Brokers Issue Forecasts for CNX Resources Co.’s FY2024 Earnings (NYSE:CNX)

CNX Resources Co. (NYSE:CNX) – Investment analysts at Capital One Financial increased their FY2024 earnings estimates for shares of CNX Resources in a research report issued on Tuesday, September 17th. Capital One Financial analyst B. Velie now anticipates that the oil and gas producer will post earnings of $1.64 per share for the year, up from their prior forecast of $1.56. The consensus estimate for CNX Resources’ current full-year earnings is $1.47 per share. Capital One Financial also issued estimates for CNX Resources’ Q4 2024 earnings at $0.51 EPS.

CNX has been the subject of several other reports. Scotiabank raised their price objective on shares of CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Piper Sandler cut CNX Resources from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $22.00 to $20.00 in a research note on Thursday, August 15th. Stephens reiterated an “equal weight” rating and issued a $27.00 target price on shares of CNX Resources in a research report on Monday, July 15th. JPMorgan Chase & Co. upped their price target on CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Finally, Truist Financial lifted their price objective on shares of CNX Resources from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, CNX Resources currently has an average rating of “Hold” and a consensus price target of $26.13.

CNX Resources Stock Up 2.1 %

CNX stock opened at $30.04 on Thursday. The company has a current ratio of 0.41, a quick ratio of 0.40 and a debt-to-equity ratio of 0.46. The firm has a 50 day simple moving average of $26.55 and a 200-day simple moving average of $24.86. The company has a market capitalization of $4.60 billion, a P/E ratio of 5.45 and a beta of 1.37. CNX Resources has a twelve month low of $19.07 and a twelve month high of $30.22.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.09. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. The firm had revenue of $321.44 million during the quarter, compared to the consensus estimate of $387.46 million. During the same quarter in the prior year, the business posted $0.29 earnings per share.

Institutional Trading of CNX Resources

Several large investors have recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd bought a new stake in shares of CNX Resources during the 4th quarter worth about $798,000. Parkwood LLC increased its position in shares of CNX Resources by 11.2% during the 4th quarter. Parkwood LLC now owns 490,435 shares of the oil and gas producer’s stock valued at $9,809,000 after purchasing an additional 49,278 shares during the period. QRG Capital Management Inc. raised its stake in shares of CNX Resources by 13.8% in the 2nd quarter. QRG Capital Management Inc. now owns 190,498 shares of the oil and gas producer’s stock worth $4,629,000 after buying an additional 23,069 shares in the last quarter. Duality Advisers LP lifted its holdings in shares of CNX Resources by 61.1% in the first quarter. Duality Advisers LP now owns 131,196 shares of the oil and gas producer’s stock valued at $3,112,000 after buying an additional 49,741 shares during the period. Finally, Boston Partners bought a new position in CNX Resources during the first quarter valued at about $951,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were acquired at an average price of $26.81 per share, with a total value of $2,010,750.00. Following the acquisition, the director now directly owns 401,820 shares in the company, valued at $10,772,794.20. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.10% of the stock is owned by company insiders.

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.