BofA Securities slashes price target on CNX Resources Corporation [CNX] – find out why.

CNX Resources Corporation [NYSE: CNX] gained 4.61% or 0.7 points to close at $15.87 with a heavy trading volume of 3234930 shares. The company report on September 26, 2022 that CNX Resources Corporation Announces Closing of $500 Million Senior Notes Offering.

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CNX Resources Corporation (NYSE: CNX) (“CNX,” “we,” or “our”) today announced the closing of its private placement of $500 million aggregate principal amount of its 7.375% senior notes due 2031 (the “Notes”). The Notes were offered under an indenture, dated September 26, 2022 (the “Indenture”), among CNX, the subsidiary guarantors party thereto and UMB Bank, N.A., as trustee. The Notes are guaranteed by all of CNX’s wholly-owned domestic restricted subsidiaries that guarantee its revolving credit facility.

CNX intends to use the net proceeds of the sale of the Notes (i) to purchase up to $350 million aggregate principal amount (the “Tender Cap”) of its outstanding 7.25% senior notes due 2027 (the “2027 Notes”) pursuant to the tender offer that commenced concurrently with the offering of the Notes and (ii) to repay borrowings under our revolving credit facility, with any remaining proceeds used for general corporate purposes.

It opened the trading session at $15.21, the shares rose to $15.98 and dropped to $15.19, the range by which the price of stock traded the whole day. The daily chart for CNX points out that the company has recorded -24.10% loss over the past six months. However, it is still -29.87% lower than its most recent low trading price.

If we look at the average trading volume of 3.13M shares, CNX reached to a volume of 3234930 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $25.11 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 3.20. 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.

BofA Securities have made an estimate for CNX Resources Corporation shares, keeping their opinion on the stock as Underperform, with their previous recommendation back on September 19, 2022. While these analysts kept the previous recommendation, Scotiabank raised their target price to Sector Perform. The new note on the price target was released on July 25, 2022, representing the official price target for CNX Resources Corporation stock. Previously, the target price had yet another raise to $16, while MKM Partners analysts kept a Neutral rating on CNX stock. On July 11, 2022, analysts increased their price target for CNX shares from 26 to 27.

The Average True Range (ATR) for CNX Resources Corporation is set at 0.79, with the Price to Sales ratio for CNX stock in the period of the last 12 months amounting to 0.97. The Price to Book ratio for the last quarter was 1.21, with the Price to Cash per share for the same quarter was set at 0.00. Price to Free Cash Flow for CNX in the course of the last twelve months was 6.16 with Quick ratio for the last quarter at 0.30.

Trading performance analysis for CNX stock

CNX Resources Corporation [CNX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.79. With this latest performance, CNX shares dropped by -9.52% in over the last four-week period, additionally sinking by -24.10% over the last 6 months – not to mention a rise of 26.35% 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 43.93, with the RSI for the last a single of trading hit 44.68, and the three-weeks RSI is set at 44.21 for CNX Resources Corporation [CNX]. The present Moving Average for the last 50 days of trading for this stock 17.07, while it was recorded at 15.29 for the last single week of trading, and 17.75 for the last 200 days.

CNX Resources Corporation [CNX]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and CNX Resources Corporation [CNX] shares currently have an operating margin of +48.61 and a Gross Margin at +55.80. CNX Resources Corporation’s Net Margin is presently recorded at -20.92.

Return on Equity for this stock declined to -12.28, with Return on Assets sitting at -6.18.

CNX Resources Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.30 and a Current Ratio set at 0.30.

CNX Resources Corporation [CNX]: An earnings per share (EPS) analysis

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%.

An analysis of insider ownership at CNX Resources Corporation [CNX]

There are presently around $2,888 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 23,425,699, which is approximately -2.034% of the company’s market cap and around 2.30% of the total institutional ownership; VANGUARD GROUP INC, holding 16,689,948 shares of the stock with an approximate value of $264.87 million in CNX stocks shares; and SOUTHEASTERN ASSET MANAGEMENT INC/TN/, currently with $250.89 million in CNX stock with ownership of nearly -30.462% 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 142 institutional holders increased their position in CNX Resources Corporation [NYSE:CNX] by around 19,682,716 shares. Additionally, 151 investors decreased positions by around 23,600,226 shares, while 41 investors held positions by with 138,695,164 shares. The mentioned changes placed institutional holdings at 181,978,106 shares, according to the latest SEC report filing. CNX stock had 47 new institutional investments in for a total of 4,979,843 shares, while 24 institutional investors sold positions of 1,683,777 shares during the same period.


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