SunTrust Banks Weighs in on CNX Resources Corp’s FY2017 Earnings (CNX)

CNX Resources Corp (NYSE:CNX) – SunTrust Banks upped their FY2017 earnings estimates for CNX Resources in a report released on Sunday. SunTrust Banks analyst W. Fitzpatrick now anticipates that the oil and gas producer will post earnings per share of $0.63 for the year, up from their prior estimate of $0.60. SunTrust Banks currently 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 earnings results on Tuesday, October 31st. The oil and gas producer reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.14). The business had revenue of $671.30 million for the quarter, compared to the consensus estimate of $623.00 million. CNX Resources had a positive return on equity of 1.09% and a negative net margin of 7.49%. CNX Resources’s revenue for the quarter was down 10.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.04 EPS.

Several other equities analysts have also recently issued reports on the company. Zacks Investment Research upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a report on Tuesday. Robert W. Baird assumed coverage on CNX Resources in a report on Tuesday. They issued an “outperform” rating and a $22.00 price target on the stock. Barclays set a $16.00 price target on CNX Resources and gave the company a “hold” rating in a report on Tuesday, December 12th. Seaport Global Securities initiated coverage on CNX Resources in a report on Thursday, November 30th. They issued a “buy” rating and a $32.00 price target on the stock. Finally, Stifel Nicolaus initiated coverage on CNX Resources in a report on Thursday, November 30th. They set a “buy” rating and a $32.00 target price on the stock. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $22.91.

CNX Resources (CNX) traded up $0.13 during trading on Tuesday, reaching $14.40. The company had a trading volume of 1,797,300 shares, compared to its average volume of 3,940,753. The company has a market capitalization of $3,201.76, a PE ratio of 75.11 and a beta of 1.53. CNX Resources has a fifty-two week low of $11.29 and a fifty-two week high of $16.47. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.86 and a current ratio of 0.94.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio raised its position in shares of CNX Resources by 140.2% during the third quarter. Public Employees Retirement System of Ohio now owns 243,488 shares of the oil and gas producer’s stock worth $4,125,000 after purchasing an additional 142,129 shares during the period. California Public Employees Retirement System raised its position in CNX Resources by 2.2% in the 3rd quarter. California Public Employees Retirement System now owns 628,546 shares of the oil and gas producer’s stock valued at $10,648,000 after buying an additional 13,700 shares during the last quarter. Janney Montgomery Scott LLC raised its position in CNX Resources by 22.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 36,821 shares of the oil and gas producer’s stock valued at $624,000 after buying an additional 6,786 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. raised its position in CNX Resources by 147.1% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 44,262 shares of the oil and gas producer’s stock valued at $750,000 after buying an additional 26,346 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in CNX Resources in the 3rd quarter valued at approximately $445,000. 99.29% of the stock is currently owned by institutional investors.

CNX Resources announced that its Board of Directors has initiated a share buyback plan on Tuesday, September 5th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the oil and gas producer to buy shares of its stock through open market purchases. Shares repurchase plans are generally 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.

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

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