Capital One Financial Equities Analysts Cut Earnings Estimates for CNX Resources Co. (NYSE:CNX)

CNX Resources Co. (NYSE:CNX) – Capital One Financial cut their Q2 2024 earnings per share estimates for shares of CNX Resources in a report issued on Monday, April 15th. Capital One Financial analyst B. Velie now anticipates that the oil and gas producer will earn $0.34 per share for the quarter, down from their prior forecast 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 announced its quarterly earnings data on Thursday, January 25th. The oil and gas producer reported $2.89 EPS for the quarter, beating the consensus estimate of $0.30 by $2.59. CNX Resources had a return on equity of 9.00% and a net margin of 50.34%. The firm 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 company earned $1.64 EPS. The company’s revenue was down 38.9% on a year-over-year basis.

Other equities research analysts have also recently issued research reports about the company. Scotiabank increased their price objective on CNX Resources from $20.00 to $25.00 and gave the stock a “sector underperform” rating in a report on Thursday, April 11th. Truist Financial increased their price objective on CNX Resources from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Mizuho raised their target price on CNX Resources from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. 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 note on Friday, January 5th. Finally, Roth Mkm raised their target price on CNX Resources from $18.00 to $22.00 and gave the company a “neutral” rating in a research note on Tuesday, April 2nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, CNX Resources currently has a consensus rating of “Hold” and an average price target of $23.86.

CNX Resources Price Performance

CNX opened at $23.83 on Tuesday. The stock’s 50 day simple moving average is $21.93 and its 200 day simple moving average is $21.30. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.51 and a quick ratio of 0.49. CNX Resources has a 1 year low of $14.36 and a 1 year high of $24.82. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of 2.62 and a beta of 1.33.

Insiders Place Their Bets

In related news, EVP Timothy Scott Bedard sold 1,226 shares of the company’s 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 in the company, valued at $1,416,065.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.65% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

Hedge funds have recently made changes to their positions in the business. Southeastern Asset Management Inc. TN boosted its stake in CNX Resources by 19.9% during the first quarter. Southeastern Asset Management Inc. TN now owns 13,758,674 shares of the oil and gas producer’s stock valued at $220,414,000 after buying an additional 2,279,108 shares during the last quarter. State Street Corp raised its holdings in shares of CNX Resources by 15.6% in the first quarter. State Street Corp now owns 13,033,827 shares of the oil and gas producer’s stock worth $270,061,000 after buying an additional 1,760,214 shares during the period. Vanguard Group Inc. increased its holdings in CNX Resources by 10.5% during the 3rd quarter. Vanguard Group Inc. now owns 18,448,774 shares of the oil and gas producer’s stock worth $286,510,000 after purchasing an additional 1,758,826 shares during the period. Renaissance Technologies LLC increased its holdings in CNX Resources by 2,477.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,513,616 shares of the oil and gas producer’s stock worth $31,362,000 after purchasing an additional 1,454,887 shares during the period. Finally, LSV Asset Management increased its holdings in CNX Resources by 223.4% during the 4th quarter. LSV Asset Management now owns 1,489,353 shares of the oil and gas producer’s stock worth $29,787,000 after purchasing an additional 1,028,805 shares during the period. Institutional investors own 95.16% of the company’s stock.

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.