CNX Resources (CNX) to Post Q3 Earnings: What's in Store?
CNX Resources Corporation CNX is scheduled to release third-quarter 2023 results on Oct 25, before market open. The company delivered an earnings surprise of 20.8% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors to Note
CNX Resources’ free cash flow generation and utilization are likely to have helped repurchase shares and reduce debts in the third quarter. The ongoing share buyback is expected to have boosted earnings.
Since CNX Resources owns its midstream system, it is likely to have gained from low production costs and independence from other midstream systems. Systematic repayment of debts also allows the company to lower its interest expenses, benefiting its bottom line.
Stable production from the Marcellus and Utica shales is likely to have enabled CNX to increase its total production volume.
Expectations
The Zacks Consensus Estimate for third-quarter earnings is pegged at 26 cents per share, indicating a year-over-year increase of 148.2%. The consensus mark for revenues is pinned at $388.9 million, indicating a year-over-year decline of 18.3%.
The Zacks Consensus Estimate for total production volumes is pegged at 140 billion cubic feet equivalent, up 4.5% from the previous quarter’s figure.
The Zacks consensus estimate for average gas sales price is pinned at $1.52 per thousand cubic feet equivalent, down 15.6% sequentially. The consensus mark for average sales price of natural gas liquids is pegged at $20.54 per barrel, down 7.7% from the previous quarter’s figure. The Zacks Consensus Estimate for the average sales price of Oil/Condensate is pinned at $73 per barrel, up 15.9% sequentially.
What the Zacks Model Unveils
Our proven model predicts an earnings beat for CNX Resources this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), #2 (Buy) or #3 (Hold) increases the odds of an earnings beat. That is the case here, as you will see below.
CNX Resources Corporation. Price and EPS Surprise
CNX Resources Corporation. price-eps-surprise | CNX Resources Corporation. Quote
Earnings ESP: The company’s Earnings ESP is +10.35%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, CNX Resources carries a Zacks Rank #3.
Other Stocks to Consider
Investors may also consider the following players from the same sector that have the right combination of elements to post an earnings beat this reporting cycle.
Hess Corporation HES is likely to report an earnings beat when it announces third-quarter results on Oct 25, before market open. It has an Earnings ESP of +6.03% and a Zacks Rank #2 at present. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for HES’ 2023 earnings is pegged at $5.10 per share, reflecting 18.3% growth in the past 60 days. HES delivered an average earnings surprise of 7.4% in the last four quarters.
Devon Energy Corporation DVN is expected to post an earnings beat when it announces third-quarter results on Nov 7, after market close. It has an Earnings ESP of +2.27% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for DVN’s earnings is pegged at $5.87 per share, which reflects 5.8% growth in the past 60 days. It delivered an average earnings surprise of 0.8% in the last four quarters.
Constellation Energy Corporation CEG is set to release third-quarter 2023 results on Nov 6. CEG has an Earnings ESP of +2.42% and currently sports a Zacks Rank #1.
The Zacks Consensus Estimate for 2023 earnings of Constellation Energy is $5.53 per share, which indicates a 2.02% increase in the past sixty days.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Devon Energy Corporation (DVN) : Free Stock Analysis Report
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CNX Resources Corporation. (CNX) : Free Stock Analysis Report
