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

CNX Resources Co. (NYSE:CNX) – Stock analysts at Capital One Financial lowered their Q1 2024 earnings per share (EPS) estimates for shares of CNX Resources in a research note issued to investors on Wednesday, April 3rd. Capital One Financial analyst B. Velie now expects that the oil and gas producer will post earnings per share of $0.35 for the quarter, down from their prior 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.

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

A number of other analysts have also recently commented on the company. Mizuho upped their price target on CNX Resources from $23.00 to $24.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. Bank of America raised shares of 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. Piper Sandler upped their price objective on shares of CNX Resources from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday, March 7th. Roth Mkm increased their price target on CNX Resources from $18.00 to $22.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, StockNews.com lowered CNX Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, CNX Resources currently has an average rating of “Hold” and an average price target of $23.17.

CNX Resources Stock Down 1.0 %

NYSE:CNX opened at $23.91 on Friday. The stock’s fifty day simple moving average is $21.29 and its 200-day simple moving average is $21.19. The firm has a market capitalization of $3.66 billion, a P/E ratio of 2.63, a P/E/G ratio of 1.72 and a beta of 1.33. The company has a quick ratio of 0.49, a current ratio of 0.51 and a debt-to-equity ratio of 0.43. CNX Resources has a 12-month low of $14.36 and a 12-month high of $24.34.

Hedge Funds Weigh In On CNX Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. Algert Global LLC acquired a new position in shares of CNX Resources in the 3rd quarter valued at about $350,000. QRG Capital Management Inc. bought a new stake in CNX Resources in the third quarter valued at $3,542,000. Comerica Bank acquired a new stake in shares of CNX Resources in the 3rd quarter valued at about $4,054,000. IFP Advisors Inc increased its position in CNX Resources by 3,621.9% in the 3rd quarter. IFP Advisors Inc now owns 21,066 shares of the oil and gas producer’s stock valued at $476,000 after buying an additional 20,500 shares in the last quarter. Finally, Stifel Financial Corp raised its stake in CNX Resources by 444.1% during the 3rd quarter. Stifel Financial Corp now owns 137,247 shares of the oil and gas producer’s stock worth $3,099,000 after buying an additional 112,023 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Insider Buying and Selling

In other CNX Resources news, EVP Timothy Scott Bedard sold 1,226 shares of the company’s stock in a transaction that occurred 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 approximately $1,416,065.06. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 3.10% of the stock is owned by corporate 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.