CNX Resources (NYSE:CNX) Reaches New 12-Month High – What’s Next?

CNX Resources Corporation. (NYSE:CNX) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $43.12 and last traded at $42.0560, with a volume of 176309 shares trading hands. The stock had previously closed at $41.78.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CNX. JPMorgan Chase & Co. raised CNX Resources from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $36.00 to $38.00 in a report on Monday, December 8th. Barclays upped their target price on shares of CNX Resources from $34.00 to $35.00 and gave the stock an “underweight” rating in a research report on Friday, January 30th. Roth Mkm set a $35.00 price objective on shares of CNX Resources and gave the stock a “neutral” rating in a research report on Thursday, January 29th. Piper Sandler set a $26.00 price objective on CNX Resources in a research report on Monday, February 2nd. Finally, Morgan Stanley boosted their target price on CNX Resources from $31.00 to $32.00 and gave the stock an “underweight” rating in a research report on Friday, January 23rd. Two equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, CNX Resources presently has an average rating of “Reduce” and a consensus price target of $36.00.

CNX Resources Stock Up 0.7%

The business has a fifty day moving average of $37.78 and a 200 day moving average of $35.02. The company has a quick ratio of 0.41, a current ratio of 0.44 and a debt-to-equity ratio of 0.52. The firm has a market cap of $5.99 billion, a P/E ratio of 11.43, a P/E/G ratio of 0.43 and a beta of 0.65.

CNX Resources (NYSE:CNX) last released its quarterly earnings data on Thursday, January 29th. The oil and gas producer reported $1.28 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.94. CNX Resources had a net margin of 28.28% and a return on equity of 9.29%. The business had revenue of $610.48 million for the quarter, compared to analyst estimates of $422.65 million. During the same quarter last year, the firm earned ($0.97) EPS. CNX Resources’s quarterly revenue was up 347.0% compared to the same quarter last year. On average, equities research analysts predict that CNX Resources Corporation. will post 2.18 EPS for the current year.

Insider Activity

In related news, Director Bernard Lanigan, Jr. sold 46,119 shares of the stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $40.60, for a total transaction of $1,872,431.40. Following the completion of the transaction, the director directly owned 177,180 shares in the company, valued at approximately $7,193,508. This trade represents a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.59% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CNX Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors grew its position in shares of CNX Resources by 38.6% in the 3rd quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer’s stock valued at $126,874,000 after acquiring an additional 1,100,000 shares during the period. Balyasny Asset Management L.P. lifted its stake in CNX Resources by 601.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer’s stock valued at $35,507,000 after purchasing an additional 947,931 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in CNX Resources by 45.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer’s stock valued at $74,327,000 after purchasing an additional 633,539 shares during the last quarter. Mackenzie Financial Corp increased its position in CNX Resources by 5,262.2% during the second quarter. Mackenzie Financial Corp now owns 555,473 shares of the oil and gas producer’s stock worth $18,708,000 after buying an additional 545,114 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in CNX Resources by 112.2% in the second quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer’s stock valued at $33,932,000 after buying an additional 532,770 shares during the period. Institutional investors own 95.16% of the company’s stock.

CNX Resources Company Profile

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.