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CNX Resources Corporation (CNX - Free Report) reported second-quarter 2019 adjusted earnings of 6 cents per share, in line with the Zacks Consensus Estimate.
Revenues
Total revenues of $605.1 million in the second quarter surpassed the Zacks Consensus Estimate of $368 million by 64.4%.
Highlights of the Release
CNX Resources registered a 9.7% year-over-year increase in gas sales volumes to 134.5 billion cubic feet equivalent (Bcfe) in the quarter under review. The increase was primarily attributable to higher Marcellus shale volumes.
On a consolidated basis, the company reported net income of $193 million compared with $61 million in second-quarter 2018.
CNX Resources Corporation. Price, Consensus and EPS Surprise
As of Jun 30, 2019, CNX Resources had cash and cash equivalents of $32.6 million, up from $17.2 million on Dec 31, 2018.
Total long-term debt as of Jun 30, 2019 was $2,618.4 million, higher than $2,378.2 million on Dec 31, 2018.
Cash from operating activities in first-half 2019 was $560.7 million, up 24.3% from $450.9 million in the comparable prior-year period.
Capital expenditure during the first six months of 2019 was $628.4 million, higher than $496.7 million in the comparable year-ago period.
Guidance
CNX Resources’ 2019 capital expenditure guidance is projected in the range of $1,205-$1,275 million. The company now expects 2019 production in the range of 510-530 Bcfe, up from the previous guided range of 495-515 Bcfe.
CNX Resources expects 2020 production in the band of 570-595 Bcfe, which equates to a 12% annual increase, based on the midpoint of the guided range.
Zacks Rank
CNX Resources currently has a Zacks Rank #4 (Sell).
Apache Corporation (APA - Free Report) is scheduled to report second-quarter 2019 results on Jul 31. The Zacks Consensus Estimate for the quarter is pegged at 8 cents.
California Resources Corporation (CRC - Free Report) is expected to announce second-quarter 2019 results on Aug 1. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 37 cents.
Cheniere Energy, Inc. (LNG - Free Report) is slated to report second-quarter 2019 results on Aug 8. The Zacks Consensus Estimate for the quarter to be reported is pegged at 15 cents.
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CNX Resources (CNX) Reports In-Line Q2 Earnings, Tweaks View
CNX Resources Corporation (CNX - Free Report) reported second-quarter 2019 adjusted earnings of 6 cents per share, in line with the Zacks Consensus Estimate.
Revenues
Total revenues of $605.1 million in the second quarter surpassed the Zacks Consensus Estimate of $368 million by 64.4%.
Highlights of the Release
CNX Resources registered a 9.7% year-over-year increase in gas sales volumes to 134.5 billion cubic feet equivalent (Bcfe) in the quarter under review. The increase was primarily attributable to higher Marcellus shale volumes.
On a consolidated basis, the company reported net income of $193 million compared with $61 million in second-quarter 2018.
CNX Resources Corporation. Price, Consensus and EPS Surprise
CNX Resources Corporation. price-consensus-eps-surprise-chart | CNX Resources Corporation. Quote
Financial Update
As of Jun 30, 2019, CNX Resources had cash and cash equivalents of $32.6 million, up from $17.2 million on Dec 31, 2018.
Total long-term debt as of Jun 30, 2019 was $2,618.4 million, higher than $2,378.2 million on Dec 31, 2018.
Cash from operating activities in first-half 2019 was $560.7 million, up 24.3% from $450.9 million in the comparable prior-year period.
Capital expenditure during the first six months of 2019 was $628.4 million, higher than $496.7 million in the comparable year-ago period.
Guidance
CNX Resources’ 2019 capital expenditure guidance is projected in the range of $1,205-$1,275 million. The company now expects 2019 production in the range of 510-530 Bcfe, up from the previous guided range of 495-515 Bcfe.
CNX Resources expects 2020 production in the band of 570-595 Bcfe, which equates to a 12% annual increase, based on the midpoint of the guided range.
Zacks Rank
CNX Resources currently has a Zacks Rank #4 (Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Apache Corporation (APA - Free Report) is scheduled to report second-quarter 2019 results on Jul 31. The Zacks Consensus Estimate for the quarter is pegged at 8 cents.
California Resources Corporation (CRC - Free Report) is expected to announce second-quarter 2019 results on Aug 1. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 37 cents.
Cheniere Energy, Inc. (LNG - Free Report) is slated to report second-quarter 2019 results on Aug 8. The Zacks Consensus Estimate for the quarter to be reported is pegged at 15 cents.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>