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CNX Resources (CNX) Q4 Earnings & Revenues Beat Estimates

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CNX Resources Corporation CNX reported fourth-quarter 2019 adjusted earnings of 12 cents per share against the Zacks Consensus Estimate of a loss of 5 cents. In the comparable year-ago quarter, the company had reported earnings of 67 cents per share.
Revenues

Total revenues of $508.9 million in the fourth quarter surpassed the Zacks Consensus Estimate of $375 million by 35.7%. The top line also increased 16.9% 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

CNX Resources registered a 5.4% year-over-year increase in gas sales volumes to 143.4 billion cubic feet equivalent (Bcfe) in the quarter under review. The upside can be primarily attributed to higher Marcellus shale volume.

Interest expenses in the reported quarter were $37.1 million, up 11.8% from the year-ago period.

Average selling price of gas during the quarter was $2.14 per thousand cubic feet, down 40.4% from the year-ago figure of $3.59. In fourth-quarter 2019, total production costs were higher than the year-earlier period due to increased transportation, gathering and compression expenses.

Financial Update

As of Dec 31, 2019, CNX Resources had cash and cash equivalents of $16.3 million, down from $17.2 million in the corresponding period of 2018.

Total long-term debt as of Dec 31, 2019 was $2,754.4 million, higher than $2,378.2 million on Dec 31, 2018.

Cash from operating activities in 2019 was $980.6 million, up 10.7% from $690.2 million a year ago.

Capital expenditure during 2019 was $1,192.6 million, higher than $1,116.4 million in 2018.

Guidance

CNX Resources revised its 2020 capital expenditure guidance. It now expects capital expenditure in the range of $530-$610 million, down from prior expectation of $570-$650 million.

CNX Resources now expects 2020 production in the band of 525-555 Bcfe, down from the prior guided range of 535-565 Bcfe.

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 is scheduled to report fourth-quarter 2019 results on Feb 18. The Zacks Consensus Estimate for earnings the quarter is pegged at 29 cents per share.

WPX Energy, Inc. is scheduled to report fourth-quarter 2019 results on Feb 26. The Zacks Consensus Estimate for earnings for the quarter to be reported is pegged at 13 cents per share.

Occidental Petroleum Corporation OXY is slated to report fourth-quarter 2019 results on Feb 27. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is pegged at 14 cents per share.

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