|Bid||6.30 x 800|
|Ask||6.32 x 3100|
|Day's Range||6.23 - 6.64|
|52 Week Range||6.04 - 11.28|
|Beta (5Y Monthly)||0.49|
|PE Ratio (TTM)||N/A|
|Earnings Date||Apr 27, 2020 - May 03, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Feb 01, 2017|
|1y Target Est||8.83|
The large oil and gas company announced in December it would be divesting its stake in the Marcellus and Utica shale.
There's an improvement by the middle of the year, but producers will have to wait until next year for the prices to go up more steadily.
BENGALURU/NEW YORK, Feb 11 (Reuters) - U.S. shale gas producers are ripe for further spending cuts and write-downs, investors and analysts said, with prices at four-year lows and China's rejection of some gas imports weighing on earnings. Natural gas production in the United States is at record levels, outpacing domestic consumption and leading to global supply glut. As a result, several large gas producers, have reduced the value of their production assets.
CNX Resources Corporation (NYSE: CNX) ("CNX" or "the company") announced today total proved reserves of 8.43 Tcfe, as of December 31, 2019, which is a 7% increase, compared to the previous year. CNX organically added 1,648 Bcfe of proved reserves through extensions and discoveries, which resulted in the company replacing over 300% of its 2019 net production of 539 Bcfe. These extensions and discoveries were a result of our continued development within the Marcellus and Utica Shale formations.
The U.S. uses 50% more natural gas than it did 10 years ago, but the price of the commodity is plunging. That is trouble for companies that produce the fuel.
Wednesday’s rising stock market lifted energy stocks, including natural gas producers that have been squeezed lately by low commodity prices. Consol (NYSE: CEIX) had one of the best days for any stock on the New York Stock Exchange, jumping $2.17 to close at $10.33 a share. Another coal producer, Arch Coal (NYSE: BTU), also saw its shares rise by 26 percent Wednesday.
CNX Resources' (CNX) fourth-quarter earnings are expected to have benefited from additional production from new wells. However, decline in commodity price might have been a concern.
Noble Energy's (NBL) Leviathan field starts commercial operation per schedule, and is expected to drive performance of the company over the long term.
EQT Corporation (EQT) estimates its fourth-quarter net sales volumes in the band of 370-375 Bcfe, indicating a narrower outlook from the earlier guided the earlier guided range of 355-375 Bcfe.
FuelCell Energy (FCEL) is set to report fiscal Q4 results. Earnings are likely to have gained from restructuring strategies & investment from other firms to continue fuel cell technology expansion.
Enterprise Products Partners' (EPD) Morgan's Point marine terminal in Texas can load 2.2 billion pounds of ethylene per year from two docks.
He joins the growing natural gas producer, Olympus Energy, which is also based at Southpointe. It is drilling wells east of Pittsburgh and has 100,000 acres in the Marcellus, Utica and Upper Devonian shales.
WPX Energy (WPX) makes full use of the current low-interest environment to issue new debts and uses proceeds from the offering to fund the acquisition of Felix Energy.
In order to improve the balance sheet, Range Resources (RRC) decides to shelve dividend payments, which will enable it to save $20 million per annum.