CNX Resources (NYSE:CNX) Stock, Quote.Headers.trade-ideas

CNX Resources

CNX Resources Corp is an independent low carbon intensity natural gas and midstream company engaged in the exploration, development, production and acquisition of natural gas properties in the Appalachian Basin. The company's operating segment include Shale and Coalbed Methane. It generates maximum revenue from the Shale segment. It also has other segment that includes nominal shallow oil and gas production.

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CNX Resources Corporation (NYSE: CNX) is scheduled to release second-quarter 2024 results on Jul 25, before market open. The company delivered an earnings surprise of 25% in the last reported quarter.

Let&#39;s discuss the factors that are likely to be reflected in the upcoming quarterly results.

What&#39;s in Store for CNX Resources in Q2 Earnings?

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CNX Resources Corp (NYSE: CNX) reported 

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Mizuho analyst Nitin Kumar maintains CNX Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNX#NYSE">CNX</a>) with a Neutral and raises the price target from $30 to $32.

Price Target

Mizuho Maintains Neutral on CNX Resources, Raises Price Target to $32

JP Morgan analyst Zach Parham maintains CNX Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNX#NYSE">CNX</a>) with a Neutral and raises the price target from $26 to $27.

JP Morgan Maintains Neutral on CNX Resources, Raises Price Target to $27

Scotiabank analyst Cameron Bean maintains CNX Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNX#NYSE">CNX</a>) with a Sector Underperform and raises the price target from $25 to $27.

Scotiabank Maintains Sector Underperform on CNX Resources, Raises Price Target to $27

Piper Sandler analyst Mark Lear downgrades CNX Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNX#NYSE">CNX</a>) from Neutral to Underweight and lowers the price target from $22 to $20.

Downgrades

Piper Sandler Downgrades CNX Resources to Underweight, Lowers Price Target to $20

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CNX Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNX#NYSE">CNX</a>) reported quarterly earnings of $0.36 per share which beat the analyst consensus estimate of $0.28 by 28.57 percent. This is a 20 percent increase over earnings of $0.30 per share from the same period last year. The company reported quarterly sales of $346.000 million which missed the analyst consensus estimate of $372.665 million by 7.16 percent. This is a 2.67 percent increase over sales of $337.000 million the same period last year.

Earnings Misses

CNX Resources Q2 2024 Adj EPS $0.36 Beats $0.28 Estimate, Sales $346.000M Miss $372.665M Estimate

CNX Resources Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cnx#NYSE">CNX</a>) is scheduled to release second-quarter 2024 results on Jul 25, before market open. The company delivered an earnings surprise of 25% in the last reported quarter.
Let&#39;s discuss the factors that are likely to be reflected in the upcoming quarterly results.
<h3>Factors to Note</h3>
CNX Resources&#39; free cash flow generation and utilization of the same are likely to have continued to help repurchase shares and reduce debts in the second quarter.
The systematic buybacks during the quarter are expected to have boosted earnings per share. Ongoing debt reduction is likely to have resulted in decreased interest expenses.
The company&#39;s bottom line is expected to have benefited from its decision to delay completion activities on three Marcellus Shale pads, consisting of 11 wells, due to the challenging near-term gas market conditions. CNX&#39;s expects lower natural gas prices on unhedged volumes and curtailed production volumes to be largely offset by the deferral in capital activity and stronger NGL prices.
<h3>Q2 Expectations</h3>
The Zacks Consensus Estimate for earnings is pegged at 27 cents per share, indicating a year-over-year decrease of 6.9%. The Zacks Consensus Estimate for revenues is pinned at $387.3 million, indicating a year-over-year increase of 14.9%.
The consensus mark for total production volumes is pegged at 135.4 billion cubic feet equivalent, up 0.9% year over year. The consensus estimate for average natural gas sales price is pinned at $1.66 per thousand cubic feet equivalent, down 7.8% year over year. The consensus mark for average sales price of NGL is pegged at $22.56 per barrel, up 18.2% from that registered in the year-ago quarter.
The Zacks Consensus Estimate for the average sales price of Oil/Condensate is pinned at $68.9 per barrel, up 8.6% from the year-ago quarter&#39;s figure.
<h3>What the Zacks Model Unveils</h3>
Our proven model predicts an earnings beat for CNX Resources this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), #2 (Buy) or #3 (Hold) increases the odds of an earnings beat, which is the case here.
<div class="chart_embed">
<h3>CNX Resources Corporation. Price and EPS Surprise</h3>
<img alt="CNX Resources Corporation. Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/b1/1721736735.png" style="height:301px; width:615px" title="" />
CNX Resources Corporation. price-eps-surprise | CNX Resources Corporation&nbsp;Quote
Earnings ESP: The company&#39;s Earnings ESP is +6.21%.
Zacks Rank: Currently, CNX Resources carries a Zacks Rank #3.
</div>
<h3>Other Stocks to Consider</h3>
Investors may also consider the following players from the same sector as these too have the right combination of elements to post an earnings beat this reporting cycle.
NextEra Energy Partners (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nep#NYSE">NEP</a>) is expected to post an earnings beat when it announces second-quarter results on Jul 24, before market open. It has an Earnings ESP of +8.11% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for second-quarter earnings has increased 1.7% to 59 cents per unit in the past 30 days. The Zacks Consensus Estimate for sales calls for a year-over-year increase of 4.8%.
Plains All American Pipeline (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/paa#NASDAQ">PAA</a>) is likely to come up with an earnings beat when it announces second-quarter results on Aug 2, before market open. It has an Earnings ESP of +2.25% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for earnings has increased 26.9% to 33 cents per unit in the past 60 days. The firm delivered an average earnings surprise of 20.1% in the last four quarters.
Energy Transfer (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/et#NYSE">ET</a>) is expected to post an earnings beat when it announces second-quarter results on Aug 7, after market close. It has an Earnings ESP of +12.36% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for earnings has increased 5.9% to 36 cents per unit in the past 60 days. The firm delivered an average earnings surprise of 1.7% in the last four quarters.
<a href="https://www.zacks.com/stock/news/2306926/what-s-in-store-for-cnx-resources-cnx-in-q2-earnings?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2306926">To read this article on Zacks.com click here.</a>

