Truist raised the firm’s price target on CNX Resources (CNX) to $35 from $34 and keeps a Hold rating on the shares. The company announced a small bolt-on from Apex Energy II, adding about 21K undeveloped acres and ~185 mmcfepd of production for a “respectable” 3.3-times EBITDA, the analyst tells investors in a research note. The smaller size of the deal should mute any impact to the shares, but the transaction indicates the management may have begun seeing value in select external assets, the firm added.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CNX:
- CNX Resources put volume heavy and directionally bearish
- CNX to acquire natural gas upstream, midstream business of Apex for $505M
- CNX Resources downgraded to Underweight from Neutral at JPMorgan
- Diversified Energy price target raised to $21 from $19 at Truist
- CNX Resources downgraded to Hold from Buy at Truist