CNX Resources Co. (NYSE:CNX) Expected to Post Q2 2024 Earnings of $0.34 Per Share

CNX Resources Co. (NYSE:CNX) – Stock analysts at Capital One Financial lowered their Q2 2024 earnings per share (EPS) estimates for shares of CNX Resources in a research note issued to investors on Monday, April 15th. Capital One Financial analyst B. Velie now expects that the oil and gas producer will post earnings per share of $0.34 for the quarter, down from their prior estimate of $0.35. The consensus estimate for CNX Resources’ current full-year earnings is $1.31 per share. Capital One Financial also issued estimates for CNX Resources’ Q4 2024 earnings at $0.36 EPS and FY2024 earnings at $1.41 EPS.

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

A number of other equities analysts have also recently issued reports on the stock. Piper Sandler raised their price objective on shares of CNX Resources from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, March 7th. Mizuho raised their price target on CNX Resources from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Truist Financial upped their price objective on CNX Resources from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, April 5th. Scotiabank raised their target price on CNX Resources from $20.00 to $25.00 and gave the stock a “sector underperform” rating in a report on Thursday, April 11th. Finally, Bank of America upgraded CNX Resources from an “underperform” rating to a “neutral” rating and set a $23.00 target price for the company in a research report on Friday, January 5th. Two research 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 MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $23.86.

CNX Resources Stock Performance

CNX Resources stock opened at $23.85 on Tuesday. CNX Resources has a 1 year low of $14.36 and a 1 year high of $24.82. The company’s 50-day moving average is $22.00 and its two-hundred day moving average is $21.32. 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 company has a market cap of $3.65 billion, a PE ratio of 2.62 and a beta of 1.33.

Hedge Funds Weigh In On CNX Resources

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

Insider Transactions at CNX Resources

In other news, EVP Timothy Scott Bedard sold 1,226 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $20.83, for a total transaction of $25,537.58. Following the completion of the sale, the executive vice president now owns 67,982 shares of the company’s stock, valued at $1,416,065.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.65% of the stock is currently owned by insiders.

About CNX Resources

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.