CNX Resources Corporation. Price, Consensus and EPS Surprise

CNX Resources Corporation. price-consensus-eps-surprise-chart

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CNX Resources Corporation. Quote

Highlights of the Release

Average selling price for the quarter was $2.36 per thousand cubic feet equivalent (Mcfe), down 5.9% from the year-ago figure of $2.51. For the reported quarter, total production costs were down 0.6% year over year to $1.71 per Mcfe due to proper cost-management measures implemented by the company.

Total third-quarter production volumes were 115.7 billion cubic feet equivalent, down 9.8% year over year. Interest expenses for the reported quarter were $37.9 million, down 1.3% from the year-ago period.

Financial Update

As of Sep 30, 2020, CNX Resources had cash and cash equivalents of $150.1 million, up from $16.3 million on Dec 31, 2019.

Total long-term debt as of Sep 30, 2020 was $2,577.9 million, lower than $2,754.4 million on Dec 31, 2019. During the first nine months of 2020, the company paid off all $895-million senior notes due in 2022.

Third-quarter 2020 cash from operating activities was $223.1 million, down 26.9% from $305.4 million in the year-ago period. Free cash flow for the reported quarter was $121 million.

Third-quarter capital expenditure was $108 million, lower than $336 million invested in the year-ago period.

Guidance

CNX Resources increased its 2020 capital expenditure guidance to the range of $495-$515 million from $470-$550 million expected earlier. CNX Resources also hiked 2020 production expectation to the band of 500-510 billions of cubic feet equivalent (Bcfe) from the prior view of 490-530 Bcfe.

The company reiterated 2021 production expectation of 550 Bcfe and capital expenditure at $440 million.

It expects to generate $3.4 billion in free cash flow during the 2020-2026 period through proper execution of long-term plans.

Through proper management of expenses, the company aims to lower fully burdened cash costs by 23% over the 2020-2026 time period, which will boost operating margins.

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

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