Stephens Upgrades CNX Resources (NYSE:CNX) to “Overweight”

Stephens upgraded shares of CNX Resources (NYSE:CNX) from an equal weight rating to an overweight rating in a report released on Tuesday, Marketbeat Ratings reports. The firm currently has $48.00 price objective on the oil and gas producer’s stock, up from their prior price objective of $35.00.

Other equities research analysts have also recently issued reports about the stock. Truist Financial increased their price objective on shares of CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Mizuho decreased their price target on CNX Resources from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Tuesday, January 14th. TD Cowen assumed coverage on CNX Resources in a research note on Wednesday, January 15th. They issued a “hold” rating and a $27.00 price objective on the stock. StockNews.com lowered CNX Resources from a “hold” rating to a “sell” rating in a research report on Thursday, February 13th. Finally, JPMorgan Chase & Co. boosted their price target on CNX Resources from $32.00 to $33.00 and gave the company an “underweight” rating in a research note on Thursday, March 13th. Nine analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $30.38.

CNX Resources Stock Down 1.4 %

Shares of CNX opened at $31.98 on Tuesday. The company has a market capitalization of $4.76 billion, a PE ratio of -47.03, a PEG ratio of 0.42 and a beta of 1.26. The stock’s 50-day moving average price is $29.68 and its two-hundred day moving average price is $33.02. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45. CNX Resources has a 12 month low of $22.25 and a 12 month high of $41.93.

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

Insiders Place Their Bets

In other CNX Resources news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the transaction, the insider now owns 13,925,000 shares in the company, valued at approximately $432,928,250. The trade was a 7.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Bessemer Group Inc. grew its holdings in CNX Resources by 131.5% during the fourth quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer’s stock worth $34,000 after buying an additional 526 shares in the last quarter. Xponance Inc. boosted its holdings in CNX Resources by 2.9% during the 4th quarter. Xponance Inc. now owns 20,876 shares of the oil and gas producer’s stock worth $766,000 after acquiring an additional 588 shares during the last quarter. Principal Securities Inc. grew its stake in shares of CNX Resources by 38.5% in the 4th 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 in the last quarter. SeaBridge Investment Advisors LLC raised its holdings in shares of CNX Resources by 0.8% in the fourth quarter. SeaBridge Investment Advisors LLC now owns 90,301 shares of the oil and gas producer’s stock valued at $3,311,000 after purchasing an additional 759 shares during the last quarter. Finally, Pullen Investment Management LLC lifted its position in shares of CNX Resources by 2.7% during the fourth quarter. Pullen Investment Management LLC now owns 32,151 shares of the oil and gas producer’s stock valued at $1,179,000 after purchasing an additional 841 shares in the last quarter. 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.