Capital One Financial Weighs in on CNX Resources Co.’s Q3 2024 Earnings (NYSE:CNX)

CNX Resources Co. (NYSE:CNX) – Research analysts at Capital One Financial cut their Q3 2024 earnings estimates for shares of CNX Resources in a note issued to investors on Tuesday, September 17th. Capital One Financial analyst B. Velie now expects that the oil and gas producer will earn $0.38 per share for the quarter, down from their prior estimate of $0.40. The consensus estimate for CNX Resources’ current full-year earnings is $1.47 per share. Capital One Financial also issued estimates for CNX Resources’ Q1 2025 earnings at $0.52 EPS, Q2 2025 earnings at $0.53 EPS, Q3 2025 earnings at $0.56 EPS, Q4 2025 earnings at $0.59 EPS, FY2025 earnings at $2.21 EPS and FY2026 earnings at $3.18 EPS.

A number of other research firms have also commented on CNX. Mizuho lifted their target price on CNX Resources from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. StockNews.com downgraded CNX Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 3rd. Scotiabank increased their price target on CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Truist Financial raised their price objective on CNX Resources from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Finally, JPMorgan Chase & Co. boosted their target price on CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $26.13.

CNX Resources Price Performance

Shares of CNX opened at $31.88 on Friday. The firm’s 50-day simple moving average is $26.75 and its two-hundred day simple moving average is $24.96. The stock has a market cap of $4.89 billion, a PE ratio of 5.78 and a beta of 1.37. CNX Resources has a fifty-two week low of $19.07 and a fifty-two week high of $31.89. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.40 and a current ratio of 0.41.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data 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 company had revenue of $321.44 million for the quarter, compared to analysts’ expectations 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 last year, the firm posted $0.29 EPS.

Insider Activity

In other news, Director Bernard Lanigan, Jr. bought 75,000 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was bought at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the acquisition, the director now directly owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.10% of the company’s stock.

Institutional Trading of CNX Resources

A number of large investors have recently made changes to their positions in CNX. Creative Planning increased its stake in shares of CNX Resources by 9.8% during the second quarter. Creative Planning now owns 31,265 shares of the oil and gas producer’s stock worth $760,000 after acquiring an additional 2,779 shares during the period. Algert Global LLC acquired a new stake in CNX Resources during the 2nd quarter worth approximately $375,000. Caxton Associates LP increased its holdings in CNX Resources by 46.5% in the 2nd quarter. Caxton Associates LP now owns 43,854 shares of the oil and gas producer’s stock valued at $1,066,000 after purchasing an additional 13,914 shares in the last quarter. Bank of Montreal Can raised its stake in shares of CNX Resources by 2.5% during the second quarter. Bank of Montreal Can now owns 233,515 shares of the oil and gas producer’s stock valued at $5,686,000 after purchasing an additional 5,797 shares during the period. Finally, DRW Securities LLC acquired a new stake in CNX Resources during the 2nd quarter valued at approximately $326,000. 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.