27 Jul

Could CNX Resources Beat Q2 2018 Earnings Estimates?

WRITTEN BY Nicholas Chapman

Odds of beating earnings estimates

CNX Resources (CNX) beat the consensus EPS estimates in Q2 2017 and Q1 2018 but missed EPS estimates in Q3 2017 and Q4 2017. Thus, in the last four quarters, CNX beat the consensus EPS estimate 50% of the time and missed the consensus EPS estimate 50% of the time.

Could CNX Resources Beat Q2 2018 Earnings Estimates?

Other oil and gas producers

In the last four quarters, Encana (ECA), Pioneer Natural Resources (PXD), and Murphy Oil (MUR) have beaten the earnings expectations ~75%, ~100%, and ~75% of the time, respectively.

How CNX stock reacted to Q1 2018 earnings

CNX Resources announced its Q1 2018 earnings on May 3, 2018, before the market opened. In the first quarter, CNX Resources reported revenues of ~$496 million, better than the Wall Street analyst consensus of ~$394 million. CNX also beat EPS estimates by $0.08 in Q1 2018. CNX reported adjusted profit of $0.22 per share, whereas the Wall Street analyst consensus was for profit of $0.14 per share. Following the earnings release, better-than-expected earnings pushed CNX Resources’ stock price from $15.15 to $16.58 in two weeks.

CNX’s year-to-date performance

Year-to-date in 2018, CNX is among the positively performing upstream companies with a 16% return. The SPDR S&P Oil and Gas Exploration & Production ETF (XOP), which represents an index of stocks across the energy industry, is up by ~16% in 2018. XOP has ~81% exposure to the oil and gas exploration and production industry. To know more about the best upstream stock performers in 2018, check out Market Realist’s series, How Is the Energy Sector Performing in 2018?

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