What's in Store for CNX Resources in Q2 Earnings?

Truist Securities analyst Bertrand Hodee maintains CNX Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNX#NYSE">CNX</a>) with a Buy and raises the price target from $30 to $31.

Truist Securities Maintains Buy on CNX Resources, Raises Price Target to $31

Stephens &amp; Co. analyst Mike Scialla reiterates CNX Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNX#NYSE">CNX</a>) with a Equal-Weight and maintains $27 price target.

Reiteration

Stephens & Co. Reiterates Equal-Weight on CNX Resources, Maintains $27 Price Target

CNX Resources, Keystate Energy And Pittsburgh International Airport Announced A Collaboration To Bring Another Transformational Project To Pit Property To Accelerate Regional And National Hydrogen And Sustainable Aviation Fuel Development

Mizuho analyst Nitin Kumar maintains CNX Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNX#NYSE">CNX</a>) with a Neutral and raises the price target from $25 to $29.

Mizuho Maintains Neutral on CNX Resources, Raises Price Target to $29

CNX Resources Says Not Planning To Curtail Any Production Right Now

CNX Resources shares are trading lower following a Q1 revenue miss.

CNX Resources Q1 Total Revenue And Other Operating Income $384.000M vs $398.068M Estimate

CNX Resources And Deep Well Services Announced A Joint Venture To Launch AutoSepSM Technologies, A New Oilfield Service Company Providing Step Change Improvement To Conventional Flowback Operations

