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National Fuel Gas (NFG) Tops Q1 Earnings Estimates, Ups View
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National Fuel Gas Company (NFG - Free Report) posted first-quarter fiscal 2022 adjusted operating earnings of $1.48 per share, which beat the Zacks Consensus Estimate of $1.35 by 9.6%. Earnings also improved 39.6% from the year-ago figure of $1.06 per share. The year-over-year improvement in earnings was due to strong performance of the Exploration & Production business.
GAAP earnings for the reported quarter were $1.44 per share compared with 85 cents in the year-ago period. The difference between operating and GAAP earnings for the reported quarter was due to an impact of 4 cents from unrealized loss on other investments.
Total Revenues
Total revenues of $547 million missed the Zacks Consensus Estimate of $569 million by 4%.
The top line, however, improved 24% from the prior-year figure of $441.2 million. The year-over-year rise was primarily due to higher contributions from the company’s exploration and production, pipeline and storage, and gathering segments.
National Fuel Gas Company Price, Consensus and EPS Surprise
Total operating expenses for the reported quarter decreased 3.4% from the year-ago level to $336.9 million.
The Exploration and Production segment’s net production of 85.1 billion cubic feet equivalent (Bcfe) reflected an increase of 5.6 Bcfe or 7% from the prior year.
For the reported quarter, the average realized price of natural gas was $2.52 per thousand cubic feet (Mcf), up 38 cents per Mcf from the previous year. Average realized price of oil was $64.29 per barrel, up $14.38 from the prior-year level.
NFG incurred interest expenses of $30.1 million, down 6.8% from the year-ago figure.
Financial Highlights
As of Dec 30, 2021, National Fuel Gas had cash and temporary cash investments of $79.1 million compared with $20.5 million in the corresponding period of 2020.
Long-term debt (excluding current maturities) was $2,629.6 million as of Dec 31, 2021 compared with the Sep 30, 2021 level of $2,628.7 million.
The company’s net cash provided by operating activities for first-quarter fiscal 2022 was $171.5 million, down from $204.7 million recorded in the year-ago period.
Total capital expenditure for first-quarter fiscal 2021 was $213.5 million, up from $183.3 million in the year-ago period.
Guidance
National Fuel Gas revised its fiscal 2022 earnings guidance to the range of $5.20-$5.50 from the prior expectation of $5.05-$5.45. The mid-point of the new guidance is $5.35, higher than the Zacks Consensus Estimate for the metric of $5.14.
National Fuel Gas increased its fiscal 2022 capex guidance to the range of $665-$810 million from the prior expectation of $640-$760 million.
National Fuel Gas revised its fiscal 2022 production guidance to the range of 340-365 Bcfe from the prior expectation in the range of 335-365 Bcfe.
Zacks Rank
National Fuel Gas currently has a Zacks Rank #3 (Hold).
Atmos Energy Corporation (ATO - Free Report) is likely to come up with an earnings beat when it reports first-quarter fiscal 2022 results on Feb 8, after the market closes. Atmos Energy has an Earnings ESP of +0.89% and a Zacks Rank #2 (Buy) at present.
ATO’s long-term earnings growth is pegged at 7.3%. The Zacks Consensus Estimate for ATO’s fiscal 2022 earnings per share suggests a rise of 7.8% year over year.
South Jersey Industries, Inc. is likely to come up with an earnings beat when it reports fourth-quarter results on Feb 24, before the market opens. South Jersey Industries has an Earnings ESP of +0.89% and a Zacks Rank #3 at present.
South Jersey Industries’ long-term earnings growth is pegged at 5.2%. The Zacks Consensus Estimate for SJI’s 2022 earnings per share suggests a rise of 3.7% year over year.
Sempra Energy (SRE - Free Report) is likely to come up with an earnings beat when it reports fourth-quarter results. Sempra Energy has an Earnings ESP of +0.58% and a Zacks Rank #3 at present.
Sempra Energy’s long-term earnings growth is pegged at 5.3%. The Zacks Consensus Estimate for SRE’s 2022 earnings per share implies a 1.6% year-over-year improvement.
