CNX Resources’ 1Q18 earnings
CNX Resources (CNX) announced its 1Q18 earnings on May 3 before the market opened. In 1Q18, CNX Resources reported revenues of ~$496 million, better than the Wall Street analyst consensus of ~$394 million. In 1Q18, CNX reported adjusted profit of $0.19 per share, beating Wall Street analyst consensus for profit of $0.14 per share. To learn more about CNX’s net income and revenues, see parts 1 and 2 of this series.
CNX Resources’ stock reaction to 1Q18 earnings
On May 3, in reaction to the 1Q18 earnings, CNX’s stock price fell ~1%. As the day progressed, CNX tried to rise but closed the day with a loss of ~1%. Currently, CNX is trading ~2% higher than its pre-earnings close.
CNX’s year-to-date performance
Year-to-date in 2018, CNX is among the positively performing upstream companies with a 5.9% return. However, CNX is underperforming the SPDR S&P Oil and Gas Exploration & Production ETF (XOP)—which represents an index of stocks across the energy industry. XOP has ~78% exposure to the Oil and Gas Exploration & Production industry. XOP is up 7.4% in 2018. To learn more about the best and worst upstream stock performers in 2018, check out the Market Realist series 2018’s Best- and Worst-Performing Upstream Energy Stocks.