CNX Resources Co. (NYSE:CNX) Expected to Earn Q1 2024 Earnings of $0.35 Per Share

CNX Resources Co. (NYSE:CNX) – Equities researchers at Capital One Financial cut their Q1 2024 earnings estimates for CNX Resources in a report issued on Wednesday, April 3rd. Capital One Financial analyst B. Velie now forecasts that the oil and gas producer will earn $0.35 per share for the quarter, down from their previous estimate of $0.41. The consensus estimate for CNX Resources’ current full-year earnings is $1.38 per share. Capital One Financial also issued estimates for CNX Resources’ FY2024 earnings at $1.42 EPS.

A number of other equities research analysts have also commented on CNX. Bank of America upgraded CNX Resources from an “underperform” rating to a “neutral” rating and set a $23.00 price target on the stock in a research report on Friday, January 5th. Truist Financial upped their target price on CNX Resources from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday. StockNews.com downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Mizuho increased their price target on CNX Resources from $23.00 to $24.00 and gave the stock a “neutral” rating in a report on Friday, March 1st. Finally, Piper Sandler lifted their price objective on shares of CNX Resources from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Thursday, March 7th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $23.50.

CNX Resources Stock Performance

NYSE:CNX opened at $24.12 on Friday. The stock’s 50-day moving average is $21.37 and its 200-day moving average is $21.20. CNX Resources has a 1-year low of $14.36 and a 1-year high of $24.34. The company has a current ratio of 0.51, a quick ratio of 0.49 and a debt-to-equity ratio of 0.43. The stock has a market cap of $3.69 billion, a P/E ratio of 2.65, a price-to-earnings-growth ratio of 1.71 and a beta of 1.33.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, January 25th. The oil and gas producer reported $2.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $2.59. The business had revenue of $999.50 million for the quarter, compared to analyst estimates of $401.62 million. CNX Resources had a return on equity of 9.00% and a net margin of 50.34%. CNX Resources’s quarterly revenue was down 38.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.64 EPS.

Insider Activity

In related news, EVP Timothy Scott Bedard sold 1,226 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $20.83, for a total value of $25,537.58. Following the completion of the transaction, the executive vice president now directly owns 67,982 shares in the company, valued at $1,416,065.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.10% of the company’s stock.

Institutional Trading of CNX Resources

A number of hedge funds have recently bought and sold shares of the company. Southeastern Asset Management Inc. TN lifted its stake in CNX Resources by 19.9% in the first quarter. Southeastern Asset Management Inc. TN now owns 13,758,674 shares of the oil and gas producer’s stock worth $220,414,000 after purchasing an additional 2,279,108 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of CNX Resources in the 2nd quarter valued at about $35,250,000. State Street Corp boosted its holdings in CNX Resources by 15.6% during the 1st quarter. State Street Corp now owns 13,033,827 shares of the oil and gas producer’s stock valued at $270,061,000 after acquiring an additional 1,760,214 shares during the period. Vanguard Group Inc. lifted its position in CNX Resources by 10.5% in the third quarter. Vanguard Group Inc. now owns 18,448,774 shares of the oil and gas producer’s stock valued at $286,510,000 after purchasing an additional 1,758,826 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of CNX Resources by 2,477.3% in the first quarter. Renaissance Technologies LLC now owns 1,513,616 shares of the oil and gas producer’s stock valued at $31,362,000 after acquiring an additional 1,454,887 shares during the period. Institutional investors own 95.16% of the company’s stock.

CNX Resources Company Profile

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.