CNX Resources (NYSE:CNX) Hits New 52-Week High – Still a Buy?

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. StockNews.com downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 3rd. Truist Financial cut shares of CNX Resources from a “buy” rating to a “hold” rating and reduced their target price for the company from $38.00 to $34.00 in a research report on Monday, October 28th. 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. JPMorgan Chase & Co. reduced their target price on shares of CNX Resources from $32.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Finally, Scotiabank increased their target price on shares of CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Six investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $29.00.

CNX Resources Price Performance

The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36. The company has a 50-day moving average price of $34.19 and a 200-day moving average price of $28.56. The firm has a market capitalization of $5.99 billion, a PE ratio of 12.38, a P/E/G ratio of 1.85 and a beta of 1.37.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.09. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. The firm had revenue of $424.21 million for the quarter, compared to the consensus estimate of $398.33 million. During the same period in the prior year, the business posted $0.35 earnings per share. Sell-side analysts forecast that CNX Resources Co. will post 1.53 EPS for the current year.

Insiders Place Their Bets

In other CNX Resources news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the stock in a transaction on Monday, September 9th. The stock was purchased at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the purchase, the director now directly owns 401,820 shares in the company, valued at $10,772,794.20. This trade represents a 22.95 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.65% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. GAMMA Investing LLC raised its stake in CNX Resources by 54.1% during the 2nd quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock valued at $46,000 after acquiring an additional 666 shares in the last quarter. Blue Trust Inc. raised its stake in CNX Resources by 135.4% during the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock valued at $64,000 after acquiring an additional 1,131 shares in the last quarter. CWM LLC raised its stake in CNX Resources by 77.0% during the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after acquiring an additional 935 shares in the last quarter. Natixis bought a new stake in CNX Resources during the 1st quarter valued at $79,000. Finally, Innealta Capital LLC bought a new stake in CNX Resources during the 2nd quarter valued at $131,000. Institutional investors own 95.16% of the company’s stock.

CNX Resources Company Profile

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.