CNX Resources price target raised to $35 from $34 at Truist

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.