CNX Resources (NYSE:CNX) Given New $22.00 Price Target at Piper Sandler

CNX Resources (NYSE:CNX) had its price target cut by analysts at Piper Sandler from $23.00 to $22.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the oil and gas producer’s stock. Piper Sandler’s price objective would indicate a potential downside of 20.45% from the stock’s current price.

Several other research analysts have also recently commented on the stock. Bank of America initiated coverage on shares of CNX Resources in a report on Monday, October 28th. They issued an “underperform” rating and a $34.00 target price for the company. BMO Capital Markets raised their price target on shares of CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Morgan Stanley started coverage on shares of CNX Resources in a report on Friday, January 10th. They set an “underweight” rating and a $29.00 price target for the company. Capital One Financial cut shares of CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price target for the company. in a report on Monday, October 14th. Finally, JPMorgan Chase & Co. cut shares of CNX Resources from a “neutral” rating to an “underweight” rating and raised their price target for the stock from $31.00 to $37.00 in a report on Thursday, December 5th. Nine investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $29.67.

CNX Resources Stock Performance

Shares of CNX opened at $27.66 on Wednesday. The firm’s 50 day moving average is $35.14 and its 200-day moving average is $32.21. The stock has a market capitalization of $4.13 billion, a P/E ratio of 8.70, a P/E/G ratio of 0.47 and a beta of 1.42. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36. CNX Resources has a 12-month low of $19.07 and a 12-month high of $41.93.

Insider Transactions at CNX Resources

In other CNX Resources news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the stock in a transaction dated 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 sale, the insider now owns 13,925,000 shares of the company’s stock, valued at $432,928,250. This represents a 7.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its position in CNX Resources by 12.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock valued at $60,607,000 after purchasing an additional 202,890 shares during the period. World Investment Advisors LLC acquired a new position in CNX Resources during the 3rd quarter valued at about $534,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in CNX Resources by 311.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock valued at $20,087,000 after purchasing an additional 466,694 shares during the period. Sequoia Financial Advisors LLC lifted its position in CNX Resources by 3.5% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 13,135 shares of the oil and gas producer’s stock valued at $428,000 after purchasing an additional 442 shares during the period. Finally, SG Americas Securities LLC raised its position in shares of CNX Resources by 829.9% in the 3rd quarter. SG Americas Securities LLC now owns 42,982 shares of the oil and gas producer’s stock valued at $1,400,000 after acquiring an additional 38,360 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.