Roth Capital Comments on CNX Resources Co.’s Q2 2024 Earnings (NYSE:CNX)

CNX Resources Co. (NYSE:CNX) – Research analysts at Roth Capital reduced their Q2 2024 earnings per share estimates for shares of CNX Resources in a report released on Wednesday, April 24th. Roth Capital analyst L. Mariani now expects that the oil and gas producer will earn $0.16 per share for the quarter, down from their previous forecast of $0.24. The consensus estimate for CNX Resources’ current full-year earnings is $1.29 per share. Roth Capital also issued estimates for CNX Resources’ Q3 2024 earnings at $0.13 EPS, Q4 2024 earnings at $0.20 EPS, Q1 2025 earnings at $0.47 EPS, Q2 2025 earnings at $0.28 EPS, Q3 2025 earnings at $0.26 EPS and FY2025 earnings at $1.40 EPS.

A number of other analysts also recently commented on the company. Mizuho increased their price target on CNX Resources from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Roth Mkm raised their target price on CNX Resources from $18.00 to $22.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 2nd. Piper Sandler raised their target price on CNX Resources from $18.00 to $22.00 and gave the stock a “neutral” rating in a research report on Friday, April 19th. Scotiabank raised their target price on CNX Resources from $20.00 to $25.00 and gave the stock a “sector underperform” rating in a research report on Thursday, April 11th. Finally, Bank of America raised 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 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’s stock. According to MarketBeat, CNX Resources currently has an average rating of “Hold” and a consensus price target of $24.43.

CNX Resources Stock Performance

Shares of CNX opened at $23.93 on Friday. 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 capitalization of $3.66 billion, a price-to-earnings ratio of 2.63 and a beta of 1.33. The stock has a 50 day moving average of $22.51 and a 200 day moving average of $21.41. CNX Resources has a 12 month low of $14.36 and a 12 month high of $24.82.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, January 25th. The oil and gas producer reported $2.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $2.59. The company 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%. The company’s revenue for the quarter was down 38.9% on a year-over-year basis. During the same quarter last year, the company earned $1.64 earnings per share.

Insider Activity at CNX Resources

In related news, EVP Timothy Scott Bedard sold 1,226 shares of CNX Resources stock in a transaction on Monday, February 26th. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Neo Ivy Capital Management purchased a new position in shares of CNX Resources in the third quarter worth about $26,000. BluePath Capital Management LLC purchased a new position in CNX Resources during the 3rd quarter valued at about $32,000. Castleview Partners LLC purchased a new position in CNX Resources during the 3rd quarter valued at about $41,000. Hexagon Capital Partners LLC increased its holdings in CNX Resources by 113.4% during the 1st quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 1,136 shares during the period. Finally, Adirondack Trust Co. purchased a new position in CNX Resources during the 3rd quarter valued at about $54,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.