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CNX Resources Corporation (CNX - Free Report) announced the closing of its private placement of $200.0 million aggregate principal amount of its 7.250% senior notes due 2027. The proceeds from the new issue and borrowings under the revolving credit facility will aid the company to redeem all its outstanding 5.875% senior notes due 2022. This arrangement will eliminate any senior note maturities prior to 2026.
The company has been able to maintain a steady performance amid the unprecedented economic crisis by efficiently managing its assets. Earlier this month, the company announced plans to increase 2020 free cash flow, resume previously curtailed production and use funds to further lower outstanding debt levels.
Efficient Management of Debt
CNX Resources has been managing debts quite efficiently. It has been able to refinance the entire 5.875% series of notes due 2022 with free cash flow, tax refunds and proceeds from new note issues.
At second quarter-end, total debt to capital was 36.1%, down from 36.4% registered in the first quarter of 2020. The company’s total debt to capital was also lower than the industry average of 45.27%.
Oil & Gas Companies Restructure Debt
Decline in oil and gas prices as well as demand due to the pandemic outbreak have forced many oil and gas companies operating in the United States to restructure their debt level to remain viable amid this difficult time period. Near-zero interest rates also allowed some of the companies to refinance old debts with proceeds from much lower interest-bearing debts offering.
Zacks Rank & Stocks to Consider
CNX Resources carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same industry include Laredo Petroleum , Noble Midstream Partners LP and Pioneer Natural Resources Company (PXD - Free Report) . Laredo Petroleum sports a Zacks Rank of 1 (Strong Buy), while the other two stocks have a Zacks Rank of 2 (Buy). You can seethe complete list of today’s Zacks #1 Rank stocks here.
Laredo Petroleum, Noble Midstream Partners and Pioneer Natural Resources delivered average earnings surprise of 12.5%, 52.5% and 7.5%, respectively, in the last four quarters.
The Zacks Consensus Estimate for Laredo Petroleum, Noble Midstream Partners and Pioneer Natural Resources’ 2020 earnings has moved 116.4%, 14.6% and 21.3% upward, respectively, in the past 60 days.
Price Performance
In the past six months’ period, the stock has gained 100.6% compared with the industry’s rally of 52.8%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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CNX Resources Closes $200M Notes Offering, Refinances Debts
CNX Resources Corporation (CNX - Free Report) announced the closing of its private placement of $200.0 million aggregate principal amount of its 7.250% senior notes due 2027. The proceeds from the new issue and borrowings under the revolving credit facility will aid the company to redeem all its outstanding 5.875% senior notes due 2022. This arrangement will eliminate any senior note maturities prior to 2026.
The company has been able to maintain a steady performance amid the unprecedented economic crisis by efficiently managing its assets. Earlier this month, the company announced plans to increase 2020 free cash flow, resume previously curtailed production and use funds to further lower outstanding debt levels.
Efficient Management of Debt
CNX Resources has been managing debts quite efficiently. It has been able to refinance the entire 5.875% series of notes due 2022 with free cash flow, tax refunds and proceeds from new note issues.
At second quarter-end, total debt to capital was 36.1%, down from 36.4% registered in the first quarter of 2020. The company’s total debt to capital was also lower than the industry average of 45.27%.
Oil & Gas Companies Restructure Debt
Decline in oil and gas prices as well as demand due to the pandemic outbreak have forced many oil and gas companies operating in the United States to restructure their debt level to remain viable amid this difficult time period. Near-zero interest rates also allowed some of the companies to refinance old debts with proceeds from much lower interest-bearing debts offering.
Zacks Rank & Stocks to Consider
CNX Resources carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same industry include Laredo Petroleum , Noble Midstream Partners LP and Pioneer Natural Resources Company (PXD - Free Report) . Laredo Petroleum sports a Zacks Rank of 1 (Strong Buy), while the other two stocks have a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Laredo Petroleum, Noble Midstream Partners and Pioneer Natural Resources delivered average earnings surprise of 12.5%, 52.5% and 7.5%, respectively, in the last four quarters.
The Zacks Consensus Estimate for Laredo Petroleum, Noble Midstream Partners and Pioneer Natural Resources’ 2020 earnings has moved 116.4%, 14.6% and 21.3% upward, respectively, in the past 60 days.
Price Performance
In the past six months’ period, the stock has gained 100.6% compared with the industry’s rally of 52.8%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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