National Fuel Gas Company NFG posted fourth-quarter fiscal 2020 operating earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 34 cents by 17.7%. However, earnings declined 25.9% from the year-ago figure of 54 cents per share.
Total revenues of $288 million missed the Zacks Consensus Estimate of $337 million by 14.5%. The top line also dropped 1.7% from the prior-year figure of $293 million.
National Fuel Gas Company Price, Consensus and EPS Surprise
National Fuel Gas Company price-consensus-eps-surprise-chart | National Fuel Gas Company Quote
Highlights of the Release
Total operating costs for the reported quarter (excluding the impairment expenses) decreased 0.4% from the year-ago level to $208.5 million.
Exploration and Production segment’s net production of 67.3 billions of cubic feet equivalent (Bcfe) reflected an increase of 8.2 Bcfe or 14% from the prior year, primarily due to the acquisition of Appalachian assets.
It incurred interest expenses of $32.1 million, up 25.4% from the year-ago figure.
Total natural gas and crude oil reserves as of Sep 30, 2020 were 3,458 Bcfe, reflecting an increase of 359 Bcfe or 12% from Sep 30, 2019.
As of Sep 30, 2020, National Fuel Gas had cash and cash equivalents were $20.5 million compared with $20.4 million on Sep 30, 2019.
Long-term debt (excluding current maturities) was $2,629.6 million as of Sep 30, 2020 compared with the Sep 30, 2019 level of $2,133.7 million.
The company’s cash flow from operating activities for fiscal 2020 was $740.8 million, up from $694.5 million recorded in the comparable year-ago period.
Total capital expenditure for fiscal 2020 was $716.1 million, down from $788.9 million in the comparable year-ago period.
National Fuel Gas revised its fiscal 2021 earnings guidance to the range of $3.55-$3.85 from the prior expectation of $3.40-$3.70. The mid-point of the new guidance is $3.70, which is higher than the Zacks Consensus Estimate of $3.67.
National Fuel Gas increased its fiscal 2021 capital expenditure guidance to the range of $720-$830 million from the earlier expectation of $660-$770 million.
Fiscal 2021 production is expected in the range of 305-335 Bcfe.
Currently, National Fuel Gas has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Sempra Energy’s SRE third-quarter 2020 adjusted earnings per share came in at $1.31, which missed the Zacks Consensus Estimate of $1.47 by 10.9%.
MDU Resources Group Inc. MDU reported third-quarter 2020 operating earnings of 76 cents per share, which increased 11.8% from the year-ago level.
ONE Gas Inc. OGS reported third-quarter 2020 earnings of 39 cents per share, which beat the Zacks Consensus Estimate of 36 cents by 8.3%.
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