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

Core Natural Resources, Inc. (NYSE:CNR) dropped 8% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $67.51 and last traded at $69.22. Approximately 348,216 shares changed hands 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) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.74 by ($3.12). Core Natural Resources had a return on equity of 23.87% and a net margin of 12.81%.

Core Natural Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend was Monday, March 3rd. Core Natural Resources’s payout ratio is currently 4.16%.

Analyst Ratings Changes

Several equities analysts recently commented on CNR shares. B. Riley reduced their price objective on shares of Core Natural Resources from $136.00 to $119.00 and set a “buy” rating for the company in a research note on Friday, April 11th. StockNews.com initiated coverage on shares of Core Natural Resources in a research note on Thursday, January 30th. They issued a “hold” rating for the company. Finally, Benchmark reissued a “buy” rating and set a $112.00 price target on shares of Core Natural Resources in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $132.75.

Insider Buying and Selling at Core Natural Resources

In related news, Director Holly K. Koeppel sold 8,815 shares of the company’s stock in a transaction on Monday, March 31st. The shares were 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 owns 13,348 shares of the company’s stock, valued at approximately $1,005,104.40. This represents a 39.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.02% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Core Natural Resources

Several institutional investors and hedge funds have recently modified their holdings of CNR. Victory Capital Management Inc. purchased a new stake in Core Natural Resources during the first quarter valued at $42,950,000. Bank of New York Mellon Corp bought a new position in shares of Core Natural Resources during the 1st quarter worth $30,034,000. Pacer Advisors Inc. purchased a new stake in shares of Core Natural Resources in the 1st quarter worth approximately $23,003,000. Magnolia Group LLC purchased a new position in shares of Core Natural Resources in the 1st quarter valued at $22,899,000. Finally, Goehring & Rozencwajg Associates LLC bought a new position in Core Natural Resources in the first quarter worth about $20,729,000. Institutional investors own 86.54% of the company’s stock.

Core Natural Resources Trading Down 9.8 %

The company’s 50 day simple moving average is $72.95 and its two-hundred day simple moving average is $114.14. The company has a quick ratio of 1.16, a current ratio of 1.38 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of 7.07 and a beta of 0.69.

About Core Natural Resources

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.