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CNX Resources Corporation CNX reported first-quarter 2021 adjusted earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 28 cents by 28.6%.
First-quarter revenues of $473 million beat the Zacks Consensus Estimate of $406 million by 16.5%. The top line also increased 13.7% from the year-ago quarter.
CNX Resources Corporation. Price, Consensus and EPS Surprise
CNX Resources Corporation. price-consensus-eps-surprise-chart | CNX Resources Corporation. Quote
Highlights of the Release
Average selling price for the quarter was $2.73 per thousand cubic feet equivalent (Mcfe), up 5.4% from the year-ago figure of $2.59. For the reported quarter, total production costs were down 7.1% year over year to $1.56 per Mcfe due to proper cost-management measures implemented by the company.
Total fourth-quarter production volumes were 140.6 billion cubic feet equivalent, up 4.6% year over year. Interest expenses for the reported quarter were $36.4 million, down 25.7% from the year-ago period.
During the quarter, CNX Resources repurchased stocks worth $23.4 million. The company announced a share buyback authorization of $250 million.
As of Mar 31, 2021, CNX Resources had cash and cash equivalents of $29.6 million, up from $15.6 million on Dec 31, 2020.
Total long-term debt as of Mar 31, 2021 was $2,346.2 million, lower than $2,401.4 million on Dec 31, 2020.
First-quarter 2021 cash from operating activities was $219.6 million, down 17.9% from $267.4 million in the year-ago period. Free cash flow for the year was $101 million.
Capital expenditure for first-quarter 2021 was $123 million.
CNX Resources reiterated capital expenditure view for 2021 in the range of $430-$470 million. The company still expects 2021 production volumes in the range of 540-570 billions of cubic feet equivalent. Nearly 94% expected gas production for 2021 is hedged by the company.
CNX Resources raised free cash flow expectation for 2021 to $450 million from $425 million projected earlier.
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.
Devon Energy Corporation DVN is scheduled to announce first-quarter 2021 results on May 4. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at 35 cents per share.
EQT Corporation EQT is scheduled to report first-quarter 2021 results on May 5. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at 28 cents per share.
Occidental Petroleum Corporation OXY is scheduled to report first-quarter 2021 results on May 10. The Zacks Consensus Estimate for the bottom line for the quarter is pegged at a loss of 33 cents per share.
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