Barclays Issues Pessimistic Forecast for CNX Resources (NYSE:CNX) Stock Price

CNX Resources (NYSE:CNX) had its price objective cut by analysts at Barclays from $36.00 to $35.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “underweight” rating on the oil and gas producer’s stock. Barclays‘s target price indicates a potential upside of 0.81% from the stock’s current price.

Several other equities analysts have also recently commented on the company. Morgan Stanley reaffirmed an “underweight” rating on shares of CNX Resources in a report on Friday, March 27th. Roth Mkm set a $35.00 price target on CNX Resources and gave the company a “neutral” rating in a report on Thursday, January 29th. Zacks Research cut CNX Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNX Resources in a report on Monday, May 11th. Finally, Piper Sandler set a $26.00 price target on CNX Resources in a report on Monday, February 2nd. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, CNX Resources currently has an average rating of “Reduce” and a consensus target price of $35.56.

CNX Resources Trading Down 1.7%

CNX Resources stock opened at $34.72 on Tuesday. The business has a 50 day moving average price of $38.37 and a two-hundred day moving average price of $38.31. The company has a quick ratio of 0.46, a current ratio of 0.49 and a debt-to-equity ratio of 0.47. The stock has a market cap of $4.91 billion, a price-to-earnings ratio of 4.82 and a beta of 0.64. CNX Resources has a 12 month low of $27.72 and a 12 month high of $43.62.

Insider Activity at CNX Resources

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

Institutional Investors Weigh In On CNX Resources

Large investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC grew its stake in shares of CNX Resources by 56.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock valued at $30,000 after purchasing an additional 293 shares during the period. State of Wyoming bought a new stake in shares of CNX Resources in the 2nd quarter valued at approximately $29,000. Los Angeles Capital Management LLC bought a new stake in CNX Resources during the 4th quarter worth approximately $34,000. Caitlin John LLC bought a new stake in CNX Resources during the 3rd quarter worth approximately $31,000. Finally, Kestra Advisory Services LLC bought a new stake in CNX Resources during the 4th quarter worth approximately $50,000. 95.16% of the stock is currently owned by institutional investors.

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.