CNX Resources (CNX) to Report Q3 Earnings: What's in Store?

CNX Resources Corporation CNX is scheduled to release third-quarter 2021 earnings on Oct 28, before the market opens. This exploration and production company delivered an average earnings surprise of 29.3% in the last four reported quarters.

Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.

Factors to Consider

CNX Resources’ earnings in the third quarter are likely to have benefited from lower shares outstanding, as the company has been opportunistically repurchasing shares from the open market. It has been managing costs in an efficient manner, and the same is expected to have lowered operating expenses as well as boosted margins in the third quarter.

It utilized free cash flow to lower the outstanding debt level by more than $89 million in the second quarter, which in turn is likely to have lowered capital servicing cost and aided margins in the third quarter. Stable production volumes from high-quality assets are expected to have boosted the company’s third-quarter performance.

Expectations

The Zacks Consensus Estimate for the September quarter earnings per share stands at 32 cents, suggesting a 700% rise from the year-ago reported figure.

What Our Quantitative Model Predicts

Our proven model predicts earnings beat for CNX Resources this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is the case here as you will see below.

CNX Resources Corporation. Price and EPS Surprise

CNX Resources Corporation. Price and EPS SurpriseCNX Resources Corporation. Price and EPS Surprise
CNX Resources Corporation. Price and EPS Surprise

CNX Resources Corporation. price-eps-surprise | CNX Resources Corporation. Quote

Earnings ESP: It has an Earnings ESP of +2.50%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: CNX Resources sports a Zacks Rank #1, currently. You can see the complete list of today’s Zacks #1 Rank stocks here.

Other Stocks to Consider

Investors can also consider the following players from the same industry that too have the right combination of elements to beat on earnings for the to-be-reported quarter.

Continental Resources, Inc. CLR is slated to release third-quarter results on Nov 1. It has an Earnings ESP of +2.55% and sports a Zacks Rank of 1.

APA Corporation APA is slated to release third-quarter results on Nov 3. It has an Earnings ESP of +3.77% and sports a Zacks Rank of 1.

EOG Resources Inc. EOG is slated to release third-quarter results on Nov 5. It has an Earnings ESP of +2.11% and currently has a Zacks Rank of 2.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

APA Corporation (APA) : Free Stock Analysis Report

CNX Resources Corporation. (CNX) : Free Stock Analysis Report

EOG Resources, Inc. (EOG) : Free Stock Analysis Report

Continental Resources, Inc. (CLR) : Free Stock Analysis Report

To read this article on Zacks.com click here.

By Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

If you would like to receive our free newsletter via email, simply enter your email address below & click subscribe.

MOST ACTIVE MINING STOCKS

 Daily Gainers

 Elementos Limited ELT.AX +2,400.00%
 Amarillo Gold Corp. AGC.V +80.00%
 Compass Gold Corp. CVB.V +40.74%
 Alix Resources Corp. ARXRF +30.75%
 Astro Resources NL ARO.AX +25.00%
 Hannans Reward Ltd. HNR.AX +18.92%
 New Stratus Energy Inc. NSE.V +17.89%
 Beowulf Mining plc BEM.L +17.79%
 Purepoint Uranium Group Inc. PTU.V +16.67%
 Standard Lithium SLL.V +16.42%