Why CNX Resources Stock Is Surging Today
Shares of CNX Resources (NYSE: CNX) rallied nearly 16% by 10:45 a.m. EDT on Tuesday. Fueling the natural gas driller's surge was its second-quarter earnings report.
CNX Resources reported $162 million, or $0.84 per share, of adjusted net income, which came in well ahead of the analysts' consensus estimate of $0.14 per share. That's because the company recorded an unrealized gain on commodity price hedges of $211 million during the quarter. After adjusting for one-time items, the company's net income was $0.06 per share.
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