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CNX Resources (CNX) to Report Q2 Earnings: What's in Store?

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CNX Resources Corporation (CNX - Free Report) is slated to report second-quarter 2019 financial results on Jul 30, before the opening bell. The company recorded a negative earnings surprise of 33.33% in the last reported quarter.

Factors to Consider

CNX Resources’ assets in Marcellus and Utica shales could drive production in the second quarter. The Zacks Consensus Estimate for second-quarter gas sales volume is pegged at 132 billion cubic feet equivalent, indicating year-over-year growth of 7.3%.

However, the company expects gas production volume growth to be moderate in the second and third quarters of 2019, and the production pace to increase during the final quarter of 2019.

Its ongoing share repurchases and the resultant drop in shares outstanding are anticipated to have a positive impact on earnings.

What Our Quantitative Model Predicts

Our proven model shows that CNX Resources is not likely to beat earnings estimates in the to-be-reported quarter as it does not possess the right combination of the key components. A stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for this to happen.

Earnings ESP: The company’s Earnings ESP is -34.11%. This is because the Most Accurate Estimate currently stands at 6 cents, while the Zacks Consensus Estimate is pegged at 9 cents.

You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

CNX Resources Corporation. Price and EPS Surprise

Zacks Rank: CNX Resources has a Zacks Rank #4 (Sell).

Note that we caution against stocks with a Zacks Rank #4 or 5 (Strong Sell) going into the earnings announcement, especially when the company is seeing a negative estimate revisions momentum.

Stocks With Favorable Combination

One can consider some companies from the same industry that have the right combination of elements to post an earnings beat in their upcoming quarterly releases.

Laredo Petroleum, Inc. (LPI - Free Report) is scheduled to announce second-quarter results on Aug 1. It has an Earnings ESP of +0.21% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

Gulfport Energy Corporation (GPOR - Free Report) is expected to release second-quarter results on Aug 1. It has an Earnings ESP of +2.24% and a Zacks Rank #3.

Talos Energy, Inc. (TALO - Free Report) is expected to release second-quarter results on Aug 7. It has an Earnings ESP of +2.33% and a Zacks Rank #3.
 
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