Stock Monitor: Evolution Petroleum Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 13, 2018 / Active-Investors.com has just released a free earnings report on CNX Resources Corp. (NYSE: CNX). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CNX. CNX Resources reported its fourth quarter fiscal 2017 operating and financial results on January 30, 2018. The Natural Gas company surpassed top- and bottom-line expectations and provided guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Evolution Petroleum Corporation (NYSE AMER: EPM), which also belongs to the Basic Materials sector as the Company CNX Resources. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, CNX Resources most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the quarter ended December 31, 2017, CNX reported total revenue of $333.3 million, up 19% compared to revenue of $280.1 million in Q4 2016. The Company's reported numbers exceeded analysts' estimates by $1.94 million.
For Q4 2017, CNX's average sales price for natural gas, natural gas liquids (NGLs), oil, and condensate was $2.80 per thousand cubic feet equivalent (Mcfe). The Company's average price for natural gas was $2.29 per thousand cubic feet (Mcf) for the reported quarter and, including cash settlements from hedging, was $2.48 per Mcf.
During Q4 2017, CNX's earnings before deducting net interest expense, income taxes and depreciation, depletion and amortization (EBITDA) from continuing operations were $250 million compared to negative $113 million in Q4 2016. On a GAAP basis, the Company's reported quarter pre-tax earnings included a $106 million unrealized gain on commodity derivative instruments, and $20 million related to settlement expense. CNX's adjusted EBITDA from continuing operations for Q4 2017 was $173 million compared to $132 million in Q4 2016.
CNX reported net income from continuing operations of $282 million, or earnings of $1.24 per diluted share, compared to a net loss from continuing operations of $300 million, or a loss of $1.31 per diluted share, in Q4 2016. The Company posted adjusted net income from continuing operations in the reported quarter of $222 million, or $0.98 per diluted share, compared to a loss of $146 million in the year-earlier same quarter. CNX's earnings were ahead of Wall Street's estimates for a loss of $0.06 per share.
During Q4 2017, CNX sold 118.9 billion of cubic feet equivalent (Bcfe) of natural gas, reflecting an increase of 17% from the 101.3 Bcfe sold in Q4 2016, driven primarily from Marcellus and Utica Shale volumes. The Company's total quarterly production costs decreased to $2.17 per Mcfe in the reported quarter compared to $2.27 per Mcfe in the year earlier corresponding quarter, primarily attributed to reductions in operating and gathering and transportation expense due to increased volumes.
CNX's Marcellus Shale volumes, including liquids, in Q4 2017 were 64.0 Bcfe, approximately 13% higher than the 56.5 Bcfe produced in Q4 2016. The increased production was attributed to four new Marcellus Shale wells coming on line during the reported quarter. Marcellus Shale total production costs were $2.32 per Mcfe in Q4 2017, reflecting a $0.12 per Mcfe increase from Q4 2016 of $2.20 per Mcfe.
For Q4 2017, CNX's Utica Shale volumes, including liquids, were 33.8 Bcfe, approximately 52% higher than the 22.2 Bcfe produced in Q4 2016, driven primarily from turned-in-line (TIL) activity in Monroe County, Ohio. In addition to the production benefit, the ramp in Monroe County volumes also benefited overall Utica Shale total production costs, which were $1.59 per Mcfe in the reported quarter, representing a $0.27 per Mcfe improvement from Q4 2016 total production costs of $1.86 per Mcfe.
During Q4 2017, CNX continued to operate two horizontal rigs and added a third rig in December 2017. The Company drilled four wells in the reported quarter: one dry Utica Shale well in Monroe County, Ohio, one deep dry Utica Shale well in Greene County, Pennsylvania; one deep dry Utica Shale well in Indiana County, Pennsylvania; and one Marcellus Shale well in Greene County, Pennsylvania.
As of December 31, 2017, CNX had $1.77 billion in total liquidity, which included $509 million of cash and $1.26 billion available to be borrowed under its $1.5 billion bank facility.
CNX is forecasting FY18 production volumes of 520-550 Bcfe, or an approximately 31% annual increase, compared to FY17 volumes of 407 Bcfe. The Company plans to run three rigs through the H1 2018 and expected to add a fourth rig starting in July 2018.
CNX re-affirmed the FY18 capital expenditure forecast of $790 million to $880 million. The Company is projecting FY18 EBITDA attributable to CNX of $845 million to $895 million.
Stock Performance Snapshot
February 12, 2018 - At Monday's closing bell, CNX Resources' stock rose 3.58%, ending the trading session at $13.03.
Volume traded for the day: 4.77 million shares, which was above the 3-month average volume of 3.88 million shares.
Stock performance in the previous three-month period – up 1.44%; and past six-month period – up 4.15%
After yesterday's close, CNX Resources' market cap was at $2.79 billion.
Price to Earnings (P/E) ratio was at 7.76.
The stock has a dividend yield of 0.71%.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry. This sector was up 1.9% at the end of the session.
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