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Thursday, September 28, 2023

Is the Rough Ride Over for CNX Resources Corporation (CNX)

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CNX Resources Corporation (CNX) shares are trading at higher $9.47 and the avg recommendation for the stock is Moderate Buy, while the current analyst price target stands at $14.10.

To add more color to this target, the company’s high over the last year is $14.19 and the low is $4.26. Over the last 52 weeks, CNX is up 43.05% while the S&P 500 is up 18.53%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, CNX reported a profit of -$213.43 million. CNX Resources Corporation also saw revenues decrease to $66.08 million. In addition, CNX has free cash flow of $239.11 million as of 09-2020. The company’s EBITDA came in at -$93.16 million which compares well with its peers.

CNX booked profit margins of -87.50%, its Return on Equity (ROE) is -23.80%, and its Return on Assets is -11.20%. All told, it is clear that, CNX needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. CNX has a short ratio of 3.43 and outstanding shares of 224.53M.

Company Outlook

CNX has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 3.67 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -4.93. CNX Resources Corporation CNX also noted assets of $8.0 billion at the end of the last quarter. Investors should also keep an eye on sector updates as CNX has historically followed its peers on positive news.

All told, CNX Resources Corporation CNX has strung together solid data and demonstrated underlying fundamentals. At its current valuation, CNX represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

CNX Resources Corporation CNX is now commanding a market cap of 1.99B and a float of 221.85M. CNX is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of CNX stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in CNX, either long or short, and we have not been compensated for this article.

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