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CNX Resources (CNX) Q4 Earnings & Revenues Lag Estimates
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CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2021 adjusted earnings of 31 cents per share, which lagged the Zacks Consensus Estimate of 49 cents by 36.7%.
Revenues
Total fourth-quarter revenues of $448 million missed the Zacks Consensus Estimate of $528 million by 15.2%.
CNX Resources Corporation. Price, Consensus and EPS Surprise
Average selling price for the quarter was $2.83 per thousand cubic feet equivalent (Mcfe), up 13.7% from the year-ago figure of $2.49. For the reported quarter, total production costs were $1.58 per Mcfe, on par with the year-ago figure due to proper cost-management measures implemented by the company.
Total fourth-quarter production volumes were 158.2 billion cubic feet equivalent, up nearly 8% year over year. Interest expenses for the reported quarter were $37.3 million, down 0.8% from the year-ago period.
CNX Resources repurchased 8.6 million shares during the quarter at an average price of $14.05 per share for total costs of $121 million.
Financial Update
As of Dec 31, 2021, CNX Resources had cash and cash equivalents of $3.6 million, down from $15.6 million in the corresponding period of 2020.
Long-term debt as of Dec 31, 2021 was $2,214.1 million, lower than $2,401.4 million in the comparable period of 2020. Since third-quarter 2020, CNX has lowered debts worth $240 million, which strengthened the balance sheet.
Fourth-quarter 2021 cash from operating activities was $253.1 million, up 57.5% from $160.7 million in the year-ago period. Free cash flow for the reported quarter was $158 million. CNX has generated $862 million in free cash flow since the beginning of its seven-year growth plan.
Fourth-quarter capital expenditure was $116.7 million, higher than $92.1 million invested in the year-ago period.
Guidance
CNX Resources expects 2022 capital expenditure in the range of $470-$500 million. CNX Resources expects 2022 production in the band of 575-605 billion cubic feet equivalent.
CNX Resources expects to generate $600 million in free cash flow in 2022.
Devon Energy Corporation (DVN - Free Report) is scheduled to report fourth-quarter 2021 results on Feb 15. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.24 per share.
Devon Energy’s long-term (three to five years) earnings growth is projected at 40.3%. The Zacks Consensus Estimate for DVN’s 2022 earnings per share indicates year-over-year growth of 64.7%.
Cheniere Energy, Inc. (LNG - Free Report) is scheduled to report fourth-quarter 2021 results on Feb 24. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.48 per share.
Cheniere Energy’s long-term earnings growth is projected at 28.9%. The Zacks Consensus Estimate for LNG’s 2022 earnings per share indicates year-over-year growth of 425.2%.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report fourth-quarter 2021 results on Feb 24. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.07 per share.
Occidental’s long-term earnings growth is projected at 37.3%. The Zacks Consensus Estimate for OXY’s 2022 earnings per share indicates year-over-year growth of 47%.
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CNX Resources (CNX) Q4 Earnings & Revenues Lag Estimates
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2021 adjusted earnings of 31 cents per share, which lagged the Zacks Consensus Estimate of 49 cents by 36.7%.
Revenues
Total fourth-quarter revenues of $448 million missed the Zacks Consensus Estimate of $528 million by 15.2%.
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 $2.83 per thousand cubic feet equivalent (Mcfe), up 13.7% from the year-ago figure of $2.49. For the reported quarter, total production costs were $1.58 per Mcfe, on par with the year-ago figure due to proper cost-management measures implemented by the company.
Total fourth-quarter production volumes were 158.2 billion cubic feet equivalent, up nearly 8% year over year. Interest expenses for the reported quarter were $37.3 million, down 0.8% from the year-ago period.
CNX Resources repurchased 8.6 million shares during the quarter at an average price of $14.05 per share for total costs of $121 million.
Financial Update
As of Dec 31, 2021, CNX Resources had cash and cash equivalents of $3.6 million, down from $15.6 million in the corresponding period of 2020.
Long-term debt as of Dec 31, 2021 was $2,214.1 million, lower than $2,401.4 million in the comparable period of 2020. Since third-quarter 2020, CNX has lowered debts worth $240 million, which strengthened the balance sheet.
Fourth-quarter 2021 cash from operating activities was $253.1 million, up 57.5% from $160.7 million in the year-ago period. Free cash flow for the reported quarter was $158 million. CNX has generated $862 million in free cash flow since the beginning of its seven-year growth plan.
Fourth-quarter capital expenditure was $116.7 million, higher than $92.1 million invested in the year-ago period.
Guidance
CNX Resources expects 2022 capital expenditure in the range of $470-$500 million. CNX Resources expects 2022 production in the band of 575-605 billion cubic feet equivalent.
CNX Resources expects to generate $600 million in free cash flow in 2022.
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 report fourth-quarter 2021 results on Feb 15. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.24 per share.
Devon Energy’s long-term (three to five years) earnings growth is projected at 40.3%. The Zacks Consensus Estimate for DVN’s 2022 earnings per share indicates year-over-year growth of 64.7%.
Cheniere Energy, Inc. (LNG - Free Report) is scheduled to report fourth-quarter 2021 results on Feb 24. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.48 per share.
Cheniere Energy’s long-term earnings growth is projected at 28.9%. The Zacks Consensus Estimate for LNG’s 2022 earnings per share indicates year-over-year growth of 425.2%.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report fourth-quarter 2021 results on Feb 24. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.07 per share.
Occidental’s long-term earnings growth is projected at 37.3%. The Zacks Consensus Estimate for OXY’s 2022 earnings per share indicates year-over-year growth of 47%.