CNX Resources Corporation (CNX - Free Report) reported third-quarter 2021 adjusted earnings of 74 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 124.4%.
Revenues
Third-quarter revenues were $455 million, which surpassed the Zacks Consensus Estimate of $434 million by 4.8%.
Highlights of the Release
Average selling price for the quarter was $3.61 per thousand cubic feet equivalent (Mcfe), up 139.1% from the year-ago figure of $1.51. For the reported quarter, total production costs were down 9.4% year over year to $1.55 per Mcfe due to proper cost-management measures implemented by the company. Its efficient management of expenses continues to reduce outflow and boost margins.
Total second-quarter production volumes were 153.5 billion cubic feet equivalent, up 32.7% year over year. Interest expenses for the reported quarter were $37.9 million, marginally up 0.1% from the year-ago period.
During the quarter, CNX Resources repurchased shares worth $78 million. During the quarter, its board of directors approved a $1-billion increase in the share buyback program.
Financial Update
As of Sep 30, 2021, CNX Resources had cash and cash equivalents of $0.4 million, down from $15.6 million on Dec 31, 2020.
Total long-term debt as of Sep 30, 2021 was $2,203.7 million, lower than $2,401.4 million on Dec 31, 2020.
Third-quarter 2021 cash from operating activities was $214.4 million, down 3.9% from $223.2 million in the year-ago period. Free cash flow for the third quarter was $130 million.
Capital expenditure for third-quarter 2021 was $97 million.
Guidance
CNX Resources raised its capital expenditure guidance for 2021 to the range of $460-$470 million from the earlier expectation of $430-$470 million. The company also revised its 2021 production volumes upward to the range of 570-580 billion cubic feet equivalent (Bcfe) from the earlier prediction of 540-570 Bcfe. Nearly 91% of expected gas production for 2021 is hedged by the company.
CNX Resources raised free cash flow expectation for 2021 to $500 million from $475 million projected earlier.
Zacks Rank
CNX Resources currently has a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Upcoming Releases
Devon Energy Corporation (DVN - Free Report) is scheduled to announce third-quarter 2021 results on Nov 2. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at 92 cents per share.
ConocoPhillips (COP - Free Report) is scheduled to report third-quarter 2021 results on Nov 2. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at $1.53 per share.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report third-quarter 2021 results on Nov 4. The Zacks Consensus Estimate for the quarterly earnings is pegged at 65 cents per share.
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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.
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CNX Resources Corporation (CNX - Free Report) reported third-quarter 2021 adjusted earnings of 74 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 124.4%.
Revenues
Third-quarter revenues were $455 million, which surpassed the Zacks Consensus Estimate of $434 million by 4.8%.
Highlights of the Release
Average selling price for the quarter was $3.61 per thousand cubic feet equivalent (Mcfe), up 139.1% from the year-ago figure of $1.51. For the reported quarter, total production costs were down 9.4% year over year to $1.55 per Mcfe due to proper cost-management measures implemented by the company. Its efficient management of expenses continues to reduce outflow and boost margins.
Total second-quarter production volumes were 153.5 billion cubic feet equivalent, up 32.7% year over year. Interest expenses for the reported quarter were $37.9 million, marginally up 0.1% from the year-ago period.
During the quarter, CNX Resources repurchased shares worth $78 million. During the quarter, its board of directors approved a $1-billion increase in the share buyback program.
Financial Update
As of Sep 30, 2021, CNX Resources had cash and cash equivalents of $0.4 million, down from $15.6 million on Dec 31, 2020.
Total long-term debt as of Sep 30, 2021 was $2,203.7 million, lower than $2,401.4 million on Dec 31, 2020.
Third-quarter 2021 cash from operating activities was $214.4 million, down 3.9% from $223.2 million in the year-ago period. Free cash flow for the third quarter was $130 million.
Capital expenditure for third-quarter 2021 was $97 million.
Guidance
CNX Resources raised its capital expenditure guidance for 2021 to the range of $460-$470 million from the earlier expectation of $430-$470 million. The company also revised its 2021 production volumes upward to the range of 570-580 billion cubic feet equivalent (Bcfe) from the earlier prediction of 540-570 Bcfe. Nearly 91% of expected gas production for 2021 is hedged by the company.
CNX Resources raised free cash flow expectation for 2021 to $500 million from $475 million projected earlier.
Zacks Rank
CNX Resources currently has a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Upcoming Releases
Devon Energy Corporation (DVN - Free Report) is scheduled to announce third-quarter 2021 results on Nov 2. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at 92 cents per share.
ConocoPhillips (COP - Free Report) is scheduled to report third-quarter 2021 results on Nov 2. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at $1.53 per share.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report third-quarter 2021 results on Nov 4. The Zacks Consensus Estimate for the quarterly earnings is pegged at 65 cents per share.
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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