CNX Resources (CNX) Q4 Earnings Beat, Revenues Lag Estimates
CNX Resources Corporation CNX reported fourth-quarter 2022 operating earnings of $1.64 per share, beating the Zacks Consensus Estimate of 57 cents by 188%. In the year-ago quarter, CNX Resources reported earnings of 31 cents per share.
CNX Resources’ fourth-quarter revenues of $416 million missed the Zacks Consensus Estimate of $490 million by 17.8%. Total revenues in the reported quarter has decreased 7.7% year over year from the prior-quarter’s $448 million.
CNX Resources Corporation. Price, Consensus and EPS Surprise
CNX Resources Corporation. price-consensus-eps-surprise-chart | CNX Resources Corporation. Quote
Highlights of the Release
The average selling price in the quarter was $2.96 per thousand cubic feet equivalent (Mcfe), up 4.6% from the year-ago figure of $2.83. In the reported quarter, total production cost was $1.67 per Mcfe, up 5.7%.
Total fourth-quarter production volumes were 140.6 billion cubic feet equivalent (Bcfe), down 11.1% year over year. Interest expenses in the reported quarter were $35.2 million, down 5.5%.
CNX Resources repurchased 12.6 million shares during the quarter. Due to the systematic buyback of shares, the company repurchased nearly 24% of its outstanding shares, or 57 million shares for $868 million, in the last nine quarters.
As of Dec 31, 2022, CNX Resources had cash and cash equivalents of $21.3 million, up from $3.6 million on Dec 31, 2021.
Long-term debt as of Dec 31, 2022, was $2,205.7 million, lower than $2,214.1 million as of Dec 31, 2021.
Fourth-quarter 2022 cash from operating activities was $442.3 million, up 74.7% from $253.1 million in the year-ago period. Free cash flow in the reported quarter was $276 million.
Fourth-quarter capital expenditure was $173 million, higher than $117 million invested in the year-ago period.
CNX Resources expects its 2023 total capital expenditure to be in the range of $575-$675 million. CNX expects its 2023 production volume in the band of 555-575 Bcfe, and its 2024 production volume to be nearly 590 Bcfe.
CNX Resources expects its 2023 free cash flow to be $375 million.
Its 2023 adjusted EBITDAX is expected to be in the range of $1,100-$1,250 million.
CNX Resources currently has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Chevron CVX is slated to report its fourth-quarter results on Jan 27, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $4.16 per share, implying a year-over-year increase of 62.5%.
Devon Energy DVN is scheduled to report its fourth-quarter results on Feb 14, after market close. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.83 per share, indicating a year-over-year increase of 31.6%.
Energy Transfer ET is slated to report its fourth-quarter results on Feb 15, after market close. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 37 cents per share, implying a year-over-year increase of 27.6%.
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