CNX Resources (NYSE:CNX) Sets New 12-Month High at $23.87

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

Wall Street Analyst Weigh In

CNX has been the topic of a number of research reports. Bank of America upgraded CNX Resources from an “underperform” rating to a “neutral” rating and set a $23.00 price target on the stock in a research note on Friday, January 5th. StockNews.com cut CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Mizuho upped their price target on CNX Resources from $23.00 to $24.00 and gave the stock a “neutral” rating in a research note on Friday, March 1st. Truist Financial upped their price target on CNX Resources from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, March 13th. Finally, Piper Sandler increased their price objective on CNX Resources from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, March 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $23.40.

CNX Resources Stock Performance

The firm has a market capitalization of $3.63 billion, a price-to-earnings ratio of 2.61, a PEG ratio of 1.58 and a beta of 1.32. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.51 and a quick ratio of 0.49. The firm has a 50 day moving average price of $20.90 and a 200-day moving average price of $21.13.

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

Insider Activity at CNX Resources

In related news, EVP Timothy Scott Bedard sold 1,226 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $20.83, for a total value of $25,537.58. Following the transaction, the executive vice president now owns 67,982 shares of the company’s stock, valued at $1,416,065.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CNX Resources

Hedge funds have recently made changes to their positions in the company. Algert Global LLC purchased a new position in shares of CNX Resources during the third quarter worth about $350,000. QRG Capital Management Inc. purchased a new position in shares of CNX Resources during the third quarter worth about $3,542,000. Comerica Bank purchased a new position in shares of CNX Resources during the third quarter worth about $4,054,000. IFP Advisors Inc grew its holdings in shares of CNX Resources by 3,621.9% during the third quarter. IFP Advisors Inc now owns 21,066 shares of the oil and gas producer’s stock worth $476,000 after purchasing an additional 20,500 shares during the last quarter. Finally, Stifel Financial Corp grew its holdings in shares of CNX Resources by 444.1% during the third quarter. Stifel Financial Corp now owns 137,247 shares of the oil and gas producer’s stock worth $3,099,000 after purchasing an additional 112,023 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.