CNX Resources Price Target Increased by Piper Sandler

CNX Resources (NYSE:CNX) has recently seen its price target adjusted by Piper Sandler, moving from $20.00 to $23.00. This adjustment was detailed in a report published on Friday. Despite the increase in the target price, Piper Sandler continues to maintain an “underweight” rating on the stock, indicating a cautious outlook for investors. The updated target price suggests a potential downside of approximately 37.53% from the company’s current stock price.

Other analysts have also weighed in on CNX Resources, providing a mix of updates. For instance, JPMorgan Chase & Co. downgraded their rating on CNX from “neutral” to “underweight,” while raising their price target from $31.00 to $37.00. Scotiabank, on the other hand, elevated their price target from $25.00 to $27.00, assigning a “sector underperform” rating. In a separate note, Bank of America initiated coverage on CNX Resources with an “underperform” rating and set a price target of $34.00. Further, Stephens increased their price estimate from $26.00 to $35.00 and rated the company as “equal weight.” Capital One Financial also lowered their rating from “overweight” to “equal weight” with a target price of $25.00. Overall, seven investment analysts have rated CNX Resources with a sell indication, while six have given it a hold rating. According to MarketBeat.com, the consensus rating stands at “Reduce,” with an average price target of $30.00.

Performance Review of CNX Resources

As of Friday, CNX Resources was trading at $36.82, reflecting a decrease of 3.6%. The company’s market capitalization is around $5.50 billion, with a PE ratio of 11.58 and a price-to-earnings-growth ratio of 1.85. The stock has experienced a 52-week low of $19.07 and high of $41.93. Financial metrics indicate a debt-to-equity ratio of 0.46, a current ratio of 0.37, and a quick ratio of 0.36. The 50-day moving average stands at $36.83 while the 200-day moving average is at $29.96.

Recent Earnings and Insider Activity

In its most recent quarterly earnings report, CNX Resources announced earnings per share (EPS) of $0.41, surpassing analysts’ consensus estimate of $0.32 by $0.09. The company recorded a net margin of 27.79% and a return on equity of 7.54%, with total revenue reaching $424.21 million, contrasting with the anticipated $398.33 million. Looking forward, analysts project CNX Resources to achieve an EPS of 1.53 for the current fiscal year.

In terms of insider trading, Director Bernard Lanigan, Jr. purchased 75,000 shares of CNX Resources stock on September 9th at an average price of $26.81 per share, valued at approximately $2,010,750. This transaction resulted in a 22.95% increase in ownership for the director, who now holds 401,820 shares valued at around $10,772,794. Corporate insiders control about 3.10% of the company’s stock.

Institutional Investment Overview

Recent trends indicate that institutional investors have been adjusting their stakes in CNX Resources. For instance, Sequoia Financial Advisors LLC enhanced its stake by 3.5%, bringing its total to 13,135 shares valued at $428,000. Other institutional players like Pullen Investment Management LLC and GAMMA Investing LLC have also increased their holdings. Presently, institutional investors own a significant 95.16% of the total stock.

About CNX Resources

CNX Resources Corporation is an independent natural gas and midstream company involved in the acquisition, exploration, development, and production of natural gas properties, particularly in the Appalachian Basin. The company operates primarily in two segments: Shale and Coalbed Methane (CBM), focusing on producing and selling pipeline-quality natural gas.

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