CNX Resources (NYSE:CNX) Reaches New 1-Year High – Should You Buy?

CNX Resources Co. (NYSE:CNX) reached a new 52-week high during trading on Wednesday . The company traded as high as $40.18 and last traded at $40.11, with a volume of 1816884 shares changing hands. The stock had previously closed at $39.37.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CNX. Tudor, Pickering, Holt & Co. cut shares of CNX Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Stephens boosted their target price on CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. BMO Capital Markets raised their price target on CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. StockNews.com downgraded CNX Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 3rd. Finally, Piper Sandler cut CNX Resources from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $22.00 to $20.00 in a report on Thursday, August 15th. Six research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $29.00.

CNX Resources Trading Up 1.1 %

The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46. The stock has a market cap of $6.13 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 1.90 and a beta of 1.37. The company’s fifty day moving average is $34.72 and its two-hundred day moving average is $28.73.

CNX Resources (NYSE:CNX) last released its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.09. The business had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same period in the previous year, the company earned $0.35 EPS. On average, research analysts predict that CNX Resources Co. will post 1.53 EPS for the current fiscal year.

Insider Transactions at CNX Resources

In other news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the business’s stock in a transaction on Monday, September 9th. The shares were bought at an average price of $26.81 per share, with a total value of $2,010,750.00. Following the completion of the transaction, the director now directly owns 401,820 shares in the company, valued at approximately $10,772,794.20. This represents a 22.95 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

A number of hedge funds have recently modified their holdings of CNX. State Board of Administration of Florida Retirement System lifted its holdings in shares of CNX Resources by 35.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 62,847 shares of the oil and gas producer’s stock worth $1,491,000 after purchasing an additional 16,290 shares during the period. Natixis acquired a new stake in shares of CNX Resources in the 1st quarter worth $79,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of CNX Resources by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 112,259 shares of the oil and gas producer’s stock valued at $2,663,000 after acquiring an additional 5,975 shares in the last quarter. Paloma Partners Management Co acquired a new position in shares of CNX Resources during the first quarter worth about $229,000. Finally, Caxton Associates LP purchased a new position in CNX Resources during the first quarter worth about $710,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.