Goldman Sachs analyst John Nelson downgraded CNX Resources to Sell with a $14 price target. The stock's valuation premium relative to Appalachian Exploration & Production peers is too high, Nelson tells investors in a research note. He believes that a reduced share buyback pace and a shift of investor focus towards CNX's "weakening" balance sheet will drive a mean reversion of the stock's year-to-date price outperformance. The analyst views CNX's risk/reward profile as "relatively unattractive" as we sees 6% downside to his $14 12-month price target.

Piper Sandler raised the firm's price target on CNX Resources to $22 from $18 and keeps a Neutral rating on the shares as part of a Q1 preview for the exploration and production group. Energy has been hot, almost too hot, as $90 crude potentially cools the pace of consolidation and investors looking for ways to play the data center and power demand theme turn to gas equities, the analyst tells investors in a research note. The firm adjusted oil and gas price assumptions, expecting crude pricing to remain strong through Q3 and gas pricing pressure to persist through the balance of fiscal 2024.