CNX Resources Corp (NYSE:CNX) – SunTrust Banks boosted their FY2017 earnings estimates for shares of CNX Resources in a report issued on Sunday, according to Zacks Investment Research. SunTrust Banks analyst W. Fitzpatrick now expects that the oil and gas producer will post earnings per share of $0.63 for the year, up from their previous estimate of $0.60. SunTrust Banks has a “Buy” rating on the stock. SunTrust Banks also issued estimates for CNX Resources’ Q4 2017 earnings at $0.45 EPS, Q1 2018 earnings at $0.05 EPS, Q3 2018 earnings at $0.02 EPS and FY2018 earnings at $0.08 EPS.
CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Tuesday, October 31st. The oil and gas producer reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.14). CNX Resources had a negative return on equity of 2.69% and a negative net margin of 4.53%. The company had revenue of $671.30 million during the quarter, compared to analyst estimates of $623.00 million. During the same quarter in the previous year, the business posted $0.04 EPS. The company’s revenue was down 10.0% on a year-over-year basis.
A number of other research firms also recently weighed in on CNX. Zacks Investment Research downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Jefferies Group reiterated a “buy” rating and set a $20.00 price target on shares of CNX Resources in a research note on Tuesday, October 10th. Scotiabank reiterated a “hold” rating on shares of CNX Resources in a research note on Wednesday, October 4th. Susquehanna Bancshares lifted their price target on shares of CNX Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, September 25th. Finally, B. Riley began coverage on shares of CNX Resources in a research note on Tuesday, November 21st. They set a “buy” rating and a $32.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company’s stock. CNX Resources currently has an average rating of “Hold” and a consensus price target of $22.91.
CNX Resources (NYSE:CNX) traded up $0.15 on Tuesday, reaching $15.19. 2,122,644 shares of the company’s stock were exchanged, compared to its average volume of 2,454,400. CNX Resources has a 1 year low of $11.29 and a 1 year high of $16.47. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.94 and a quick ratio of 0.86. The firm has a market capitalization of $3,460.00, a P/E ratio of -15.66 and a beta of 1.52.
Several hedge funds and other institutional investors have recently modified their holdings of the business. Utah Retirement Systems lifted its holdings in shares of CNX Resources by 0.7% during the second quarter. Utah Retirement Systems now owns 41,671 shares of the oil and gas producer’s stock valued at $623,000 after acquiring an additional 300 shares during the period. Teacher Retirement System of Texas lifted its holdings in shares of CNX Resources by 4.0% during the second quarter. Teacher Retirement System of Texas now owns 14,921 shares of the oil and gas producer’s stock valued at $223,000 after acquiring an additional 577 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of CNX Resources by 9.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,634 shares of the oil and gas producer’s stock valued at $114,000 after acquiring an additional 631 shares during the period. Suntrust Banks Inc. lifted its holdings in shares of CNX Resources by 3.0% during the second quarter. Suntrust Banks Inc. now owns 28,310 shares of the oil and gas producer’s stock valued at $422,000 after acquiring an additional 831 shares during the period. Finally, Comerica Bank lifted its holdings in shares of CNX Resources by 0.6% during the second quarter. Comerica Bank now owns 152,499 shares of the oil and gas producer’s stock valued at $2,460,000 after acquiring an additional 933 shares during the period. 99.29% of the stock is owned by institutional investors.
CNX Resources declared that its Board of Directors has initiated a share buyback plan on Tuesday, October 31st that authorizes the company to buyback $369.00 million in shares. This buyback authorization authorizes the oil and gas producer to repurchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board 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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