CNX Resources Corp (CNX) Expected to Announce Quarterly Sales of $381.36 Million

Brokerages expect CNX Resources Corp (NYSE:CNX) to post sales of $381.36 million for the current quarter, Zacks reports. Four analysts have made estimates for CNX Resources’ earnings, with the highest sales estimate coming in at $436.00 million and the lowest estimate coming in at $342.90 million. CNX Resources reported sales of $865.95 million in the same quarter last year, which indicates a negative year-over-year growth rate of 56%. The business is expected to announce its next quarterly earnings results on Tuesday, August 7th.

According to Zacks, analysts expect that CNX Resources will report full year sales of $1.62 billion for the current financial year, with estimates ranging from $1.50 billion to $1.83 billion. For the next year, analysts anticipate that the firm will post sales of $1.72 billion per share, with estimates ranging from $1.53 billion to $1.88 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow CNX Resources.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, May 3rd. The oil and gas producer reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.07. CNX Resources had a return on equity of 1.36% and a net margin of 37.74%. The company had revenue of $496.00 million during the quarter, compared to analysts’ expectations of $408.68 million. During the same period last year, the business posted $0.17 EPS. CNX Resources’s revenue for the quarter was up 55.0% on a year-over-year basis.

A number of equities analysts recently commented on CNX shares. Tudor Pickering upgraded CNX Resources from a “hold” rating to a “buy” rating in a report on Tuesday, February 27th. ValuEngine upgraded CNX Resources from a “strong sell” rating to a “sell” rating in a report on Friday, May 4th. Zacks Investment Research upgraded CNX Resources from a “sell” rating to a “hold” rating in a report on Monday, March 12th. Finally, Stifel Nicolaus assumed coverage on CNX Resources in a report on Tuesday, May 22nd. They set a “hold” rating and a $18.00 target price for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $21.50.

CNX Resources stock traded down $0.05 during midday trading on Friday, reaching $16.98. 1,784,000 shares of the stock traded hands, compared to its average volume of 3,559,877. CNX Resources has a 12-month low of $11.29 and a 12-month high of $18.08. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of -106.13 and a beta of 1.27. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.93 and a quick ratio of 0.91.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Jane Street Group LLC boosted its stake in shares of CNX Resources by 39.1% in the 4th quarter. Jane Street Group LLC now owns 16,923 shares of the oil and gas producer’s stock valued at $248,000 after buying an additional 4,753 shares during the period. American International Group Inc. boosted its stake in shares of CNX Resources by 1.3% in the 4th quarter. American International Group Inc. now owns 428,922 shares of the oil and gas producer’s stock valued at $6,275,000 after buying an additional 5,354 shares during the period. Emerald Advisers Inc. PA boosted its stake in shares of CNX Resources by 49.2% in the 4th quarter. Emerald Advisers Inc. PA now owns 16,900 shares of the oil and gas producer’s stock valued at $247,000 after buying an additional 5,570 shares during the period. ING Groep NV boosted its stake in shares of CNX Resources by 23.2% in the 4th quarter. ING Groep NV now owns 31,249 shares of the oil and gas producer’s stock valued at $457,000 after buying an additional 5,892 shares during the period. Finally, Commonwealth Equity Services LLC boosted its stake 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 valued at $250,000 after buying an additional 6,205 shares during the period. Institutional investors and hedge funds own 96.10% 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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