Q2 2024 Earnings Estimate for CNX Resources Co. (NYSE:CNX) Issued By Capital One Financial

CNX Resources Co. (NYSE:CNX) – Analysts at Capital One Financial decreased their Q2 2024 earnings per share estimates for shares of CNX Resources in a research report issued on Monday, April 15th. Capital One Financial analyst B. Velie now expects that the oil and gas producer will earn $0.34 per share for the quarter, down from their previous 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.

Other research analysts have also recently issued reports about the company. Mizuho upped their price objective on CNX Resources from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Piper Sandler upped their price objective on CNX Resources from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, March 7th. Roth Mkm upped their price objective on CNX Resources from $18.00 to $22.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 2nd. 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. Finally, Truist Financial raised their price target on CNX Resources from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $23.86.

CNX Resources Trading Down 2.1 %

NYSE:CNX opened at $23.78 on Tuesday. The stock has a 50-day simple moving average of $21.85 and a 200-day simple moving average of $21.29. The stock has a market cap of $3.64 billion, a P/E ratio of 2.62 and a beta of 1.33. CNX Resources has a 1 year low of $14.36 and a 1 year high of $24.82. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.49 and a current ratio of 0.51.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, January 25th. The oil and gas producer reported $2.89 earnings per share for the quarter, topping 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 company had revenue of $999.50 million for the quarter, compared to the consensus estimate of $401.62 million. During the same quarter in the prior year, the business earned $1.64 EPS. CNX Resources’s revenue was down 38.9% on a year-over-year basis.

Insider Activity

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 transaction, the executive vice president now directly 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 SEC, which is accessible through the SEC website. Insiders own 4.65% of the company’s stock.

Hedge Funds Weigh In On CNX Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. Algert Global LLC purchased a new position in CNX Resources during the third quarter worth $350,000. QRG Capital Management Inc. acquired a new position in shares of CNX Resources in the third quarter worth about $3,542,000. Comerica Bank acquired a new stake in CNX Resources during the third quarter valued at approximately $4,054,000. IFP Advisors Inc grew its holdings in shares of CNX Resources by 3,621.9% during the third quarter. IFP Advisors Inc now owns 21,066 shares of the oil and gas producer’s stock valued at $476,000 after purchasing an additional 20,500 shares during the last quarter. Finally, Stifel Financial Corp grew its holdings in shares of CNX Resources by 444.1% during 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 purchasing an additional 112,023 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

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.