CNX Resources (CNX) AI Stock Analysis

• Market Cap: $5.23B
• Dividend Yield: N/A
• Average Volume (3M): 1.91M
• Price to Earnings (P/E): 10.5
• Beta (1Y): 0.62
• Revenue Growth: 43.30%
• EPS Growth: -43.07%
• Country: US
• Employees: 458
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): 0.68
• Shares Outstanding: 134,832,660
• 10 Day Avg. Volume: 2,448,255
• 30 Day Avg. Volume: 1,905,671
• PEG Ratio: >-0.01
• Price to Book (P/B): 1.20
• Price to Sales (P/S): 2.43
• P/FCF Ratio: 9.74
• Enterprise Value/Market Cap: 1.54
• Enterprise Value/Revenue: 3.56
• Enterprise Value/Gross Profit: 4.90
• Enterprise Value/Ebitda: 5.27
• 1Y Price Target: $36.22
• Price Target Upside: -6.65% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 9
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: $41.00 ▲(5.67% Upside)

The score is driven primarily by improving TTM financial performance and a relatively low P/E valuation, balanced by historical earnings volatility and mixed cash-flow conversion. Technical signals and the earnings-call tone point to stability and discipline, but market/demand and takeaway constraints cap near-term upside, while the expanded buyback authorization is an additional supportive factor.

Positive Factors

TTM profitability rebound

TTM revenue is up and the company has returned to solid profitability (~17% revenue rebound and ~14% net margin cited). That restored earnings base enhances cash generation capacity, supports sustained investment in core assets, and improves medium-term financial resilience.

Operating cash flow supports FCF

Healthy trailing operating cash flow that yields positive free cash flow provides a durable source to fund maintenance CapEx, debt service, and shareholder returns. While FCF fell YoY, persistent operating cash generation underpins long-term capital allocation flexibility if conversion stabilizes.

Expanded buyback authorization

A $2.0B expansion to repurchase authority, sized to free cash flow and leverage with no expiration, gives management a structural tool to return surplus cash. Over time this can enhance per-share economics, reinforce capital discipline, and provide a predictable outlet for excess cash if cash generation persists.

Negative Factors

Historical earnings volatility

Material swings in historical earnings and prior losses reduce confidence in sustainable margin progression. This volatility complicates multi-year planning, increases forecast risk for cash returns and reinvestment, and undermines the reliability of sustained shareholder distributions absent structural earnings improvement.

Mixed cash conversion; YoY FCF decline

A drop in free cash flow and weak cash conversion relative to net income signals inconsistent ability to translate earnings into spendable cash. That weakens durable funding for buybacks, capex, and debt reduction, leaving the firm more exposed to commodity cycles and requiring stronger operational consistency.

Takeaway constraints and demand headwinds

Structural takeaway limits, permitting hurdles and multi-year timelines for new in-basin demand cap growth prospects. These constraints restrict volume expansion even with operational efficiency, capping long-term production upside and forcing reliance on productivity or price improvements for durable growth.

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 produces and sells pipeline quality natural gas primarily for gas wholesalers. The company owns rights to extract natural gas in Pennsylvania, West Virginia, and Ohio from approximately 526,000 net Marcellus Shale acres; and approximately 610,000 net acres of Utica Shale, as well as rights to extract natural gas from other shale and shallow oil and gas positions from approximately 1,006,000 net acres in Illinois, Indiana, New York, Ohio, Pennsylvania, Virginia, and West Virginia. It also owns rights to extract coalbed methane (CBM) in Virginia from approximately 282,000 net CBM acres in Central Appalachia, as well as 1,733,000 net CBM acres in West Virginia, Pennsylvania, Ohio, Illinois, Indiana, and New Mexico. In addition, the company designs, builds, and operates natural gas gathering systems to move gas from the wellhead to interstate pipelines or other local sales points; owns and operates approximately 2,600 miles of natural gas gathering pipelines, as well as various natural gas processing facilities. It also offers turn-key solutions for water sourcing, delivery, and disposal for its natural gas operations and for third parties. The company was formerly known as CONSOL Energy Inc. and changed its name to CNX Resources Corporation in November 2017. CNX Resources Corporation was founded in 1860 and is headquartered in Canonsburg, Pennsylvania.

How the Company Makes Money

CNX Resources generates revenue primarily through the sale of natural gas and natural gas liquids produced from its extensive reserves in the Appalachian Basin. The company employs a revenue model that includes both spot market sales and long-term contracts with utilities, industrial customers, and other energy companies. Key revenue streams include the sale of produced natural gas, which is influenced by market prices and demand, as well as the monetization of its assets through joint ventures and partnerships. Additionally, CNX may benefit from hedging strategies that protect against price volatility. The company’s strategic alliances and collaborations with other energy firms further enhance its operational capabilities and market reach, contributing significantly to its earnings.

CNX Resources Financial Statement Overview

Summary

Improving TTM profitability and revenue rebound support the score, with manageable leverage and positive free cash flow. Offsetting this are historically volatile earnings and mixed cash conversion (free cash flow notably below net income) plus a year-over-year decline in free cash flow.

Income Statement

TTM (Trailing-Twelve-Months) shows a clear rebound, with revenue up ~17% and a return to solid profitability (about 14% net margin) alongside strong operating profitability. However, results have been volatile across the last several annual periods, including prior losses and unusually large swings in profitability, which lowers confidence in earnings stability.

Balance Sheet

Leverage looks manageable for the sector with debt at roughly two-thirds of equity in TTM (Trailing-Twelve-Months), and equity has been maintained at a solid level. The main drawback is uneven shareholder returns over time (negative in some years, modest in TTM), suggesting profitability has not been consistently strong enough to steadily compound the balance sheet.

Cash Flow

TTM (Trailing-Twelve-Months) operating cash flow is healthy and supports positive free cash flow, but free cash flow declined year over year and cash conversion is mixed (free cash flow is notably below net income). Overall cash generation is positive, but consistency and conversion quality are not as strong as the income statement rebound suggests.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.14B	1.35B	1.46B	3.92B	2.38B
Gross Profit	1.00B	806.18M	913.53M	3.26B	1.87B
EBITDA	1.55B	489.50M	2.67B	399.37M	31.26M
Net Income	633.16M	-90.49M	1.72B	-142.08M	-498.64M
Balance Sheet
Total Assets	9.09B	8.51B	8.63B	8.52B	8.10B
Cash, Cash Equivalents and Short-Term Investments	779.00K	17.20M	443.00K	21.32M	3.56M
Total Debt	2.45B	2.29B	2.37B	2.39B	2.27B
Total Liabilities	4.76B	4.41B	4.27B	5.57B	4.40B
Stockholders Equity	4.34B	4.10B	4.36B	2.95B	3.70B
Cash Flow
Free Cash Flow	533.97M	275.45M	135.18M	669.26M	460.50M
Operating Cash Flow	1.03B	815.78M	814.59M	1.24B	926.36M
Investing Cash Flow	-900.91M	-484.47M	-509.38M	-528.29M	-420.61M
Financing Cash Flow	-169.65M	-276.68M	-326.09M	-688.96M	-523.78M

CNX Resources Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 38.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CNX, the sentiment is Positive. The current price of 38.8 is above the 20-day moving average (MA) of 36.51, above the 50-day MA of 37.59, and above the 200-day MA of 33.18, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 61.94 is Neutral, neither overbought nor oversold. The STOCH value of 69.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CNX.

CNX Resources Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VIST	76 Outperform	$5.77B	8.50	37.10%	―	50.79%	32.97%
CHRD	76 Outperform	$5.70B	38.80	2.02%	5.73%	8.43%	-86.63%
CRC	71 Outperform	$4.78B	12.44	11.06%	3.56%	33.85%	-34.08%
CNX	66 Neutral	$5.23B	10.54	15.01%	―	43.30%	-43.07%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
MGY	65 Neutral	$4.81B	14.19	17.51%	2.74%	0.68%	-11.13%
MUR	62 Neutral	$4.30B	41.58	2.01%	4.15%	-13.92%	-68.34%

CNX Resources Corporate Events

CNX Resources Expands Share Repurchase Authorization by $2 Billion

On January 27, 2026, CNX Resources’ board approved a $2.0 billion increase to the company’s existing stock repurchase program, bringing the total remaining authorization to approximately $2.4 billion, with no termination or expiration date. The expanded buyback, which can be executed through various market and negotiated mechanisms at the company’s discretion, underscores CNX’s ongoing emphasis on shareholder returns and capital discipline, with the board indicating it will size the program in line with free cash flow, leverage, and capital plans, while retaining the flexibility to modify, suspend, or discontinue repurchases as conditions change.

The most recent analyst rating on (CNX) stock is a Sell with a $25.00 price target. To see the full list of analyst forecasts on CNX Resources stock, see the CNX Stock Forecast page.

CNX Resources Approves New Executive Leadership Compensation Packages

On December 31, 2025, CNX Resources’ board approved comprehensive compensation packages for incoming President and CEO Alan Shepard and incoming Chief Financial Officer Everett Good, effective January 1, 2026, including base salaries, participation in annual short- and long-term incentive plans, and, for Good, a substantial one-time performance share unit grant tied to absolute stock price performance through 2030. The board also finalized enhanced change-in-control severance agreements for both executives, featuring significant cash severance multiples, extended health and retirement-related benefits, outplacement assistance, and accelerated equity vesting, moves that underscore CNX’s efforts to secure and retain top leadership amid potential corporate transactions while closely linking executive rewards to company performance and shareholder outcomes.

The most recent analyst rating on (CNX) stock is a Hold with a $36.00 price target. To see the full list of analyst forecasts on CNX Resources stock, see the CNX Stock Forecast page.

CNX Resources Completes Convertible Notes Exchange

On December 17, 2025, CNX Resources, a company in the energy sector, completed an exchange agreement involving approximately $122.1 million of its 2.25% Convertible Senior Notes due 2026. The transaction included a cash payment of approximately $0.8 million and the issuance of 9,509,188 shares of common stock, aiming to optimize its debt structure and enhance financial flexibility for stakeholders.

The most recent analyst rating on (CNX) stock is a Hold with a $30.00 price target. To see the full list of analyst forecasts on CNX Resources stock, see the CNX Stock Forecast page.

CNX Resources Announces Convertible Notes Exchange Agreement

On December 15, 2025, CNX Resources entered into a privately negotiated exchange agreement with certain holders of its 2.25% Convertible Senior Notes due 2026. The agreement involves exchanging approximately $122.1 million in principal amount of these notes for around $0.8 million in cash and 9,509,188 shares of common stock, with the exchange expected to be completed by December 17, 2025.

The most recent analyst rating on (CNX) stock is a Hold with a $43.00 price target. To see the full list of analyst forecasts on CNX Resources stock, see the CNX Stock Forecast page.