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CNX Resources Corporation (NYSE: CNX) Stock Forecast: Potential To Pass $48.00 Within A Year

The trading price of CNX Resources Corporation (NYSE:CNX) floating lower at last check on Wednesday, June 22, closing at $17.42, -1.58% lower than its previous close.

Traders who pay close attention to intraday price movement should know that it has been fluctuating between $17.22 and $17.95. In examining the 52-week price action we see that the stock hit a 52-week high of $24.21 and a 52-week low of $10.41. Over the past month, the stock has lost -10.20% in value.

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CNX Resources Corporation, whose market valuation is $3.81 billion at the time of this writing, is expected to release its quarterly earnings report Jul 27, 2022 – Aug 01, 2022. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by $0.7 per share this quarter, however they have predicted annual earnings per share of $3.01 for 2022 and $3.18 for 2023. It means analysts are expecting annual earnings per share growth of 87.00% this year and 5.60% next year.

Analysts have forecast the company to bring in revenue of $507.02 million for the current quarter, with the likely lows of $431 million and highs of $566 million. The average estimate suggests sales will likely up by 30.20% this quarter compared to what was recorded in the comparable quarter last year. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2022 is $2.07 billion. The company’s revenue is forecast to drop by -9.20% over what it did in 2022.

A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of CNX Resources Corporation No upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest CNX has a 50% Buy on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 50% Buy, while an average of long term indicators suggests that the stock is currently Hold.

Here is the average analyst rating on the stock as represented by 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock should be considered as either strong buy or strong sell respectively. The number of analysts that have assigned CNX a recommendation rating is 12. Out of them, 7 rate it a Hold, while 2 recommend Buy, whereas 1 assign an Overweight rating. 1 analyst(s) have tagged CNX Resources Corporation (CNX) as Underweight, while 1 advise Sell. Analysts have rated the stock Hold, likely urging investors to take advantage of the opportunity to add to their holdings of the company’s shares.

A quick review shows that CNX’s price is currently -19.04% off the SMA20 and -16.74% off the SMA50. The RSI metric on the 14-day chart is currently showing 30.71, and weekly volatility stands at 8.40%. When measured over the past 30 days, the indicator reaches 5.10%. CNX Resources Corporation (NYSE:CNX)’s beta value is currently sitting at 1.27, while the Average True Range indicator is currently displaying 1.11. With analysts defining $21.00-$48.00 as the low and high price targets, we arrive at a consensus price target of $28.10 for the trailing 12-month period. The current price is about -20.55% off the estimated low and -175.55% off the forecast high, based on this estimate. Investors will be thrilled if CNX’s share price rises to $25.50, which is the median consensus price. At that level, CNX’s share price would be -46.38% below current price.

To see how CNX Resources Corporation stock has been performing today in comparison to its peers in the industry, here are the numbers: CNX stock’s performance was -1.58% at last check in today’s session, and 29.67% in the past year, while Natural Resource Partners L.P. (NRP) has been trading -2.51% in recent session and positioned 106.58% higher than it was a year ago. Another comparable company Alliance Resource Partners L.P. (ARLP) saw its stock trading -4.26% lower in today’s session but was up 165.89% in a year. Also during today’s trading, the S&P 500 Index has surged 0.74%, while the Dow Jones Industrial also saw a positive session, up 0.45% today.

An evaluation of the daily trading volume of CNX Resources Corporation (NYSE:CNX) indicates that the 3-month average is 3.42 million. However, this figure has increased over the past 10 days to an average of 4.04 million.

Currently, records show that 199.85 million of the company’s shares remain outstanding. The insiders hold 2.20% of outstanding shares, whereas institutions hold 97.50%. The stats also highlight that short interest as of May 30, 2022, stood at 30.11 million shares, resulting in a short ratio of 8.93 at that time. From this, we can conclude that short interest is 15.44% of the company’s total outstanding shares. It is noteworthy that short shares in May were up slightly from the previous month’s figure, which was 27.65 million. However, since the stock’s price has seen 28.73% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.

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