CNX Resources (CNX)
NYSE:CNX
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CNX Resources
(NYSE:CNX)
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Rating:65Neutral
Price Target:
$42.00
▲(8.61% Upside)
Action:ReiteratedDate:05/01/26
The score is driven primarily by solid but inconsistent fundamentals: strong TTM profitability and manageable leverage are tempered by weak cash conversion and multi-year volatility. Valuation is supportive with a low P/E, while technical signals are neutral-to-soft and the latest earnings call adds both balance-sheet positives (refinancing, hedging) and near-term uncertainties (limited operational updates, dilution).
Positive Factors
Marcellus infrastructure advantage
Legacy midstream and in-basin infrastructure in the SWPA Marcellus reduces per-well capital and operating needs, enabling a lower-cost 'harvest mode.' This structural advantage supports durable margin resilience and predictable cash generation as Utica is phased in, improving long-term returns.
Negative Factors
Weak FCF conversion
A large gap between accounting earnings and discretionary free cash flow signals that reported profitability is not reliably translating into cash. This reduces internal funding for capex, debt paydown, or buybacks and increases dependence on capital markets, making returns and reinvestment less durable.
Read all positive and negative factors
Positive Factors
Negative Factors
Marcellus infrastructure advantage
Legacy midstream and in-basin infrastructure in the SWPA Marcellus reduces per-well capital and operating needs, enabling a lower-cost 'harvest mode.' This structural advantage supports durable margin resilience and predictable cash generation as Utica is phased in, improving long-term returns.
Read all positive factors
CNX Resources (CNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.38B
Dividend YieldN/A
Average Volume (3M)2.23M
Price to Earnings (P/E)3.8
Beta (1Y)0.52
Revenue Growth38.39%
EPS GrowthN/A
CountryUS
Employees458
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)1.21
Shares Outstanding141,988,900
10 Day Avg. Volume2,050,076
30 Day Avg. Volume2,228,019
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)1.20
Price to Sales (P/S)2.43
P/FCF Ratio9.74
Enterprise Value/Market Cap1.47
Enterprise Value/Revenue3.41
Enterprise Value/Gross Profit6.79
Enterprise Value/Ebitda3.51
Forecast
1Y Price Target
$36.67Price Target Upside-5.18% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering9
EPS Forecast (FY)2.93
Revenue Forecast (FY)$2.10B
CNX Resources Business Overview & Revenue Model
Company Description
CNX Resources Corporation, an independent natural gas and midstream company, acquires, explores for, develops, and produces natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane. It produc...
How the Company Makes Money
CNX primarily makes money by producing and selling natural gas (and, to a lesser extent, associated natural gas liquids when applicable) from its operated wells in the Marcellus and Utica shales. Revenue is generated when produced volumes are sold...
CNX Resources Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Neutral
The call conveyed a cautiously constructive tone: management reported tangible financial progress (an eight-year refinancing at 5.875%, extension of maturities, and addition of ~13 Bcf of longer-dated hedges with tightening basis differentials) and emphasized competitive positioning to capture future in-basin demand. At the same time, operational developments that would meaningfully change outlooks—particularly Utica well performance and NewTech business expansions—remain early or pending, and convertible note conversion will dilute shares (~12 million). Overall, positives around balance sheet strengthening, hedging, and market participation are offset by near-term data gaps and timing uncertainty.Positive Updates
Refinancing and Extended Maturity Profile
Successfully refinanced 2029 notes into new eight-year notes at a 5.875% coupon during the quarter, pushing out maturities and targeting to keep at least a 2–3 year cushion before the next large maturity; next material maturity is 2030 which management expects to address well ahead of time.
Negative Updates
Utica Development Still Early — Limited Performance Data
Three Utica wells were brought to sales in the quarter but were turned late in the quarter, so no production or well-performance data is yet available; management expects a more fulsome Utica data set toward the end of 2026 or early 2027 to inform future allocation decisions between Utica and Marcellus.
Read all updates
Q1-2026 Updates
Positive
Negative
Refinancing and Extended Maturity Profile
Successfully refinanced 2029 notes into new eight-year notes at a 5.875% coupon during the quarter, pushing out maturities and targeting to keep at least a 2–3 year cushion before the next large maturity; next material maturity is 2030 which management expects to address well ahead of time.
