Jefferies Financial Group Brokers Raise Earnings Estimates for CNX Resources Corp (CNX)

CNX Resources Corp (NYSE:CNX) – Equities research analysts at Jefferies Financial Group upped their FY2019 EPS estimates for CNX Resources in a research report issued on Monday, October 15th, Zacks Investment Research reports. Jefferies Financial Group analyst Z. Parham now expects that the oil and gas producer will post earnings per share of $0.93 for the year, up from their previous forecast of $0.71. Jefferies Financial Group also issued estimates for CNX Resources’ Q1 2020 earnings at $0.37 EPS.

A number of other equities research analysts have also weighed in on the company. Goldman Sachs Group lowered CNX Resources from a “neutral” rating to a “sell” rating and set a $14.00 target price for the company. in a research note on Tuesday, September 11th. They noted that the move was a valuation call. Zacks Investment Research raised CNX Resources from a “hold” rating to a “strong-buy” rating and set a $17.00 target price for the company in a research note on Wednesday, September 19th. Raymond James reissued a “sell” rating on shares of CNX Resources in a research note on Thursday, August 30th. ValuEngine lowered CNX Resources from a “sell” rating to a “strong sell” rating in a research note on Thursday, September 27th. Finally, TheStreet raised CNX Resources from a “d+” rating to a “b” rating in a research note on Tuesday, October 30th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. CNX Resources presently has a consensus rating of “Hold” and a consensus price target of $21.50.

Shares of NYSE CNX traded up $0.16 during midday trading on Wednesday, reaching $15.56. The company had a trading volume of 1,724,173 shares, compared to its average volume of 3,439,153. CNX Resources has a one year low of $11.69 and a one year high of $18.37. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 0.44. The firm has a market cap of $3.23 billion, a PE ratio of -97.25 and a beta of 0.71.

CNX Resources (NYSE:CNX) last released its earnings results on Tuesday, October 30th. The oil and gas producer reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.02). CNX Resources had a net margin of 54.81% and a return on equity of 3.73%. The company had revenue of $397.10 million during the quarter, compared to the consensus estimate of $376.23 million. During the same period last year, the firm posted ($0.11) EPS. The company’s revenue was up 38.3% on a year-over-year basis.

In other CNX Resources news, Director J. Palmer Clarkson purchased 10,000 shares of the stock in a transaction on Thursday, August 16th. The stock was acquired at an average price of $14.90 per share, with a total value of $149,000.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.00% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sciencast Management LP bought a new position in CNX Resources during the 1st quarter valued at approximately $174,000. WINTON GROUP Ltd bought a new position in shares of CNX Resources in the 3rd quarter worth approximately $162,000. Commonwealth Equity Services LLC raised its position in shares of CNX Resources by 61.8% in the 1st quarter. Commonwealth Equity Services LLC now owns 16,253 shares of the oil and gas producer’s stock worth $250,000 after acquiring an additional 6,205 shares in the last quarter. First Citizens Bank & Trust Co. bought a new position in shares of CNX Resources in the 3rd quarter worth approximately $237,000. Finally, Strs Ohio bought a new position in shares of CNX Resources in the 2nd quarter worth approximately $299,000. 95.34% of the stock is owned by institutional investors and hedge funds.

CNX Resources Company Profile

CNX Resources Corporation, an independent oil and natural gas company, explores for, develops, and produces natural gas in the Appalachian Basin. As of December 31, 2017, it had 7.6 trillion cubic feet equivalent of proved natural gas reserves. The company also owns, operates, and develops natural gas gathering and other midstream energy assets in the Marcellus Shale in Pennsylvania and West Virginia.

Further Reading: What is the Dow Jones Industrial Average (DJIA)?

Get a free copy of the Zacks research report on CNX Resources (CNX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for CNX Resources (NYSE:CNX)

Receive News & Ratings for CNX Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CNX Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply