Equities Analysts Offer Predictions for CNX Resources Co.’s FY2024 Earnings (NYSE:CNX)

CNX Resources Co. (NYSE:CNX) – Analysts at Capital One Financial boosted their FY2024 earnings per share (EPS) estimates for CNX Resources in a report issued on Tuesday, September 17th. Capital One Financial analyst B. Velie now anticipates that the oil and gas producer will post earnings of $1.64 per share for the year, up from their previous forecast of $1.56. The consensus estimate for CNX Resources’ current full-year earnings is $1.47 per share. Capital One Financial also issued estimates for CNX Resources’ Q4 2024 earnings at $0.51 EPS.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.09. The business had revenue of $321.44 million during the quarter, compared to the consensus estimate of $387.46 million. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. During the same period in the previous year, the business earned $0.29 EPS.

Several other research firms have also weighed in on CNX. Piper Sandler lowered shares of CNX Resources from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $22.00 to $20.00 in a research note on Thursday, August 15th. JPMorgan Chase & Co. raised their price target on CNX Resources from $26.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Truist Financial boosted their price objective on CNX Resources from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Stephens reaffirmed an “equal weight” rating and issued a $27.00 target price on shares of CNX Resources in a research report on Monday, July 15th. Finally, Scotiabank boosted their price target on shares of CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $26.13.

CNX Resources Stock Up 6.1 %

CNX stock opened at $31.87 on Thursday. The firm has a fifty day moving average price of $26.63 and a two-hundred day moving average price of $24.89. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.41 and a quick ratio of 0.40. CNX Resources has a 1-year low of $19.07 and a 1-year high of $31.89. The firm has a market cap of $4.88 billion, a price-to-earnings ratio of 5.73 and a beta of 1.37.

Insider Activity at CNX Resources

In related news, Director Bernard Lanigan, Jr. bought 75,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was purchased at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the transaction, the director now directly owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd acquired a new position in shares of CNX Resources in the 4th quarter worth approximately $798,000. Parkwood LLC boosted its stake in shares of CNX Resources by 11.2% during the 4th quarter. Parkwood LLC now owns 490,435 shares of the oil and gas producer’s stock worth $9,809,000 after acquiring an additional 49,278 shares in the last quarter. QRG Capital Management Inc. boosted its stake in shares of CNX Resources by 13.8% during the 2nd quarter. QRG Capital Management Inc. now owns 190,498 shares of the oil and gas producer’s stock worth $4,629,000 after acquiring an additional 23,069 shares in the last quarter. Duality Advisers LP grew its holdings in shares of CNX Resources by 61.1% in the 1st quarter. Duality Advisers LP now owns 131,196 shares of the oil and gas producer’s stock worth $3,112,000 after acquiring an additional 49,741 shares during the last quarter. Finally, Boston Partners acquired a new stake in shares of CNX Resources during the first quarter worth $951,000. 95.16% of the stock is owned by institutional investors and hedge funds.

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.