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CNX Resources (CNX) Q4 Earnings & Revenues Beat Estimates

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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.

CNX Resources Corporation. Price, Consensus and EPS Surprise

CNX Resources Corporation. Price, Consensus and EPS Surprise

CNX Resources Corporation. price-consensus-eps-surprise-chart | CNX Resources Corporation. Quote

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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