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CNX Midstream (CNXM) Q3 Earnings Beat, DCF Increases Y/Y

Better-Than-Expected Earnings: CNX Midstream Partners LP CNXM reported third-quarter 2019 earnings per unit of 58 cents, ahead of the Zacks Consensus Estimate of 53 cents.

Estimate Revision Trend & Surprise History: The stock had seen the Zacks Consensus Estimate for third-quarter earnings being revised 1.9% upward over the last 7 days.

Coming to earnings surprise history, the natural gas midstream infrastructure operator has a good record, having gone past the Zacks Consensus Estimate in three of the last four reports. This is depicted in the graph below:

CNX Midstream Partners LP Price and EPS Surprise

 

CNX Midstream Partners LP Price and EPS Surprise
CNX Midstream Partners LP Price and EPS Surprise

CNX Midstream Partners LP price-eps-surprise | CNX Midstream Partners LP Quote

Revenues: Revenues of $74 million missed the Zacks Consensus Estimate of $81 million.

Key Stats: Third-quarter sales for the Anchor Systems unit (which handles natural gas midstream facilities in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia) was $72.3 million, up from the year-ago revenue of $58.5 million. Meanwhile, Anchor Systems throughput volumes improved 33.7% year over year.

CNX Midstream Partners reported that its distributable cash flow (DCF) for third-quarter 2019 came in at $43.6 million, up 24.6% from the year-ago quarter.

Zacks Rank:Currently, CNX Midstream Partners carries a Zacks Rank #2 (Buy).

(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)

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