CNX Resources Corporation CNX reported second-quarter 2019 adjusted earnings of 6 cents per share, in line with the Zacks Consensus Estimate.
Total revenues of $605.1 million in the second quarter surpassed the Zacks Consensus Estimate of $368 million by 64.4%.
Highlights of the Release
CNX Resources registered a 9.7% year-over-year increase in gas sales volumes to 134.5 billion cubic feet equivalent (Bcfe) in the quarter under review. The increase was primarily attributable to higher Marcellus shale volumes.
On a consolidated basis, the company reported net income of $193 million compared with $61 million in second-quarter 2018.
CNX Resources Corporation. Price, Consensus and EPS Surprise
CNX Resources Corporation. price-consensus-eps-surprise-chart | CNX Resources Corporation. Quote
As of Jun 30, 2019, CNX Resources had cash and cash equivalents of $32.6 million, up from $17.2 million on Dec 31, 2018.
Total long-term debt as of Jun 30, 2019 was $2,618.4 million, higher than $2,378.2 million on Dec 31, 2018.
Cash from operating activities in first-half 2019 was $560.7 million, up 24.3% from $450.9 million in the comparable prior-year period.
Capital expenditure during the first six months of 2019 was $628.4 million, higher than $496.7 million in the comparable year-ago period.
CNX Resources’ 2019 capital expenditure guidance is projected in the range of $1,205-$1,275 million. The company now expects 2019 production in the range of 510-530 Bcfe, up from the previous guided range of 495-515 Bcfe.
CNX Resources expects 2020 production in the band of 570-595 Bcfe, which equates to a 12% annual increase, based on the midpoint of the guided range.
CNX Resources currently has a Zacks Rank #4 (Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Apache Corporation APA is scheduled to report second-quarter 2019 results on Jul 31. The Zacks Consensus Estimate for the quarter is pegged at 8 cents.
California Resources Corporation CRC is expected to announce second-quarter 2019 results on Aug 1. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 37 cents.
Cheniere Energy, Inc. LNG is slated to report second-quarter 2019 results on Aug 8. The Zacks Consensus Estimate for the quarter to be reported is pegged at 15 cents.
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