CNX Resources Corporation (CNX - Free Report) reported third-quarter 2019 adjusted loss of 6 cents per share, which is narrower than the Zacks Consensus Estimate of a loss of 9 cents.
Revenues
Total revenues of $530 million in the third quarter surpassed the Zacks Consensus Estimate of $339 million by 56.3%. The top line increased 33.5% from year ago quarter.
Highlights of the Release
CNX Resources registered a 10.8% year-over-year increase in gas sales volumes to 120.2 billion cubic feet equivalent (Bcfe) in the quarter under review. The upside can be primarily attributed to higher Marcellus shale volumes.
On a consolidated basis, the company reported net income of $144 million compared with $147 million in the third quarter of 2018.
Financial Update
As of Sep 30, 2019, CNX Resources had cash and cash equivalents of $5.5 million, down from $17.2 million on Dec 31, 2018.
Total long-term debt as of Sep 30, 2019 was $2,640.2 million, higher than $2,378.2 million on Dec 31, 2018.
Cash from operating activities in the first nine months of 2019 was $866.1 million, up 25.5% from $690.2 million in the prior-year period.
Capital expenditure during the first nine months of 2019 was $964.5 million, higher than $794.1 million in the prior-year period.
Guidance
CNX Resources revised its 2019 and 2020 capital expenditure guidance. It expects 2019 capital expenditure in the range of $1,200-$1,245 million and the same for 2020 in the band of $570-$650 million.
The company now expects 2019 production in the range of 530-540 Bcfe, up from previous guidance of 510-530 Bcfe.
CNX Resources now expects 2020 production in the band of 535-565 Bcfe compared with previous guidance of 570-595 Bcfe.
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
WPX Energy, Inc is scheduled to report third-quarter 2019 results on Oct 30. The Zacks Consensus Estimate for the quarter is pegged at 11 cents.
TOTAL S.A. is expected to announce third-quarter 2019 results on Oct 30. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 99 cents.
Murphy Oil Corporation (MUR - Free Report) is slated to report third-quarter 2019 results on Oct 31. The Zacks Consensus Estimate for the quarter to be reported is pegged at 22 cents.
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CNX Resources Corporation (CNX - Free Report) reported third-quarter 2019 adjusted loss of 6 cents per share, which is narrower than the Zacks Consensus Estimate of a loss of 9 cents.
Revenues
Total revenues of $530 million in the third quarter surpassed the Zacks Consensus Estimate of $339 million by 56.3%. The top line increased 33.5% from year ago quarter.
Highlights of the Release
CNX Resources registered a 10.8% year-over-year increase in gas sales volumes to 120.2 billion cubic feet equivalent (Bcfe) in the quarter under review. The upside can be primarily attributed to higher Marcellus shale volumes.
On a consolidated basis, the company reported net income of $144 million compared with $147 million in the third quarter of 2018.
Financial Update
As of Sep 30, 2019, CNX Resources had cash and cash equivalents of $5.5 million, down from $17.2 million on Dec 31, 2018.
Total long-term debt as of Sep 30, 2019 was $2,640.2 million, higher than $2,378.2 million on Dec 31, 2018.
Cash from operating activities in the first nine months of 2019 was $866.1 million, up 25.5% from $690.2 million in the prior-year period.
Capital expenditure during the first nine months of 2019 was $964.5 million, higher than $794.1 million in the prior-year period.
Guidance
CNX Resources revised its 2019 and 2020 capital expenditure guidance. It expects 2019 capital expenditure in the range of $1,200-$1,245 million and the same for 2020 in the band of $570-$650 million.
The company now expects 2019 production in the range of 530-540 Bcfe, up from previous guidance of 510-530 Bcfe.
CNX Resources now expects 2020 production in the band of 535-565 Bcfe compared with previous guidance of 570-595 Bcfe.
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
WPX Energy, Inc is scheduled to report third-quarter 2019 results on Oct 30. The Zacks Consensus Estimate for the quarter is pegged at 11 cents.
TOTAL S.A. is expected to announce third-quarter 2019 results on Oct 30. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 99 cents.
Murphy Oil Corporation (MUR - Free Report) is slated to report third-quarter 2019 results on Oct 31. The Zacks Consensus Estimate for the quarter to be reported is pegged at 22 cents.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>
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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