Equities researchers at Robert W. Baird started coverage on shares of CNX Resources (NYSE:CNX) in a report released on Tuesday. The firm set an “outperform” rating and a $22.00 price target on the oil and gas producer’s stock. Robert W. Baird’s target price indicates a potential upside of 55.04% from the stock’s current price.
A number of other brokerages have also recently commented on CNX. SunTrust Banks set a $17.00 price target on CNX Resources and gave the stock a “hold” rating in a research report on Tuesday, October 17th. Zacks Investment Research raised CNX Resources from a “sell” rating to a “hold” rating in a research report on Friday, October 27th. Barclays set a $16.00 price target on CNX Resources and gave the stock a “hold” rating in a research report on Tuesday, December 12th. B. Riley started coverage on CNX Resources in a research report on Tuesday, November 21st. They issued a “buy” rating and a $32.00 price target on the stock. Finally, Susquehanna Bancshares boosted their price target on CNX Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, September 25th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $22.91.
Shares of CNX Resources (NYSE:CNX) opened at $14.19 on Tuesday. The company has a current ratio of 0.94, a quick ratio of 0.86 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $3,098.55, a P/E ratio of 72.68 and a beta of 1.53. CNX Resources has a 12-month low of $11.29 and a 12-month high of $16.47.
CNX Resources declared that its Board of Directors has authorized a share repurchase program on Tuesday, September 5th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the oil and gas producer to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. raised its stake in CNX Resources by 402.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 157,059 shares of the oil and gas producer’s stock valued at $1,239,000 after buying an additional 125,793 shares during the last quarter. Candriam Luxembourg S.C.A. purchased a new stake in CNX Resources during the 4th quarter valued at $5,312,000. Caymus Capital Partners L.P. purchased a new stake in CNX Resources during the 4th quarter valued at $11,789,000. Capstone Asset Management Company raised its stake in CNX Resources by 795.7% during the 4th quarter. Capstone Asset Management Company now owns 121,115 shares of the oil and gas producer’s stock valued at $957,000 after buying an additional 107,593 shares during the last quarter. Finally, California State Teachers Retirement System raised its stake in CNX Resources by 1.6% during the 4th quarter. California State Teachers Retirement System now owns 437,507 shares of the oil and gas producer’s stock valued at $3,456,000 after buying an additional 6,857 shares during the last quarter. Institutional investors own 99.29% of the company’s stock.
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About CNX Resources
CNX Resources Corp., formerly CONSOL Energy Inc, is an integrated energy company. The Company’s divisions include Exploration and Production (E&P), Pennsylvania (PA) Mining Operations and Other. The E&P division operates through four segments: Marcellus Shale, Utica Shale, Coalbed Methane (CBM) and Other Gas, which produce pipeline quality natural gas for sale primarily to gas wholesalers.
