CNX Resources Co. Forecasted to Earn FY2022 Earnings of $2.68 Per Share (NYSE:CNX)

CNX Resources Co. (NYSE:CNXGet Rating) – Research analysts at Capital One Financial reduced their FY2022 earnings per share estimates for shares of CNX Resources in a report released on Thursday, July 28th. Capital One Financial analyst B. Velie now anticipates that the oil and gas producer will post earnings per share of $2.68 for the year, down from their prior forecast of $2.81. The consensus estimate for CNX Resources’ current full-year earnings is $3.08 per share. Capital One Financial also issued estimates for CNX Resources’ Q2 2023 earnings at $0.69 EPS, Q3 2023 earnings at $0.73 EPS and Q4 2023 earnings at $0.75 EPS.

CNX Resources (NYSE:CNXGet Rating) last announced its earnings results on Thursday, April 28th. The oil and gas producer reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.19. The company had revenue of ($913.10) million during the quarter, compared to the consensus estimate of $519.43 million. CNX Resources’s revenue for the quarter was down 293.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.36 earnings per share.

Several other equities research analysts have also recently issued reports on the company. MKM Partners reaffirmed a “neutral” rating and issued a $16.00 target price on shares of CNX Resources in a report on Wednesday, July 20th. Stifel Nicolaus reduced their target price on CNX Resources to $31.00 in a report on Thursday. Truist Financial lifted their target price on CNX Resources from $16.00 to $22.00 in a report on Thursday, April 21st. Wells Fargo & Company lowered CNX Resources from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $26.00 to $27.00 in a research report on Monday, July 11th. Finally, Piper Sandler dropped their price target on CNX Resources to $23.00 and set a “na” rating for the company in a research report on Wednesday, May 18th. One analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $20.63.

CNX Resources Price Performance

NYSE:CNX opened at $17.27 on Monday. The company has a quick ratio of 0.19, a current ratio of 0.20 and a debt-to-equity ratio of 0.74. The business’s 50-day simple moving average is $19.08 and its two-hundred day simple moving average is $18.61. The stock has a market cap of $3.37 billion, a PE ratio of -2.34, a P/E/G ratio of 0.20 and a beta of 1.37. CNX Resources has a 52 week low of $10.41 and a 52 week high of $24.21.

Hedge Funds Weigh In On CNX Resources

A number of large investors have recently made changes to their positions in the business. Teacher Retirement System of Texas boosted its holdings in CNX Resources by 18.1% in the fourth quarter. Teacher Retirement System of Texas now owns 164,992 shares of the oil and gas producer’s stock valued at $2,269,000 after purchasing an additional 25,296 shares during the last quarter. AlphaCrest Capital Management LLC boosted its holdings in CNX Resources by 196.1% in the fourth quarter. AlphaCrest Capital Management LLC now owns 80,262 shares of the oil and gas producer’s stock valued at $1,104,000 after purchasing an additional 53,156 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in CNX Resources by 16.8% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 43,334 shares of the oil and gas producer’s stock valued at $596,000 after purchasing an additional 6,233 shares during the last quarter. Rafferty Asset Management LLC boosted its holdings in CNX Resources by 61.2% in the fourth quarter. Rafferty Asset Management LLC now owns 635,587 shares of the oil and gas producer’s stock valued at $8,739,000 after purchasing an additional 241,212 shares during the last quarter. Finally, Capital Management Corp VA purchased a new stake in CNX Resources in the fourth quarter valued at $4,847,000. 95.34% of the stock is owned by institutional investors and hedge funds.

CNX Resources Company Profile

(Get Rating)

CNX Resources Corporation, an independent natural gas and midstream company, acquires, explores for, develops, and produces natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane. It produces and sells pipeline quality natural gas primarily for gas wholesalers.

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Earnings History and Estimates for CNX Resources (NYSE:CNX)

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