CNX Resources (NYSE:CNX) Price Target Cut to $35.00 by Analysts at Barclays

CNX Resources (NYSE:CNX) had its price objective cut by Barclays from $36.00 to $35.00 in a report published on Tuesday,Benzinga reports. They currently have an underweight rating on the oil and gas producer’s stock.

CNX has been the subject of a number of other reports. Piper Sandler set a $26.00 price target on shares of CNX Resources in a research note on Monday, February 2nd. Weiss Ratings reissued a “buy (b)” rating on shares of CNX Resources in a research note on Monday, May 11th. Roth Mkm set a $35.00 price target on shares of CNX Resources and gave the stock a “neutral” rating in a research note on Thursday, January 29th. Truist Financial began coverage on shares of CNX Resources in a research note on Tuesday, March 24th. They set a “sell” rating and a $35.00 price target for the company. Finally, Zacks Research downgraded shares of CNX Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $35.56.

CNX Resources Trading Down 1.7%

CNX opened at $34.72 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.49 and a quick ratio of 0.46. The company has a market cap of $4.91 billion, a price-to-earnings ratio of 4.82 and a beta of 0.64. The firm has a 50 day simple moving average of $38.37 and a 200 day simple moving average of $38.31. CNX Resources has a fifty-two week low of $27.72 and a fifty-two week high of $43.62.

Insider Activity at CNX Resources

In other news, Director Maureen Lally-Green sold 23,631 shares of the stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $39.52, for a total transaction of $933,897.12. Following the completion of the sale, the director owned 169,577 shares of the company’s stock, valued at $6,701,683.04. This represents a 12.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William N. Thorndike, Jr. sold 28,800 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $38.25, for a total transaction of $1,101,600.00. Following the sale, the director directly owned 426,585 shares of the company’s stock, valued at $16,316,876.25. This represents a 6.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.03% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CNX Resources

Several large investors have recently made changes to their positions in CNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of CNX Resources by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 86,878 shares of the oil and gas producer’s stock worth $2,735,000 after acquiring an additional 3,785 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of CNX Resources during the first quarter worth $583,000. EverSource Wealth Advisors LLC increased its position in shares of CNX Resources by 393.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,925 shares of the oil and gas producer’s stock worth $65,000 after acquiring an additional 1,535 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of CNX Resources during the second quarter worth $272,000. Finally, Cerity Partners LLC bought a new stake in shares of CNX Resources during the second quarter worth $236,000. 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.