Zacks: Analysts Expect CNX Resources Corp (CNX) Will Announce Quarterly Sales of $384.12 Million

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Analysts forecast that CNX Resources Corp (NYSE:CNX) will announce $384.12 million in sales for the current quarter, Zacks reports. Four analysts have issued estimates for CNX Resources’ earnings, with estimates ranging from $358.30 million to $429.00 million. CNX Resources posted sales of $671.28 million in the same quarter last year, which suggests a negative year over year growth rate of 42.8%. The business is expected to announce its next earnings report before the market opens on Tuesday, October 30th.

On average, analysts expect that CNX Resources will report full year sales of $1.61 billion for the current financial year, with estimates ranging from $1.47 billion to $1.77 billion. For the next year, analysts forecast that the firm will report sales of $1.61 billion, with estimates ranging from $1.37 billion to $1.88 billion. Zacks’ sales averages are a mean average based on a survey of research firms that cover CNX Resources.

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

CNX has been the subject of a number of research reports. Zacks Investment Research downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, July 11th. ValuEngine downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a research report on Saturday, July 28th. Raymond James downgraded shares of CNX Resources from a “market perform” rating to an “underperform” rating in a research report on Monday, August 6th. They noted that the move was a valuation call. Finally, Goldman Sachs Group downgraded shares of CNX Resources from a “neutral” rating to a “sell” rating and set a $14.00 price target for the company. in a research report on Tuesday, September 11th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $21.00.

In other CNX Resources news, Director J. Palmer Clarkson acquired 10,000 shares of the company’s stock in a transaction dated Thursday, August 16th. The stock was acquired at an average cost of $14.90 per share, with a total value of $149,000.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 2.00% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of CNX. Russell Investments Group Ltd. increased its stake in shares of CNX Resources by 163.4% during the 1st quarter. Russell Investments Group Ltd. now owns 207,830 shares of the oil and gas producer’s stock worth $3,196,000 after purchasing an additional 128,922 shares in the last quarter. Stifel Financial Corp increased its stake in shares of CNX Resources by 191.5% during the 1st quarter. Stifel Financial Corp now owns 45,155 shares of the oil and gas producer’s stock worth $690,000 after purchasing an additional 29,666 shares in the last quarter. GSA Capital Partners LLP increased its stake in shares of CNX Resources by 386.4% during the 1st quarter. GSA Capital Partners LLP now owns 67,784 shares of the oil and gas producer’s stock worth $1,046,000 after purchasing an additional 53,848 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of CNX Resources by 61.8% during the 1st quarter. Commonwealth Equity Services LLC now owns 16,253 shares of the oil and gas producer’s stock worth $250,000 after purchasing an additional 6,205 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC increased its stake in shares of CNX Resources by 51.9% during the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 41,206 shares of the oil and gas producer’s stock worth $636,000 after purchasing an additional 14,084 shares in the last quarter. 95.60% of the stock is owned by institutional investors and hedge funds.

Shares of CNX stock traded up $0.02 during midday trading on Monday, reaching $14.16. 2,055,127 shares of the company traded hands, compared to its average volume of 3,061,327. CNX Resources has a 1-year low of $11.69 and a 1-year high of $18.37. The company has a current ratio of 0.67, a quick ratio of 0.65 and a debt-to-equity ratio of 0.47. The company has a market cap of $3.05 billion, a price-to-earnings ratio of -88.50 and a beta of 1.03.

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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