Back to top

Image: Bigstock

CNX Resources (CNX) Q1 Earnings & Revenues Beat Estimates

Read MoreHide Full Article

CNX Resources Corporation (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.

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 $2.73 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 - 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 - 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 - 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

The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.

Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.

See the 5 high-tech stocks now>>