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National Fuel Gas (NFG) Tops Q1 Earnings Estimates, Ups View
National Fuel Gas Company (NFG - Free Report) posted first-quarter fiscal 2022 adjusted operating earnings of $1.48 per share, which beat the Zacks Consensus Estimate of $1.35 by 9.6%. Earnings also improved 39.6% from the year-ago figure of $1.06 per share. The year-over-year improvement in earnings was due to strong performance of the Exploration & Production business.
GAAP earnings for the reported quarter were $1.44 per share compared with 85 cents in the year-ago period. The difference between operating and GAAP earnings for the reported quarter was due to an impact of 4 cents from unrealized loss on other investments.
Total Revenues
Total revenues of $547 million missed the Zacks Consensus Estimate of $569 million by 4%.
The top line, however, improved 24% from the prior-year figure of $441.2 million. The year-over-year rise was primarily due to higher contributions from the company’s exploration and production, pipeline and storage, and gathering segments.
National Fuel Gas Company Price, Consensus and EPS Surprise
National Fuel Gas Company price-consensus-eps-surprise-chart | National Fuel Gas Company Quote
Highlights of the Release
Total operating expenses for the reported quarter decreased 3.4% from the year-ago level to $336.9 million.
The Exploration and Production segment’s net production of 85.1 billion cubic feet equivalent (Bcfe) reflected an increase of 5.6 Bcfe or 7% from the prior year.
For the reported quarter, the average realized price of natural gas was $2.52 per thousand cubic feet (Mcf), up 38 cents per Mcf from the previous year. Average realized price of oil was $64.29 per barrel, up $14.38 from the prior-year level.
NFG incurred interest expenses of $30.1 million, down 6.8% from the year-ago figure.
Financial Highlights
As of Dec 30, 2021, National Fuel Gas had cash and temporary cash investments of $79.1 million compared with $20.5 million in the corresponding period of 2020.
Long-term debt (excluding current maturities) was $2,629.6 million as of Dec 31, 2021 compared with the Sep 30, 2021 level of $2,628.7 million.
The company’s net cash provided by operating activities for first-quarter fiscal 2022 was $171.5 million, down from $204.7 million recorded in the year-ago period.
Total capital expenditure for first-quarter fiscal 2021 was $213.5 million, up from $183.3 million in the year-ago period.
Guidance
National Fuel Gas revised its fiscal 2022 earnings guidance to the range of $5.20-$5.50 from the prior expectation of $5.05-$5.45. The mid-point of the new guidance is $5.35, higher than the Zacks Consensus Estimate for the metric of $5.14.
National Fuel Gas increased its fiscal 2022 capex guidance to the range of $665-$810 million from the prior expectation of $640-$760 million.
National Fuel Gas revised its fiscal 2022 production guidance to the range of 340-365 Bcfe from the prior expectation in the range of 335-365 Bcfe.
Zacks Rank
National Fuel Gas 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
Atmos Energy Corporation (ATO - Free Report) is likely to come up with an earnings beat when it reports first-quarter fiscal 2022 results on Feb 8, after the market closes. Atmos Energy has an Earnings ESP of +0.89% and a Zacks Rank #2 (Buy) at present.
ATO’s long-term earnings growth is pegged at 7.3%. The Zacks Consensus Estimate for ATO’s fiscal 2022 earnings per share suggests a rise of 7.8% year over year.
South Jersey Industries, Inc. is likely to come up with an earnings beat when it reports fourth-quarter results on Feb 24, before the market opens. South Jersey Industries has an Earnings ESP of +0.89% and a Zacks Rank #3 at present.
South Jersey Industries’ long-term earnings growth is pegged at 5.2%. The Zacks Consensus Estimate for SJI’s 2022 earnings per share suggests a rise of 3.7% year over year.
Sempra Energy (SRE - Free Report) is likely to come up with an earnings beat when it reports fourth-quarter results. Sempra Energy has an Earnings ESP of +0.58% and a Zacks Rank #3 at present.
Sempra Energy’s long-term earnings growth is pegged at 5.3%. The Zacks Consensus Estimate for SRE’s 2022 earnings per share implies a 1.6% year-over-year improvement.