CNX Resources Corp (NYSE:CNX) – Equities researchers at SunTrust Banks lowered their FY2018 earnings estimates for shares of CNX Resources in a report issued on Tuesday, Zacks Investment Research reports. SunTrust Banks analyst W. Fitzpatrick now anticipates that the oil and gas producer will post earnings per share of $0.06 for the year, down from their previous estimate of $0.08. SunTrust Banks has a “Buy” rating on the stock.
CNX has been the topic of a number of other reports. Stifel Nicolaus reissued a “buy” rating and issued a $24.00 target price on shares of CNX Resources in a research note on Friday, October 13th. Seaport Global Securities assumed coverage on CNX Resources in a research note on Thursday, November 30th. They issued a “buy” rating and a $32.00 target price on the stock. Robert W. Baird set a $23.00 price target on CNX Resources and gave the company a “buy” rating in a report on Monday, January 29th. Scotiabank set a $21.00 price target on CNX Resources and gave the company a “hold” rating in a report on Monday, November 13th. Finally, Zacks Investment Research downgraded CNX Resources from a “buy” rating to a “hold” rating in a report on Wednesday, November 8th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $23.00.
Shares of CNX Resources (NYSE CNX) opened at $12.97 on Wednesday. CNX Resources has a 12 month low of $11.29 and a 12 month high of $15.51. The company has a market capitalization of $2,910.08, a price-to-earnings ratio of 54.04 and a beta of 1.49. The company has a quick ratio of 0.86, a current ratio of 0.94 and a debt-to-equity ratio of 0.62.
CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Tuesday, January 30th. The oil and gas producer reported $0.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.06. CNX Resources had a return on equity of 1.35% and a net margin of 14.03%. The company had revenue of $333.30 million for the quarter, compared to analysts’ expectations of $331.76 million. During the same period in the prior year, the firm earned ($1.33) earnings per share. The firm’s revenue for the quarter was up 19.0% on a year-over-year basis.
A number of hedge funds have recently bought and sold shares of CNX. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of CNX Resources by 9.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,634 shares of the oil and gas producer’s stock worth $114,000 after buying an additional 631 shares during the period. Strategic Global Advisors LLC bought a new position in shares of CNX Resources in the third quarter worth about $172,000. Virtu KCG Holdings LLC bought a new position in shares of CNX Resources in the second quarter worth about $179,000. Emerald Advisers Inc. PA bought a new position in shares of CNX Resources in the third quarter worth about $192,000. Finally, State of Alaska Department of Revenue bought a new position in shares of CNX Resources in the fourth quarter worth about $197,000. 96.83% of the stock is currently owned by institutional investors.
CNX Resources declared that its board has approved a stock repurchase program on Tuesday, October 31st that authorizes the company to repurchase $369.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas producer to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
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About CNX Resources
CNX Resources Corp., formerly CONSOL Energy Inc, is an integrated energy company. The Company’s divisions include Exploration and Production (E&P), Pennsylvania (PA) Mining Operations and Other. The E&P division operates through four segments: Marcellus Shale, Utica Shale, Coalbed Methane (CBM) and Other Gas, which produce pipeline quality natural gas for sale primarily to gas wholesalers.
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