Core Natural Resources (NYSE:CNR) Trading Down 8% on Disappointing Earnings

Core Natural Resources, Inc. (NYSE:CNR) shares dropped 8% during trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $67.51 and last traded at $69.22. Approximately 348,216 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 1,010,120 shares. The stock had previously closed at $75.26.

The energy company reported ($1.38) EPS for the quarter, missing the consensus estimate of $1.74 by ($3.12). The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $964.15 million. Core Natural Resources had a return on equity of 23.87% and a net margin of 12.81%.

Core Natural Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.60%. Core Natural Resources’s payout ratio is presently 4.16%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. B. Riley decreased their price target on shares of Core Natural Resources from $136.00 to $119.00 and set a “buy” rating for the company in a report on Friday, April 11th. StockNews.com assumed coverage on Core Natural Resources in a research note on Thursday, January 30th. They set a “hold” rating for the company. Finally, Benchmark dropped their price target on Core Natural Resources from $112.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $131.00.

Insider Activity

In related news, Director Holly K. Koeppel sold 8,815 shares of the firm’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $75.30, for a total value of $663,769.50. Following the completion of the transaction, the director now directly owns 13,348 shares of the company’s stock, valued at $1,005,104.40. This trade represents a 39.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.02% of the stock is owned by company insiders.

Institutional Trading of Core Natural Resources

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. acquired a new position in Core Natural Resources in the first quarter worth about $482,793,000. Charles Schwab Investment Management Inc. bought a new stake in Core Natural Resources in the first quarter valued at $48,630,000. Victory Capital Management Inc. bought a new stake in Core Natural Resources in the first quarter valued at $42,950,000. Bank of New York Mellon Corp acquired a new position in Core Natural Resources during the first quarter worth $30,034,000. Finally, Pacer Advisors Inc. bought a new position in shares of Core Natural Resources during the first quarter valued at $23,003,000. 86.54% of the stock is currently owned by institutional investors and hedge funds.

Core Natural Resources Price Performance

The company’s 50 day moving average price is $72.87 and its 200 day moving average price is $113.62. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.16 and a current ratio of 1.38. The company has a market cap of $3.58 billion, a price-to-earnings ratio of 6.96 and a beta of 0.69.

Core Natural Resources Company Profile

Core Natural Resources, Inc, together with its subsidiaries, produces and sells bituminous coal in the United States and internationally. It operates through two segments, Pennsylvania Mining Complex (PAMC) and CONSOL Marine Terminal. The company’s PAMC segment engages in the mining, preparing, and marketing of bituminous coal to power generators, industrial end-users, and metallurgical end-users.