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

CNX Resources (NYSE:CNX) had its price target lowered by stock analysts at Bank of America from $32.00 to $27.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “underperform” rating on the oil and gas producer’s stock. Bank of America‘s price target indicates a potential downside of 15.11% from the stock’s previous close.

A number of other equities analysts have also weighed in on CNX. Truist Financial upped their price objective on CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Mizuho reduced their price target on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating on the stock in a research report on Tuesday, January 14th. StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a research report on Thursday, February 13th. Stephens raised CNX Resources from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $35.00 to $48.00 in a research note on Tuesday, March 18th. Finally, Roth Capital set a $30.00 price objective on shares of CNX Resources in a research report on Thursday, January 23rd. Nine equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $30.15.

CNX Resources Stock Performance

Shares of CNX stock opened at $31.81 on Tuesday. The firm has a market capitalization of $4.68 billion, a PE ratio of -46.89, a P/E/G ratio of 0.42 and a beta of 1.26. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average price of $29.87 and a 200-day moving average price of $33.33. CNX Resources has a 52 week low of $22.82 and a 52 week high of $41.93.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. CNX Resources had a negative net margin of 7.14% and a positive return on equity of 6.72%. As a group, equities research analysts expect that CNX Resources will post 2.18 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $31.09, for a total value of $33,421,750.00. Following the completion of 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 position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CNX Resources

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

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.