CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2020 adjusted earnings of 21 cents per share, which surpassed the Zacks Consensus Estimate of 18 cents by 16.7%. Earnings also increased 75% from the year-ago figure.
Revenues
Fourth-quarter revenues of $627 million beat the Zacks Consensus Estimate of $385 million by 62.9%. The top line also increased 23.2% from the year-ago quarter.
Highlights of the Release
Average selling price for the quarter was $2.49 per thousand cubic feet equivalent (Mcfe), down 1.9% from the year-ago figure of $2.54. For the reported quarter, total production costs were down 4.8% year over year to $1.58 per Mcfe due to proper cost-management measures implemented by the company.
Total fourth-quarter production volumes were 146.5 billion cubic feet equivalent, up 2.2% year over year. Interest expenses for the reported quarter were $37.6 million, up 1.3% from the year-ago period.
During the quarter, CNX Resources repurchased 4.1 million shares at an average price of $10.43 per share. Its board approved another $150 million for share buybacks, taking the share buyback authorization to $250 million.
Financial Update
As of Dec 31, 2020, CNX Resources had cash and cash equivalents of $15.6 million, down from $16.3 million on Dec 31, 2019.
Total long-term debt as of Dec 31, 2020 was $2,401.4 million, lower than $2,754.4 million on Dec 31, 2019.
Fourth-quarter 2020 cash from operating activities was $160.7 million, up 40.3% from $114.2 million in the year-ago period. Free cash flow for the year was $356 million.
Capital expenditure for 2020 was $487 million, lower than the guided range of $495-$515 million.
Guidance
CNX Resources expects capital expenditure for 2021 in the range of $430-$470 million. The company now expects 2021 production volumes in the range of 540-570 billions of cubic feet equivalent (Bcfe), up from the prior view of 490-530 Bcfe. Nearly 90% expected gas production for 2021 is hedged by the company.
The company expects free cash flow for 2021 to be $425 million.
Zacks Rank
CNX Resources currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
TOTAL SE is scheduled to report fourth-quarter 2020 results on Feb 9. The Zacks Consensus Estimate for the bottom line for the quarter is pegged at 46 cents per share.
Devon Energy Corporation (DVN - Free Report) is scheduled to announce fourth-quarter 2020 results on Feb 16. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at 5 cents per share.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report fourth-quarter 2020 results on Feb 16. The Zacks Consensus Estimate for the bottom line for the quarter is pegged at a loss of 56 cents per share.
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CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2020 adjusted earnings of 21 cents per share, which surpassed the Zacks Consensus Estimate of 18 cents by 16.7%. Earnings also increased 75% from the year-ago figure.
Revenues
Fourth-quarter revenues of $627 million beat the Zacks Consensus Estimate of $385 million by 62.9%. The top line also increased 23.2% from the year-ago quarter.
Highlights of the Release
Average selling price for the quarter was $2.49 per thousand cubic feet equivalent (Mcfe), down 1.9% from the year-ago figure of $2.54. For the reported quarter, total production costs were down 4.8% year over year to $1.58 per Mcfe due to proper cost-management measures implemented by the company.
Total fourth-quarter production volumes were 146.5 billion cubic feet equivalent, up 2.2% year over year. Interest expenses for the reported quarter were $37.6 million, up 1.3% from the year-ago period.
During the quarter, CNX Resources repurchased 4.1 million shares at an average price of $10.43 per share. Its board approved another $150 million for share buybacks, taking the share buyback authorization to $250 million.
Financial Update
As of Dec 31, 2020, CNX Resources had cash and cash equivalents of $15.6 million, down from $16.3 million on Dec 31, 2019.
Total long-term debt as of Dec 31, 2020 was $2,401.4 million, lower than $2,754.4 million on Dec 31, 2019.
Fourth-quarter 2020 cash from operating activities was $160.7 million, up 40.3% from $114.2 million in the year-ago period. Free cash flow for the year was $356 million.
Capital expenditure for 2020 was $487 million, lower than the guided range of $495-$515 million.
Guidance
CNX Resources expects capital expenditure for 2021 in the range of $430-$470 million. The company now expects 2021 production volumes in the range of 540-570 billions of cubic feet equivalent (Bcfe), up from the prior view of 490-530 Bcfe. Nearly 90% expected gas production for 2021 is hedged by the company.
The company expects free cash flow for 2021 to be $425 million.
Zacks Rank
CNX Resources currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
TOTAL SE is scheduled to report fourth-quarter 2020 results on Feb 9. The Zacks Consensus Estimate for the bottom line for the quarter is pegged at 46 cents per share.
Devon Energy Corporation (DVN - Free Report) is scheduled to announce fourth-quarter 2020 results on Feb 16. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at 5 cents per share.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report fourth-quarter 2020 results on Feb 16. The Zacks Consensus Estimate for the bottom line for the quarter is pegged at a loss of 56 cents per share.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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