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What's in the Offing for CNX Resources (CNX) in Q3 Earnings?
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CNX Resources Corporation (CNX - Free Report) is scheduled to release third-quarter 2022 earnings on Oct 27, before market open. This exploration and production company delivered an average earnings surprise of 24.1% in the last four reported quarters.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Stable production volumes and high prices are expected to have boosted CNX Resources’ third-quarter performance. The company’s third-quarter earnings are likely to have benefited from lower shares outstanding, as it has been opportunistically repurchasing shares from the open market.
CNX Resources utilized its free cash flow to lower the outstanding debt level by more than $85 million in the first six months of 2022, which, in turn, is likely to have lowered capital servicing costs and aided margins in the third quarter.
Expectation
The Zacks Consensus Estimate for third-quarter earnings per share is pegged at 76 cents, which indicates 2.7% growth from the year-ago reported figure.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for CNX Resources this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here, as you will see below.
Investors can consider the following players from the same sector, which have the right combination of elements to post an earnings beat this time around.
Halliburton Company (HAL - Free Report) is set to release third-quarter 2022 results on Oct 25. HAL has an Earnings ESP of +1.13% and sports a Zacks Rank #1.
The Zacks Consensus Estimate for third-quarter 2022 earnings of Halliburton is 56 cents per share, which indicates growth of 100% from the prior-year quarter’s reported figure.
EQT Corporation (EQT - Free Report) is set to release third-quarter 2022 results on Oct 26. EQT has an Earnings ESP of +2.29% and a Zacks Rank #2.
The Zacks Consensus Estimate for third-quarter 2022 earnings of EQT is $1.05 per share, which indicates growth of 775% from the prior-year period’s reported number.
Devon Energy Corporation (DVN - Free Report) is set to release third-quarter 2022 results on Nov 1. DVN has an Earnings ESP of +0.29% and a Zacks Rank #2.
The Zacks Consensus Estimate for third-quarter 2022 earnings of Devon Energy is $2.13 per share, which indicates growth of 97.2% from the year-ago quarter’s reported figure.
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What's in the Offing for CNX Resources (CNX) in Q3 Earnings?
CNX Resources Corporation (CNX - Free Report) is scheduled to release third-quarter 2022 earnings on Oct 27, before market open. This exploration and production company delivered an average earnings surprise of 24.1% in the last four reported quarters.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Stable production volumes and high prices are expected to have boosted CNX Resources’ third-quarter performance. The company’s third-quarter earnings are likely to have benefited from lower shares outstanding, as it has been opportunistically repurchasing shares from the open market.
CNX Resources utilized its free cash flow to lower the outstanding debt level by more than $85 million in the first six months of 2022, which, in turn, is likely to have lowered capital servicing costs and aided margins in the third quarter.
Expectation
The Zacks Consensus Estimate for third-quarter earnings per share is pegged at 76 cents, which indicates 2.7% growth from the year-ago reported figure.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for CNX Resources this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here, as you will see below.
CNX Resources Corporation. Price and EPS Surprise
CNX Resources Corporation. price-eps-surprise | CNX Resources Corporation. Quote
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: CNX Resources has an Earnings ESP of -3.88%.
Zacks Rank: CNX Resources currently has a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Investors can consider the following players from the same sector, which have the right combination of elements to post an earnings beat this time around.
Halliburton Company (HAL - Free Report) is set to release third-quarter 2022 results on Oct 25. HAL has an Earnings ESP of +1.13% and sports a Zacks Rank #1.
The Zacks Consensus Estimate for third-quarter 2022 earnings of Halliburton is 56 cents per share, which indicates growth of 100% from the prior-year quarter’s reported figure.
EQT Corporation (EQT - Free Report) is set to release third-quarter 2022 results on Oct 26. EQT has an Earnings ESP of +2.29% and a Zacks Rank #2.
The Zacks Consensus Estimate for third-quarter 2022 earnings of EQT is $1.05 per share, which indicates growth of 775% from the prior-year period’s reported number.
Devon Energy Corporation (DVN - Free Report) is set to release third-quarter 2022 results on Nov 1. DVN has an Earnings ESP of +0.29% and a Zacks Rank #2.
The Zacks Consensus Estimate for third-quarter 2022 earnings of Devon Energy is $2.13 per share, which indicates growth of 97.2% from the year-ago quarter’s reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.