CNX Resources Corporation’s (CNX - Free Report) shares have gained 11.6% in a year’s time, against a decline of 10.7% in the Zacks Domestic E&P Oil and Gas industry.. CNX Resources is benefiting on the back of strong production from its Marcellus and Utica Shale holdings, and cost improvement.
CNX Resources planned its 2018 drilling and completion (D&C) expenditures in the range of $515-$580 million. Out of the D&C expenditures for 2018, 65% will be for the Marcellus Shale and 35% for the Utica Shale.
Investments in both the resource-rich regions will help the company increase production volumes and meet its 2018 production volumes of 520-550 billion cubic feet equivalent (Bcfe), or nearly 31% annual increase based on the midpoint of its guidance. The company expects to drill 75 wells in 2018 and turn-in-line 59, and out of those 59 wells 46 will be in the Marcellus.
CNX Resources was able to lower total quarterly natural gas production costs to $2.17 per thousand cubic feet equivalent (Mcfe), compared with the year-earlier quarter of $2.27 per Mcfe, driven primarily by reductions in operating and gathering, and transportation expenses, due to increased volumes. The company aims to lower costs further in 2018.
However, exploration & production of natural gas involves loads of operational risks. The cost of drilling, completing and operating its shale gas wells, shallow oil and gas wells, and coalbed methane wells is often uncertain. A number of factors can delay or prevent drilling operations, decrease production and/or increase the cost of its natural gas operations at particular sites for varying lengths of time, thereby adversely affecting its operating results.
CNX Resources Corporation has a Zacks Rank#3 (Hold). A few better-ranked stocks in the same industry worth considering are Concho Resources Inc. ( CXO), Pioneer Natural Resources Co. (PXD - Free Report) and Energen Corp. , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Concho Resources delivered an average positive earnings surprise of 48.89% in the last four quarters. Its 2018 and 2019 earnings estimates moved up 23.3% and 23.6%, respectively, in the last 30 days.
Pioneer Natural Resources reported an average positive earnings surprise of 66.92% in the trailing four quarters. Its 2018 and 2019 earnings estimates moved up 51.6% and 33.7%, respectively, in the last 30 days.
Energen reported an average positive earnings surprise of 19.67% in the last four quarters. Its 2018 and 2019 earnings estimates moved up 24.1% and 21.4%, respectively, over the last 30 days.
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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.
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CNX Resources Corporation’s (CNX - Free Report) shares have gained 11.6% in a year’s time, against a decline of 10.7% in the Zacks Domestic E&P Oil and Gas industry.. CNX Resources is benefiting on the back of strong production from its Marcellus and Utica Shale holdings, and cost improvement.
CNX Resources planned its 2018 drilling and completion (D&C) expenditures in the range of $515-$580 million. Out of the D&C expenditures for 2018, 65% will be for the Marcellus Shale and 35% for the Utica Shale.
Investments in both the resource-rich regions will help the company increase production volumes and meet its 2018 production volumes of 520-550 billion cubic feet equivalent (Bcfe), or nearly 31% annual increase based on the midpoint of its guidance. The company expects to drill 75 wells in 2018 and turn-in-line 59, and out of those 59 wells 46 will be in the Marcellus.
CNX Resources was able to lower total quarterly natural gas production costs to $2.17 per thousand cubic feet equivalent (Mcfe), compared with the year-earlier quarter of $2.27 per Mcfe, driven primarily by reductions in operating and gathering, and transportation expenses, due to increased volumes. The company aims to lower costs further in 2018.
However, exploration & production of natural gas involves loads of operational risks. The cost of drilling, completing and operating its shale gas wells, shallow oil and gas wells, and coalbed methane wells is often uncertain. A number of factors can delay or prevent drilling operations, decrease production and/or increase the cost of its natural gas operations at particular sites for varying lengths of time, thereby adversely affecting its operating results.
CNX Resources Corporation has a Zacks Rank#3 (Hold). A few better-ranked stocks in the same industry worth considering are Concho Resources Inc. ( CXO), Pioneer Natural Resources Co. (PXD - Free Report) and Energen Corp. , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Concho Resources delivered an average positive earnings surprise of 48.89% in the last four quarters. Its 2018 and 2019 earnings estimates moved up 23.3% and 23.6%, respectively, in the last 30 days.
Pioneer Natural Resources reported an average positive earnings surprise of 66.92% in the trailing four quarters. Its 2018 and 2019 earnings estimates moved up 51.6% and 33.7%, respectively, in the last 30 days.
Energen reported an average positive earnings surprise of 19.67% in the last four quarters. Its 2018 and 2019 earnings estimates moved up 24.1% and 21.4%, respectively, over the last 30 days.
Zacks Top 10 Stocks for 2018
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2018?
Last year's 2017 Zacks Top 10 Stocks portfolio produced double-digit winners, including FMC Corp. and VMware which racked up stellar gains of +67.9% and +61%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2018 today >>
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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