For CNX Resources Corporation [CNX], Analyst sees a rise to $16. What next?


CNX Resources Corporation [NYSE: CNX] surged by $0.16 during the normal trading session on Thursday and reaching a high of $18.57 during the day while it closed the day at $18.56. The company report on July 14, 2022 that Newlight and CNX Announce Strategic Agreement to Capture Methane Emissions for Production of Aircarbon.

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Newlight Technologies, Inc. (Newlight) and CNX Resources Corporation (NYSE: CNX) today announced that the companies have entered into a 15-year agreement to capture and utilize methane emissions for the production of Aircarbon®, a naturally-occurring molecule also known as PHB that replaces plastic but is carbon-negative and biologically degrades in natural environments.

Under the agreement, CNX and Newlight will work together to capture waste methane from third party industrial activity that would typically be vented to atmosphere. CNX will gather, process, and deliver the methane through new and existing natural gas pipeline infrastructure, and Newlight will acquire contractual rights to a portion of the captured methane to support the production of Aircarbon, similar to how solar, wind, and renewable natural gas are delivered contractually through new and existing grid infrastructure.  Combined, by using greenhouse gas as a resource to make a naturally-occurring material that replaces plastic, the agreement will enable the large-scale reduction of both carbon emissions and plastic pollution.

CNX Resources Corporation stock has also gained 9.50% of its value over the past 7 days. However, CNX stock has declined by -17.77% in the 3 months of the year. Over the past six months meanwhile, it has gained 19.28% and gained 34.98% year-on date.

The market cap for CNX stock reached $3.49 billion, with 199.85 million shares outstanding and 189.38 million shares in the current float. Compared to the average trading volume of 3.54M shares, CNX reached a trading volume of 2223299 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about CNX Resources Corporation [CNX]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CNX shares is $28.11 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CNX stock is a recommendation set at 2.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

MKM Partners have made an estimate for CNX Resources Corporation shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on July 20, 2022. While these analysts kept the previous recommendation, Wells Fargo raised their target price from $26 to $27. The new note on the price target was released on July 11, 2022, representing the official price target for CNX Resources Corporation stock. Previously, the target price had yet another raise from $19 to $27, while Piper Sandler kept a Neutral rating on CNX stock.

The Average True Range (ATR) for CNX Resources Corporation is set at 0.93, with the Price to Sales ratio for CNX stock in the period of the last 12 months amounting to 1.31. The Price to Book ratio for the last quarter was 1.44, with the Price to Cash per share for the same quarter was set at 0.05. Price to Free Cash Flow for CNX in the course of the last twelve months was 6.03 with Quick ratio for the last quarter at 0.20.

CNX stock trade performance evaluation

CNX Resources Corporation [CNX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 9.50. With this latest performance, CNX shares gained by 4.86% in over the last four-week period, additionally plugging by 19.28% over the last 6 months – not to mention a rise of 46.60% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CNX stock in for the last two-week period is set at 56.02, with the RSI for the last a single of trading hit 66.67, and the three-weeks RSI is set at 51.48 for CNX Resources Corporation [CNX]. The present Moving Average for the last 50 days of trading for this stock 19.19, while it was recorded at 17.98 for the last single week of trading, and 17.07 for the last 200 days.

CNX Resources Corporation [CNX]: An insightful look at the core fundamentals

CNX Resources Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.20 and a Current Ratio set at 0.20.

Earnings per share (EPS) analysis for CNX Resources Corporation [CNX] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CNX. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for CNX Resources Corporation go to 41.60%.

CNX Resources Corporation [CNX]: Insider Ownership positions

There are presently around $3,419 million, or 98.10% of CNX stock, in the hands of institutional investors. The top three institutional holders of CNX stocks are: BLACKROCK INC. with ownership of 23,912,164, which is approximately -5.256% of the company’s market cap and around 2.20% of the total institutional ownership; SOUTHEASTERN ASSET MANAGEMENT INC/TN/, holding 22,734,443 shares of the stock with an approximate value of $418.31 million in CNX stocks shares; and VANGUARD GROUP INC, currently with $329.59 million in CNX stock with ownership of nearly -2.868% of the company’s market capitalization.

Positions in CNX Resources Corporation stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 127 institutional holders increased their position in CNX Resources Corporation [NYSE:CNX] by around 14,649,590 shares. Additionally, 158 investors decreased positions by around 18,862,263 shares, while 39 investors held positions by with 152,282,909 shares. The mentioned changes placed institutional holdings at 185,794,762 shares, according to the latest SEC report filing. CNX stock had 39 new institutional investments in for a total of 4,230,342 shares, while 35 institutional investors sold positions of 2,967,303 shares during the same period.