Read all positive updates
Company Guidance
During the call CNX said it has added roughly 13 Bcf of longer‑dated hedges and is taking an opportunistic, patient approach to the 2028+ market, refinanced its 2029 notes into new eight‑year debt at a 5.875% coupon to push maturities at least 2–3 years forward (next sizable maturity is 2030), and disclosed the remaining convertible will convert on May 1 for about 12 million net new shares; management expects a fuller Utica performance and cost update by end‑2026/early‑2027, left NewTech projections unchanged pending final 45Z guidance, and reiterated optimism on in‑basin demand (peers cite >10 Bcf/d growth by decade end and ~9 GW power center proposals) while noting tightening long‑dated basis differentials have improved all‑in realized California pricing.CNX Resources Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.32B | 2.14B | 1.35B | 1.46B | 3.92B | 2.38B |
| Gross Profit | 1.16B | 1.01B | 806.18M | 913.53M | 3.26B | 1.87B |
| EBITDA | 2.26B | 1.55B | 489.50M | 2.67B | 399.37M | 31.26M |
| Net Income | 1.18B | 633.16M | -90.49M | 1.72B | -142.08M | -498.64M |
Balance Sheet | ||||||
| Total Assets | 9.13B | 9.09B | 8.51B | 8.63B | 8.52B | 8.10B |
| Cash, Cash Equivalents and Short-Term Investments | 6.18M | 779.00K | 17.20M | 443.00K | 21.32M | 3.56M |
| Total Debt | 2.54B | 2.45B | 2.29B | 2.37B | 2.39B | 2.27B |
| Total Liabilities | 4.50B | 4.76B | 4.41B | 4.27B | 5.57B | 4.40B |
| Stockholders Equity | 4.63B | 4.34B | 4.10B | 4.36B | 2.95B | 3.70B |
Cash Flow | ||||||
| Free Cash Flow | 281.90M | 533.97M | 275.45M | 135.18M | 669.26M | 460.50M |
| Operating Cash Flow | 815.33M | 1.03B | 815.78M | 814.59M | 1.24B | 926.36M |
| Investing Cash Flow | -415.61M | -900.91M | -484.47M | -509.38M | -528.29M | -420.61M |
| Financing Cash Flow | -681.91M | -169.65M | -276.68M | -326.09M | -688.96M | -523.78M |
CNX Resources Technical Analysis
Negative
38.67
Price Trends
40.09
Negative
38.88
Negative
35.35
Positive
Market Momentum
-0.33
Positive
44.13
Neutral
56.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CNX, the sentiment is Negative. The current price of 38.67 is below the 20-day moving average (MA) of 39.49, below the 50-day MA of 40.09, and above the 200-day MA of 35.35, indicating a neutral trend. The MACD of -0.33 indicates Positive momentum. The RSI at 44.13 is Neutral, neither overbought nor oversold. The STOCH value of 56.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CNX.
CNX Resources Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $6.07B | 10.72 | 10.34% | 3.56% | 15.08% | -2.06% | |
76 Outperform | $8.22B | 120.54 | 0.54% | 5.73% | -7.12% | -95.64% | |
75 Outperform | $5.75B | 12.49 | 16.76% | 2.74% | -0.31% | -11.02% | |
71 Outperform | $7.09B | 18.32 | 37.31% | ― | 52.24% | 41.74% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $5.38B | 3.75 | 15.52% | ― | 38.39% | ― | |
65 Neutral | $5.84B | 42.92 | 2.03% | 4.15% | -10.87% | -73.21% |
* Energy Sector Average
CNX
CNX Resources
37.88
6.98
22.59%
MUR
Murphy Oil
40.73
21.12
107.75%
MGY
Magnolia Oil & Gas
30.09
10.11
50.60%
VIST
Vista Energy SAB de CV
71.64
28.87
67.50%
CRC
California Resources Corp
68.37
34.53
102.04%
CHRD
Chord Energy
145.06
59.29
69.13%
CNX Resources Corporate Events
Business Operations and StrategyPrivate Placements and Financing
CNX Resources Completes $500 Million Senior Notes Financing
Positive
Feb 27, 2026
On February 26, 2026, CNX Resources Corporation closed a $500 million private placement of 5.875% senior notes due 2034, guaranteed by its restricted subsidiaries that back its revolving credit facility. The notes accrue interest from February 26,...
Business Operations and StrategyPrivate Placements and Financing
CNX Resources Announces Results of Senior Notes Tender Offer
Positive
Feb 24, 2026
On February 23, 2026, CNX Resources Corporation reported the final results and expiration of its cash tender offer for any and all of its $500 million 6.000% senior notes due 2029. By the 5:00 p.m. New York time expiration, noteholders had tendere...
Business Operations and StrategyPrivate Placements and Financing
CNX Resources Announces $500 Million Senior Notes Offering
Positive
Feb 18, 2026
On February 17, 2026, CNX Resources Corporation entered into a purchase agreement with Wells Fargo Securities and other initial purchasers for a private offering of $500 million of 5.875% senior notes due 2034, with guarantees from restricted subs...
Business Operations and StrategyPrivate Placements and Financing
CNX Resources Announces Senior Notes Offering and Refinancing
Positive
Feb 17, 2026
On February 17, 2026, CNX Resources Corporation announced a private placement offering of $500 million in senior notes due 2034, guaranteed by its restricted subsidiaries that back its revolving credit facility. The notes are being marketed to qua...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.