CNX Resources Co. Forecasted to Post FY2023 Earnings of $1.51 Per Share (NYSE:CNX)

CNX Resources Co. (NYSE:CNX) – Equities researchers at Capital One Financial dropped their FY2023 EPS estimates for CNX Resources in a note issued to investors on Monday, October 30th. Capital One Financial analyst B. Velie now expects that the oil and gas producer will post earnings of $1.51 per share for the year, down from their prior forecast of $1.56. The consensus estimate for CNX Resources’ current full-year earnings is $1.54 per share. Capital One Financial also issued estimates for CNX Resources’ Q2 2024 earnings at $0.45 EPS, FY2024 earnings at $1.85 EPS and FY2025 earnings at $5.02 EPS.

CNX Resources (NYSE:CNX) last announced its quarterly earnings results on Wednesday, October 25th. The oil and gas producer reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.09. The firm had revenue of $357.00 million for the quarter, compared to analysts’ expectations of $387.49 million. CNX Resources had a net margin of 58.04% and a return on equity of 15.80%.

A number of other analysts have also issued reports on CNX. Bank of America lifted their price objective on shares of CNX Resources from $21.00 to $23.00 in a research note on Wednesday, September 27th. Piper Sandler lifted their price objective on shares of CNX Resources from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Monday, August 14th. StockNews.com assumed coverage on shares of CNX Resources in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Stephens reiterated an “equal weight” rating and set a $24.00 price objective on shares of CNX Resources in a research note on Thursday, October 12th. Finally, Scotiabank lowered shares of CNX Resources from a “sector perform” rating to a “sector underperform” rating in a research note on Wednesday, September 13th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. According to data from MarketBeat.com, CNX Resources currently has an average rating of “Hold” and an average target price of $22.20.

CNX Resources Trading Up 0.6 %

CNX opened at $21.85 on Wednesday. The firm has a market capitalization of $3.47 billion, a P/E ratio of 1.84, a P/E/G ratio of 2.49 and a beta of 1.33. The firm’s 50 day moving average is $22.24 and its 200-day moving average is $19.21. CNX Resources has a 52-week low of $14.36 and a 52-week high of $23.68. The company has a quick ratio of 0.28, a current ratio of 0.30 and a debt-to-equity ratio of 0.47.

Insider Buying and Selling

In related news, Director Bernard Lanigan, Jr. purchased 45,805 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The stock was acquired at an average price of $21.83 per share, for a total transaction of $999,923.15. Following the completion of the purchase, the director now owns 251,820 shares in the company, valued at $5,497,230.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other CNX Resources news, Director Bernard Lanigan, Jr. acquired 98,635 shares of the firm’s stock in a transaction on Friday, September 15th. The stock was purchased at an average price of $22.00 per share, with a total value of $2,169,970.00. Following the completion of the acquisition, the director now directly owns 206,015 shares in the company, valued at approximately $4,532,330. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bernard Lanigan, Jr. acquired 45,805 shares of the firm’s stock in a transaction on Monday, September 18th. The stock was acquired at an average cost of $21.83 per share, with a total value of $999,923.15. Following the acquisition, the director now owns 251,820 shares of the company’s stock, valued at $5,497,230.60. The disclosure for this purchase can be found here. Insiders own 3.72% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

A number of hedge funds have recently added to or reduced their stakes in CNX. Spire Wealth Management boosted its holdings in CNX Resources by 79.6% in the second quarter. Spire Wealth Management now owns 1,390 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 616 shares during the period. BluePath Capital Management LLC acquired a new position in shares of CNX Resources during the third quarter valued at $32,000. Castleview Partners LLC acquired a new position in shares of CNX Resources during the third quarter valued at $41,000. Ameritas Advisory Services LLC acquired a new position in shares of CNX Resources during the first quarter valued at $53,000. Finally, Adirondack Trust Co. acquired a new position in shares of CNX Resources during the third quarter valued at $54,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

About CNX Resources

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 (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.