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) Q4 Earnings Beat Estimates, Revenues Lag
Read MoreHide Full Article
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2023 operating earnings of 68 cents per share, which beat the Zacks Consensus Estimate of 27 cents by 151.9%. In the year-ago quarter, the company reported earnings of $1.64 per share.
Revenues
Fourth-quarter revenues of $376 million missed the Zacks Consensus Estimate of $391 million by 3.8%. The top line also decreased 9.6% from the prior-year quarter’s level of $416 million.
CNX Resources Corporation. Price, Consensus and EPS Surprise
The average selling price in the quarter was $2.57 per thousand cubic feet equivalent (Mcfe), down 13.2% from the year-ago figure of $2.96. Total production cost was $1.58 per Mcfe, down 5.4% year over year.
Total production volumes were 146.9 billion cubic feet equivalent (Bcfe), up 4.5% year over year. The Zacks Consensus Estimate for total production volumes was pinned at 141.1 Bcfe for the same quarter.
Interest expenses totaled $37.3 million, up 6% year over year.
CNX Resources repurchased 5.3 million shares at an average price of $21.41 per share for a total cost of $113 million. Over the past 13 quarters, CNX repurchased approximately 33% of its outstanding shares.
The company has reduced its adjusted net debt by $331 million since third-quarter 2020.
Financial Update
As of Dec 31, 2023, CNX Resources had cash and cash equivalents of $0.4 million compared with $21.3 million as of Dec 31, 2022.
Long-term debt as of Dec 31, 2023, was $1,888.7 million, lower than $2,205.7 million recorded as of Dec 31, 2022.
Cash from operating activities totaled $161.1 million compared with $442.3 million in the year-ago period. Free cash flow in the reported quarter amounted to $62 million.
Capital expenditure totaled $107.7 million compared with $173.2 million recorded in the year-ago period.
Guidance
CNX Resources continues to expect 2024 total capital expenditure in the range of $575-$625 million.
It expects production volume in the band of 570-590 Bcfe for 2024.
The company expects free cash flow of $300 million for 2024.
Adjusted EBITDAX is anticipated in the band of $1,000-$1,150 million for the same year.
Energy Transfer (ET - Free Report) is slated to report fourth-quarter results on Feb 14, after market close. The Zacks Consensus Estimate for earnings is pegged at 29 cents per unit.
The Zacks Consensus Estimate for sales is pinned at $23.6 billion, implying a year-over-year increase of 15%.
ONEOK, Inc. (OKE - Free Report) is slated to report fourth-quarter results on Feb 26, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.16 per share, implying a year-over-year increase of 7.4%.
OKE’s long-term (three to five years) earnings growth rate is 7.64%. It delivered an average earnings surprise of 6% in the last four quarters.
Devon Energy (DVN - Free Report) is scheduled to report fourth-quarter results on Feb 27, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.38 per share.
DVN’s long-term earnings growth rate is 51.35%. The company delivered an average earnings surprise of 1.6% in the last four quarters.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
CNX Resources (CNX) Q4 Earnings Beat Estimates, Revenues Lag
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2023 operating earnings of 68 cents per share, which beat the Zacks Consensus Estimate of 27 cents by 151.9%. In the year-ago quarter, the company reported earnings of $1.64 per share.
Revenues
Fourth-quarter revenues of $376 million missed the Zacks Consensus Estimate of $391 million by 3.8%. The top line also decreased 9.6% from the prior-year quarter’s level of $416 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 in the quarter was $2.57 per thousand cubic feet equivalent (Mcfe), down 13.2% from the year-ago figure of $2.96. Total production cost was $1.58 per Mcfe, down 5.4% year over year.
Total production volumes were 146.9 billion cubic feet equivalent (Bcfe), up 4.5% year over year. The Zacks Consensus Estimate for total production volumes was pinned at 141.1 Bcfe for the same quarter.
Interest expenses totaled $37.3 million, up 6% year over year.
CNX Resources repurchased 5.3 million shares at an average price of $21.41 per share for a total cost of $113 million. Over the past 13 quarters, CNX repurchased approximately 33% of its outstanding shares.
The company has reduced its adjusted net debt by $331 million since third-quarter 2020.
Financial Update
As of Dec 31, 2023, CNX Resources had cash and cash equivalents of $0.4 million compared with $21.3 million as of Dec 31, 2022.
Long-term debt as of Dec 31, 2023, was $1,888.7 million, lower than $2,205.7 million recorded as of Dec 31, 2022.
Cash from operating activities totaled $161.1 million compared with $442.3 million in the year-ago period. Free cash flow in the reported quarter amounted to $62 million.
Capital expenditure totaled $107.7 million compared with $173.2 million recorded in the year-ago period.
Guidance
CNX Resources continues to expect 2024 total capital expenditure in the range of $575-$625 million.
It expects production volume in the band of 570-590 Bcfe for 2024.
The company expects free cash flow of $300 million for 2024.
Adjusted EBITDAX is anticipated in the band of $1,000-$1,150 million for the same year.
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
Energy Transfer (ET - Free Report) is slated to report fourth-quarter results on Feb 14, after market close. The Zacks Consensus Estimate for earnings is pegged at 29 cents per unit.
The Zacks Consensus Estimate for sales is pinned at $23.6 billion, implying a year-over-year increase of 15%.
ONEOK, Inc. (OKE - Free Report) is slated to report fourth-quarter results on Feb 26, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.16 per share, implying a year-over-year increase of 7.4%.
OKE’s long-term (three to five years) earnings growth rate is 7.64%. It delivered an average earnings surprise of 6% in the last four quarters.
Devon Energy (DVN - Free Report) is scheduled to report fourth-quarter results on Feb 27, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.38 per share.
DVN’s long-term earnings growth rate is 51.35%. The company delivered an average earnings surprise of 1.6% in the last four quarters.