Natural gas producer CNX Resources (NYSE: CNX) will be reporting earnings tomorrow before market open. Here’s what to expect.
CNX Resources beat analysts’ revenue expectations last quarter, reporting revenues of $450 million, up 8.9% year on year. It was an exceptional quarter for the company, with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.
Is CNX Resources a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting CNX Resources’s revenue to grow 15.9% year on year, in line with the 15.9% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. CNX Resources has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at CNX Resources’s peers in the upstream & integrated segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Range Resources delivered year-on-year revenue growth of 20.6%, beating analysts’ expectations by 6.4%, and EQT reported revenues up 45.7%, falling short of estimates by 1.4%. Range Resources traded up 3.8% following the results while EQT was also up 3.1%.
Read our full analysis of Range Resources’s results here and EQT’s results here.
Investors in the upstream & integrated segment have had steady hands going into earnings, with share prices up 1.8% on average over the last month. CNX Resources is up 1.6% during the same time and is heading into earnings with an average analyst price target of $38.33 (compared to the current share price of $39.17).
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