CNX Resources Corp (NYSE:CNX) – Analysts at Jefferies Group upped their Q3 2018 earnings estimates for shares of CNX Resources in a note issued to investors on Tuesday. Jefferies Group analyst Z. Parham now expects that the oil and gas producer will earn $0.11 per share for the quarter, up from their previous estimate of $0.07. Jefferies Group also issued estimates for CNX Resources’ Q4 2018 earnings at $0.16 EPS, FY2018 earnings at $0.49 EPS, Q1 2019 earnings at $0.27 EPS, Q2 2019 earnings at $0.23 EPS and Q4 2019 earnings at $0.25 EPS.
CNX Resources (NYSE:CNX) last announced its quarterly earnings results on Tuesday, January 30th. The oil and gas producer reported $0.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.06. CNX Resources had a net margin of 14.03% and a return on equity of 1.36%. The firm had revenue of $333.30 million for the quarter, compared to analyst estimates of $331.76 million. During the same quarter in the previous year, the firm posted ($1.33) earnings per share. The business’s revenue was up 19.0% on a year-over-year basis.
Shares of CNX Resources (NYSE CNX) traded up $0.06 on Wednesday, reaching $14.62. 446,732 shares of the company’s stock were exchanged, compared to its average volume of 3,728,775. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.91 and a current ratio of 1.93. The company has a market capitalization of $2,984.94, a price-to-earnings ratio of 8.75 and a beta of 1.49. CNX Resources has a 1 year low of $11.29 and a 1 year high of $15.51.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. increased its holdings in shares of CNX Resources by 11.6% in the third quarter. Pacer Advisors Inc. now owns 36,532 shares of the oil and gas producer’s stock valued at $619,000 after purchasing an additional 3,800 shares during the last quarter. ING Groep NV increased its holdings in shares of CNX Resources by 17.7% in the third quarter. ING Groep NV now owns 25,357 shares of the oil and gas producer’s stock valued at $430,000 after purchasing an additional 3,808 shares during the last quarter. Advantus Capital Management Inc increased its holdings in shares of CNX Resources by 17.1% in the third quarter. Advantus Capital Management Inc now owns 26,177 shares of the oil and gas producer’s stock valued at $443,000 after purchasing an additional 3,815 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of CNX Resources by 16.8% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 30,203 shares of the oil and gas producer’s stock valued at $512,000 after purchasing an additional 4,351 shares during the last quarter. Finally, Jane Street Group LLC increased its holdings in shares of CNX Resources by 39.1% in the fourth quarter. Jane Street Group LLC now owns 16,923 shares of the oil and gas producer’s stock valued at $248,000 after purchasing an additional 4,753 shares during the last quarter. Institutional investors and hedge funds own 96.83% of the company’s stock.
CNX Resources declared that its board has approved a stock buyback plan 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 purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors 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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