Jefferies Financial Group Comments on CNX Resources Corp’s FY2019 Earnings (CNX)

CNX Resources Corp (NYSE:CNX) – Investment analysts at Jefferies Financial Group lifted their FY2019 earnings per share (EPS) estimates for shares of CNX Resources in a report released on Monday, October 15th. Jefferies Financial Group analyst Z. Parham now forecasts that the oil and gas producer will earn $0.93 per share 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.

CNX has been the topic of a number of other research reports. Zacks Investment Research cut CNX Resources from a “buy” rating to a “hold” rating in a report on Tuesday, October 9th. ValuEngine lowered CNX Resources from a “sell” rating to a “strong sell” rating in a research note on Thursday, September 27th. Goldman Sachs Group lowered CNX Resources from a “neutral” rating to a “sell” rating and set a $14.00 price target on the stock. in a research note on Tuesday, September 11th. They noted that the move was a valuation call. Finally, Raymond James lowered CNX Resources from a “market perform” rating to an “underperform” rating in a research note on Monday, August 6th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $21.50.

Shares of NYSE:CNX opened at $14.45 on Wednesday. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of -89.56 and a beta of 1.03. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.65 and a current ratio of 0.67. CNX Resources has a one year low of $11.69 and a one year high of $18.37.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, August 2nd. The oil and gas producer reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.21. The firm had revenue of $402.12 million for the quarter, compared to analysts’ expectations of $381.22 million. CNX Resources had a return on equity of 2.37% and a net margin of 40.07%. CNX Resources’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.08 EPS.

Several institutional investors have recently modified their holdings of the business. Federated Investors Inc. PA raised its position in shares of CNX Resources by 6.0% in the 2nd quarter. Federated Investors Inc. PA now owns 81,825 shares of the oil and gas producer’s stock worth $1,455,000 after buying an additional 4,652 shares during the period. Louisiana State Employees Retirement System raised its position in shares of CNX Resources by 10.2% in the 3rd quarter. Louisiana State Employees Retirement System now owns 58,400 shares of the oil and gas producer’s stock worth $836,000 after buying an additional 5,400 shares during the period. 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 buying an additional 6,205 shares during the period. State of Alaska Department of Revenue raised its position in shares of CNX Resources by 36.8% in the 2nd quarter. State of Alaska Department of Revenue now owns 24,460 shares of the oil and gas producer’s stock worth $434,000 after buying an additional 6,580 shares during the period. Finally, FMR LLC raised its position in shares of CNX Resources by 1.6% in the 2nd quarter. FMR LLC now owns 483,497 shares of the oil and gas producer’s stock worth $8,596,000 after buying an additional 7,728 shares during the period. 95.60% of the stock is currently owned by institutional investors.

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

About CNX Resources

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.

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

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