CNX Resources Corporation ( CNX Quick Quote CNX - Free Report) reported first-quarter 2021 adjusted earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 28 cents by 28.6%. Revenues
First-quarter revenues of $473 million beat the Zacks Consensus Estimate of $406 million by 16.5%. The top line also increased 13.7% from the year-ago quarter.
Highlights of the Release
Average selling price for the quarter was $2.73 per thousand cubic feet equivalent (Mcfe), up 5.4% from the year-ago figure of $2.59. For the reported quarter, total production costs were down 7.1% year over year to $1.56 per Mcfe due to proper cost-management measures implemented by the company.
Total fourth-quarter production volumes were 140.6 billion cubic feet equivalent, up 4.6% year over year. Interest expenses for the reported quarter were $36.4 million, down 25.7% from the year-ago period. During the quarter, CNX Resources repurchased stocks worth $23.4 million. The company announced a share buyback authorization of $250 million. Financial Update
As of Mar 31, 2021, CNX Resources had cash and cash equivalents of $29.6 million, up from $15.6 million on Dec 31, 2020.
Total long-term debt as of Mar 31, 2021 was $2,346.2 million, lower than $2,401.4 million on Dec 31, 2020. First-quarter 2021 cash from operating activities was $219.6 million, down 17.9% from $267.4 million in the year-ago period. Free cash flow for the year was $101 million. Capital expenditure for first-quarter 2021 was $123 million. Guidance
CNX Resources reiterated capital expenditure view for 2021 in the range of $430-$470 million. The company still expects 2021 production volumes in the range of 540-570 billions of cubic feet equivalent. Nearly 94% expected gas production for 2021 is hedged by the company.
CNX Resources raised free cash flow expectation for 2021 to $450 million from $425 million projected earlier. 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 Devon Energy Corporation ( DVN Quick Quote DVN - Free Report) is scheduled to announce first-quarter 2021 results on May 4. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at 35 cents per share. EQT Corporation ( EQT Quick Quote EQT - Free Report) is scheduled to report first-quarter 2021 results on May 5. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at 28 cents per share. Occidental Petroleum Corporation ( OXY Quick Quote OXY - Free Report) is scheduled to report first-quarter 2021 results on May 10. The Zacks Consensus Estimate for the bottom line for the quarter is pegged at a loss of 33 cents per share. These Stocks Are Poised to Soar Past the Pandemic
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