We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
CNX Resources (CNX) Q2 Earnings and Revenues Lag Estimates
Read MoreHide Full Article
CNX Resources Corporation (CNX - Free Report) reported second-quarter 2022 adjusted earnings of 61 cents per share, which missed the Zacks Consensus Estimate of 79 cents by 22.8%.
Revenues
Total second-quarter revenues of $473 million missed the Zacks Consensus Estimate of $542 million by 12.7%. Total revenues in the reported quarter improved 31.8% year over year from the prior-quarter level of $359 million.
CNX Resources Corporation. Price, Consensus and EPS Surprise
The average selling price for the quarter was $3.32 per thousand cubic feet equivalent (Mcfe), up 27.7% from the year-ago figure of $2.6. For the reported quarter, total production costs were $1.58 per Mcfe, down 1.3% from the year-ago figure due to proper cost-management measures implemented by the company.
Total first-quarter production volumes were 142.3 billion cubic feet equivalent, up 3.2% year over year. Interest expenses for the reported quarter were $31 million, down 20.5% from the year-ago period.
CNX Resources repurchased 3.2 million shares during the quarter. Due to the systematic buyback of shares, CNX Resources has repurchased nearly 16% of its outstanding shares in the last seven quarters.
Financial Update
As of Jun 30, 2022, CNX Resources had cash and cash equivalents of $0.3 million, down from $3.6 million on Dec 31, 2021.
Long-term debt as of Jun 30, 2022 was $1,907.1 million, lower than $2,214.1 million as of Dec 31, 2021. Since third-quarter 2020, CNX has lowered debts worth $315 million, strengthening the balance sheet.
Second-quarter 2022 cash from operating activities was $191.9 million, up 19.7% from $239.3 million in the year-ago period. Free cash flow for the reported quarter was $62 million. CNX has generated $1.2 billion in free cash flow since the beginning of the seven-year growth plan.
Second-quarter capital expenditure was $137 million, higher than $129 million invested in the year-ago period.
Guidance
CNX Resources raised its 2022 capital expenditure view to the range of $550-$590 million from $470-$500 million. CNX Resources continues to expect 2022 production in the band of 575-605 billion cubic feet equivalent.
CNX Resources reiterated its 2022 free cash flow generation guidance of $700 million.
Devon Energy Corporation (DVN - Free Report) is scheduled to report second-quarter 2022 results on Aug 1. The Zacks Consensus Estimate for earnings for the quarter is pegged at $2.38 per share.
Devon Energy reported an average positive surprise of 13.4% in the last four reported quarters. The Zacks Consensus Estimate for DVN’s 2022 earnings per share indicates year-over-year growth of 154.9%.
Cheniere Energy, Inc. (LNG - Free Report) is scheduled to report second-quarter 2022 results on Aug 4. The Zacks Consensus Estimate for earnings for the quarter is pegged at $2.77 per share.
Cheniere Energy’s long-term (three to five years) earnings growth is projected at 55.4%. The Zacks Consensus Estimate for LNG’s 2022 earnings per share indicates year-over-year growth of 274.5%.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report second-quarter 2022 results on Aug 2. The Zacks Consensus Estimate for earnings for the quarter is pegged at $2.93 per share.
Occidental’s long-term earnings growth is projected at 12.4%. The Zacks Consensus Estimate for OXY’s 2022 earnings per share indicates year-over-year growth of 309.4%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
CNX Resources (CNX) Q2 Earnings and Revenues Lag Estimates
CNX Resources Corporation (CNX - Free Report) reported second-quarter 2022 adjusted earnings of 61 cents per share, which missed the Zacks Consensus Estimate of 79 cents by 22.8%.
Revenues
Total second-quarter revenues of $473 million missed the Zacks Consensus Estimate of $542 million by 12.7%. Total revenues in the reported quarter improved 31.8% year over year from the prior-quarter level of $359 million.
CNX Resources Corporation. Price, Consensus and EPS Surprise
CNX Resources Corporation. price-consensus-eps-surprise-chart | CNX Resources Corporation. Quote
Highlights of the Release
The average selling price for the quarter was $3.32 per thousand cubic feet equivalent (Mcfe), up 27.7% from the year-ago figure of $2.6. For the reported quarter, total production costs were $1.58 per Mcfe, down 1.3% from the year-ago figure due to proper cost-management measures implemented by the company.
Total first-quarter production volumes were 142.3 billion cubic feet equivalent, up 3.2% year over year. Interest expenses for the reported quarter were $31 million, down 20.5% from the year-ago period.
CNX Resources repurchased 3.2 million shares during the quarter. Due to the systematic buyback of shares, CNX Resources has repurchased nearly 16% of its outstanding shares in the last seven quarters.
Financial Update
As of Jun 30, 2022, CNX Resources had cash and cash equivalents of $0.3 million, down from $3.6 million on Dec 31, 2021.
Long-term debt as of Jun 30, 2022 was $1,907.1 million, lower than $2,214.1 million as of Dec 31, 2021. Since third-quarter 2020, CNX has lowered debts worth $315 million, strengthening the balance sheet.
Second-quarter 2022 cash from operating activities was $191.9 million, up 19.7% from $239.3 million in the year-ago period. Free cash flow for the reported quarter was $62 million. CNX has generated $1.2 billion in free cash flow since the beginning of the seven-year growth plan.
Second-quarter capital expenditure was $137 million, higher than $129 million invested in the year-ago period.
Guidance
CNX Resources raised its 2022 capital expenditure view to the range of $550-$590 million from $470-$500 million. CNX Resources continues to expect 2022 production in the band of 575-605 billion cubic feet equivalent.
CNX Resources reiterated its 2022 free cash flow generation guidance of $700 million.
Zacks Rank
CNX Resources currently has a Zacks Rank #2 (Buy). 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 second-quarter 2022 results on Aug 1. The Zacks Consensus Estimate for earnings for the quarter is pegged at $2.38 per share.
Devon Energy reported an average positive surprise of 13.4% in the last four reported quarters. The Zacks Consensus Estimate for DVN’s 2022 earnings per share indicates year-over-year growth of 154.9%.
Cheniere Energy, Inc. (LNG - Free Report) is scheduled to report second-quarter 2022 results on Aug 4. The Zacks Consensus Estimate for earnings for the quarter is pegged at $2.77 per share.
Cheniere Energy’s long-term (three to five years) earnings growth is projected at 55.4%. The Zacks Consensus Estimate for LNG’s 2022 earnings per share indicates year-over-year growth of 274.5%.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report second-quarter 2022 results on Aug 2. The Zacks Consensus Estimate for earnings for the quarter is pegged at $2.93 per share.
Occidental’s long-term earnings growth is projected at 12.4%. The Zacks Consensus Estimate for OXY’s 2022 earnings per share indicates year-over-year growth of 309.4%.