Brokers Set Expectations for CNX Resources Co.’s Q3 2024 Earnings (NYSE:CNX)

CNX Resources Co. (NYSE:CNX) – Research analysts at Capital One Financial reduced their Q3 2024 earnings per share (EPS) estimates for CNX Resources in a report released on Tuesday, September 17th. Capital One Financial analyst B. Velie now forecasts that the oil and gas producer will earn $0.38 per share for the quarter, down from their previous estimate of $0.40. The consensus estimate for CNX Resources’ current full-year earnings is $1.47 per share. Capital One Financial also issued estimates for CNX Resources’ Q1 2025 earnings at $0.52 EPS, Q2 2025 earnings at $0.53 EPS, Q3 2025 earnings at $0.56 EPS, Q4 2025 earnings at $0.59 EPS, FY2025 earnings at $2.21 EPS and FY2026 earnings at $3.18 EPS.

Several other equities analysts also recently commented on the company. Truist Financial upped their target price on CNX Resources from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Piper Sandler downgraded CNX Resources from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $22.00 to $20.00 in a research report on Thursday, August 15th. Mizuho upped their target price on CNX Resources from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. StockNews.com downgraded CNX Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 3rd. Finally, Stephens reaffirmed an “equal weight” rating and issued a $27.00 target price on shares of CNX Resources in a research report on Monday, July 15th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, CNX Resources currently has an average rating of “Hold” and a consensus price target of $26.13.

CNX Resources Price Performance

CNX Resources stock opened at $31.87 on Friday. CNX Resources has a 12 month low of $19.07 and a 12 month high of $31.89. The stock’s 50 day moving average is $26.63 and its 200-day moving average is $24.89. 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 company has a market capitalization of $4.88 billion, a price-to-earnings ratio of 5.73 and a beta of 1.37.

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

Institutional Investors Weigh In On CNX Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its stake in CNX Resources by 54.1% during the second quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock worth $46,000 after purchasing an additional 666 shares during the last quarter. Hexagon Capital Partners LLC lifted its stake in CNX Resources by 113.4% during the first quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 1,136 shares during the last quarter. Natixis bought a new stake in CNX Resources during the first quarter worth $79,000. Innealta Capital LLC bought a new stake in CNX Resources during the second quarter worth $131,000. Finally, TFO Wealth Partners LLC lifted its stake in CNX Resources by 64,084.6% during the fourth quarter. TFO Wealth Partners LLC now owns 8,344 shares of the oil and gas producer’s stock worth $167,000 after purchasing an additional 8,331 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Bernard Lanigan, Jr. purchased 75,000 shares of CNX Resources 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 completion of the transaction, the director now directly owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.10% of the stock is currently 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.