,226 shares of the company’s stock, valued at $25,133. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.10% of the stock is owned by insiders.

Institutional Investors Weigh In On CNX Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Congress Asset Management Co. MA raised its stake in CNX Resources by 0.4% in the 4th quarter. Congress Asset Management Co. MA now owns 265,558 shares of the oil and gas producer’s stock valued at $5,311,000 after acquiring an additional 945 shares during the period. Public Employees Retirement System of Ohio raised its stake in CNX Resources by 12.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 66,720 shares of the oil and gas producer’s stock valued at $1,334,000 after acquiring an additional 7,260 shares during the period. Medici Capital LLC bought a new stake in CNX Resources in the 4th quarter valued at about $640,000. Parkwood LLC increased its position in shares of CNX Resources by 11.2% during the fourth quarter. Parkwood LLC now owns 490,435 shares of the oil and gas producer’s stock valued at $9,809,000 after buying an additional 49,278 shares during the period. Finally, Comerica Bank increased its position in shares of CNX Resources by 4.9% during the fourth quarter. Comerica Bank now owns 188,362 shares of the oil and gas producer’s stock valued at $3,767,000 after buying an additional 8,827 shares during the period. 95.16% of the stock is currently owned by institutional investors.

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.