Partnership combines engineering innovation, technology, and natural gas assets to revolutionize the CNG and micro-scale LNG industries
<ul>
<li>CNX achieves first-of-its-kind ZeroHP CNG&#x2122; production at scale on pad in Southwestern Pennsylvania, catalyzing Company entry into downstream energy markets with leading, innovative technology solutions</li>
<li>Zero Horsepower (ZeroHP) CNG creates decentralized CNG production market to better meet growing demand for clean, affordable energy</li>
<li>Low Horsepower, Clean mLNG&#x2122; advances cost-effective and lower emissions production of small-scale LNG</li>
</ul>
CENTER, Texas&nbsp;and PITTSBURGH, April 22, 2024 /PRNewswire/ -- NuBlu Energy (NuBlu), a leading Engineering, Procurement, and Construction (EPC) company specializing in energy transition solutions and CNX Resources Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNX#NYSE">CNX</a>), Appalachia's premier ultra-low carbon intensive natural gas technology and development firm, jointly unveiled two solutions today, ZeroHP CNG&nbsp;and Clean mLNG, that represent step change advancements in the scale and efficiency at which compressed natural gas (CNG) and micro-scale liquefied natural gas (LNG) can be produced, all while materially lowering the cost and carbon footprint of both products.
ZeroHP CNG&nbsp;is an innovative production technology that redefines CNG by eliminating the need for mechanical compressors. Instead of leveraging conventional mechanical compression, ZeroHP CNG&nbsp;exploits high gas pressures found naturally, within deep shale formations. This previously untapped renewable energy source, referred to as "Geobaric Energy&#x2122;," is being harnessed using CNX's patent pending technology in a first-of-its-kind application at a CNX ZeroHP CNG&nbsp;facility in Southwestern Pennsylvania. ZeroHP CNG&nbsp;represents a paradigm shift in compressed natural gas production, offering unparalleled advantages over traditional methods by drastically reducing:
<ul>
<li>Capital costs,</li>
<li>Operating costs,</li>
<li>Environmental footprint,</li>
<li>Maintenance requirements,</li>
<li>Trailer fill time (capable of filling the largest virtual pipeline trailers in approximately one hour without the need for refrigeration).</li>
</ul>
ZeroHP CNG&nbsp;opens new possibilities for decentralized clean CNG production, positioning it as an ideal solution for meeting the growing demand for clean, affordable energy. The unique design allows for rapid deployment without the requirement of utility power, offering remote locations, stranded assets, or exploratory wells access to market without the need for pipeline infrastructure.
Additionally, the team is proud to introduce the Clean mLNG&nbsp;system, a micro-scale LNG liquefaction solution that leverages both Geobaric Energy and NuBlu's proven methane-only refrigeration technology, <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4146641-1&amp;h=806774290&amp;u=https%3A%2F%2Fnubluenergy.com%2Fmlng-liquefaction-product%2F&amp;a=mLNG">mLNG</a>. Leveraging cutting-edge processes and patent-pending technologies, Clean mLNG&nbsp;achieves cost savings and environmental benefits exceeding those of traditional mega-scale LNG processes. Doing so marks a significant milestone in the industry by enabling the cost-effective production of small-scale LNG without compromising performance, and by providing a path to zero Scopes 1 and 2 upstream emissions.
"We are thrilled to introduce these groundbreaking technologies in collaboration with CNX Resources," said Rob Harman, NuBlu Energy President. "We are not just pushing the boundaries of what's possible in energy production; we are reshaping the landscape of the industry, paving the way for cleaner, more efficient solutions."
By leveraging advanced processes and proprietary technologies, NuBlu and CNX aim to drive a transition in the CNG and LNG space toward a more sustainable future. Products manufactured from these systems may displace conventional, foreign-sourced liquid fuels with a local, cleaner-burning, more cost-effective option. This disruptive solution has the market potential to displace traditional diesel, kerosene, and propane uses. Additionally, recent obstructions to interstate natural gas infrastructure projects have created a market opportunity for regional mobile energy solutions.&nbsp;CNG is capable of providing the energy equivalent to diesel at less than half the current price while reducing well-to-wheel carbon emissions by 35% and tailpipe SOx and NOx by approximately 40% and 90%, respectively. ZeroHP CNG&nbsp;also provides a 50% reduction in carbon intensity compared to conventional CNG.
The total estimated addressable market for these technologies in the United States has the potential to displace all the petroleum products imported from the Middle East. Specifically, it could displace 56% of transatlantic and transpacific petroleum imports which would reduce global emissions by 80 million metric tonnes CO2e on an annual basis.
"Converting Appalachian-produced natural gas to CNG and LNG unlocks significant cost savings and a decentralized decarbonization solution that can transform regional sectors including transportation, manufacturing, aviation, heating and power generation, among others," said Ravi Srivastava, CNX President of New Technologies. "CNX's New Tech segment is committed to delivering cutting-edge technologies that vertically and horizontally expand the use of lower cost and lower emissions products, which catalyze new clean energy industries and revitalize the Appalachian region. We're excited about what's in store for us, NuBlu, and the entire region with these innovative ZeroHP CNG&nbsp;and Clean mLNG&nbsp;solutions."

NuBlu Energy And CNX Resources Team Up To Deploy CNG & LNG Tech Solutions

Piper Sandler analyst Kashy Harrison maintains CNX Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNX#NYSE">CNX</a>) with a Neutral and raises the price target from $18 to $22.

Piper Sandler Maintains Neutral on CNX Resources, Raises Price Target to $22

Scotiabank analyst Cameron Bean maintains CNX Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNX#NYSE">CNX</a>) with a Sector Underperform and raises the price target from $20 to $25.

Scotiabank Maintains Sector Underperform on CNX Resources, Raises Price Target to $25

Mizuho analyst Nitin Kumar maintains CNX Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNX#NYSE">CNX</a>) with a Neutral and raises the price target from $24 to $25.

Mizuho Maintains Neutral on CNX Resources, Raises Price Target to $25

CNX Resources Corporation (CNX) Q2 2024 Earnings Call Transcript

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