CNX Resources (NYSE:CNX) Price Target Cut to $22.00 by Analysts at Piper Sandler

CNX Resources (NYSE:CNX) had its price objective reduced by Piper Sandler from $23.00 to $22.00 in a report released on Wednesday morning,Benzinga reports. Piper Sandler currently has an underweight rating on the oil and gas producer’s stock.

A number of other brokerages have also weighed in on CNX. Truist Financial boosted their price target on CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. BMO Capital Markets increased their target price on CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, October 4th. Capital One Financial lowered CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price objective for the company. in a research note on Monday, October 14th. JPMorgan Chase & Co. lowered shares of CNX Resources from a “neutral” rating to an “underweight” rating and boosted their price target for the stock from $31.00 to $37.00 in a research report on Thursday, December 5th. Finally, Bank of America began coverage on CNX Resources in a research note on Monday, October 28th. They issued an “underperform” rating and a $34.00 target price for the company. Nine equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $29.67.

CNX Resources Stock Down 0.2 %

Shares of CNX opened at $27.74 on Wednesday. CNX Resources has a 12-month low of $19.07 and a 12-month high of $41.93. The firm has a market capitalization of $4.14 billion, a P/E ratio of 8.72, a P/E/G ratio of 0.47 and a beta of 1.42. The firm has a fifty day moving average price of $34.89 and a 200-day moving average price of $32.18. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46.

Insider Transactions at CNX Resources

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the sale, the insider now directly owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. This trade represents a 7.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

A number of hedge funds have recently added to or reduced their stakes in CNX. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of CNX Resources by 311.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock worth $20,087,000 after acquiring an additional 466,694 shares during the last quarter. Empirical Asset Management LLC acquired a new stake in CNX Resources in the 4th quarter valued at about $9,281,000. Charles Schwab Investment Management Inc. boosted its holdings in 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 buying an additional 202,890 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of CNX Resources by 328.0% in the 4th quarter. Empowered Funds LLC now owns 211,719 shares of the oil and gas producer’s stock worth $7,764,000 after acquiring an additional 162,247 shares during the last quarter. Finally, Riverwater Partners LLC raised its holdings in CNX Resources by 124.2% during the 3rd quarter. Riverwater Partners LLC now owns 146,363 shares of the oil and gas producer’s stock worth $4,839,000 after buying an additional 81,092 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

About CNX Resources

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.