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CNX Resources
(NYSE:CNX)
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Rating:71Outperform
Price Target:
$38.00
▲(10.82% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by strong valuation (very low P/E) alongside solid recent profitability and cash generation, tempered by high historical earnings volatility and weaker longer-term technical positioning (below the 100/200-day averages). Earnings call updates add support via higher low-carbon monetization and near-term cash realization, while macro/gas-price and credit-market volatility remain key risks.
Positive Factors
Cash generation / Free cash flow
Consistent operating cash flow and a sizable TTM free cash flow indicate the business converts earnings into liquidity reliably. This supports reinvestment, debt service, and shareholder returns across cycles, enhancing long-term financial flexibility for an upstream producer.
Negative Factors
Earnings volatility
Multi‑year swings between losses and outsized profits show earnings sensitive to commodity and one‑time items. This reduces predictability of long‑term cash flows and complicates capital planning, making resilience to prolonged low gas prices a structural concern.
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Positive Factors
Negative Factors
Cash generation / Free cash flow
Consistent operating cash flow and a sizable TTM free cash flow indicate the business converts earnings into liquidity reliably. This supports reinvestment, debt service, and shareholder returns across cycles, enhancing long-term financial flexibility for an upstream producer.
Read all positive factors
CNX Resources (CNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.30B
Dividend YieldN/A
Average Volume (3M)1.99M
Price to Earnings (P/E)5.2
Beta (1Y)0.44
Revenue Growth16.21%
EPS Growth487.92%
CountryUS
Employees390
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)6.84
Shares Outstanding147,943,630
10 Day Avg. Volume1,730,999
30 Day Avg. Volume1,986,612
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$35.86Price Target Upside4.57% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering7
EPS Forecast (FY)3.11
Revenue Forecast (FY)$2.22B
CNX Resources Business Overview & Revenue Model
Company Description
CNX Resources Corporation operates as an independent company primarily focused on natural gas and midstream activities. Its core business involves the acquisition, exploration, development, and production of natural gas properties, predominantly s...
How the Company Makes Money
CNX primarily makes money by producing and selling natural gas (and, to a lesser extent, natural gas liquids) from its upstream wells. Revenue is generated when produced volumes are sold under natural gas purchase/sales arrangements, with realized...
CNX Resources Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call conveyed several material positives: a meaningful low‑carbon monetization uplift (45Z ~$40M/year and ~$90M/year combined run‑rate), immediate ~$30M cash monetization in Q3, solid Utica well performance and steady well costs (~$1,700/ft), and deliberate capital allocation with opportunistic buybacks. Offsetting items included near‑term gas price weakness and market volatility for environmental credits, lower Q2 drilling activity (planned), and no near‑term expansion of remediation infrastructure. On balance the highlights outweigh the lowlights.Positive Updates
Low‑carbon monetization uplift and secured run‑rate
Treasury refinements to the CRET model raised the value of 45Z credits to approximately $40 million per year; combined with environmental attributes CNX is targeting ~ $90 million per year run‑rate. (No percent change vs prior guidance was disclosed.)
Negative Updates
Near‑term commodity price softness and macro uncertainty
Management acknowledged a potentially weaker near‑term macro/gas price environment into 2026–2027 that could weigh on cash flow and creates a more countercyclical buyback backdrop (no quantified impact or percent decline provided).
Read all updates
Q2-2026 Updates
Positive
Negative
Low‑carbon monetization uplift and secured run‑rate
Treasury refinements to the CRET model raised the value of 45Z credits to approximately $40 million per year; combined with environmental attributes CNX is targeting ~ $90 million per year run‑rate. (No percent change vs prior guidance was disclosed.)
Read all positive updates
Company Guidance
During the call management updated timing and dollar guidance around low‑carbon monetization and near‑term activity: Treasury is expected to issue final guidance in the second half of the year, carbon‑intensity refinements raise 45Z monetization to roughly $40 million per year (with a $30 million credit sale already to be reflected in Q3 cash flow via income tax expense), and combined with other environmental attributes CNX is targeting about a $90 million per year run‑rate; operationally Q3 CapEx is expected to be higher than Q2 then decline in Q4 (still tracking to the midpoint of the 2026 CapEx range), production should peak in Q4 with a couple of large pads coming in Q3 and the remainder surging into Q4, Q3 will include a Marcellus pad delivering 12–13 TILs while the remaining Utica TILs fall in late Q4, the company drilled two wells in Q2, well costs remain near ~$1.7k/ft, and management reiterated a disciplined capital‑allocation process (now 6.5 years in) with flexibility to repurchase shares or deploy debt where attractive.CNX Resources Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.39B | 2.14B | 1.44B | 1.51B | 3.92B | 2.39B |
| Gross Profit | 1.19B | 1.01B | 413.77M | 529.57M | 2.80B | 1.36B |
| EBITDA | 1.89B | 1.55B | 515.99M | 2.80B | 376.96M | 29.76M |
| Net Income | 949.45M | 633.16M | -90.49M | 1.72B | -142.08M | -498.64M |
Balance Sheet | ||||||
| Total Assets | 9.14B | 9.09B | 8.51B | 8.63B | 8.52B | 8.10B |
| Cash, Cash Equivalents and Short-Term Investments | 40.46M | 779.00K | 17.20M | 443.00K | 21.32M | 3.56M |
| Total Debt | 2.38B | 2.45B | 2.29B | 2.37B | 2.39B | 2.27B |
| Total Liabilities | 4.29B | 4.76B | 4.41B | 4.27B | 5.57B | 4.40B |
| Stockholders Equity | 4.84B | 4.34B | 4.10B | 4.36B | 2.95B | 3.70B |
Cash Flow | ||||||
| Free Cash Flow | 525.98M | 533.97M | 275.45M | 135.18M | 669.26M | 460.50M |
| Operating Cash Flow | 1.09B | 1.03B | 815.78M | 814.59M | 1.24B | 926.36M |
| Investing Cash Flow | -462.32M | -900.91M | -484.47M | -509.38M | -528.29M | -420.61M |
| Financing Cash Flow | -632.82M | -169.65M | -276.68M | -326.09M | -688.96M | -523.78M |
CNX Resources Technical Analysis
Positive
34.29
Price Trends
33.64
Positive
36.21
Negative
36.77
Negative
Market Momentum
0.46
Negative
66.43
Neutral
90.02
Negative
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 34.29 is above the 20-day moving average (MA) of 33.73, above the 50-day MA of 33.64, and below the 200-day MA of 36.77, indicating a neutral trend. The MACD of 0.46 indicates Negative momentum. The RSI at 66.43 is Neutral, neither overbought nor oversold. The STOCH value of 90.02 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $9.38B | 11.03 | 19.30% | 0.98% | 16.84% | 82.31% | |
74 Outperform | $2.90B | 5.46 | 27.20% | ― | 49.58% | ― | |
73 Outperform | $33.33B | 11.71 | 11.71% | 1.23% | 30.17% | 131.21% | |
73 Outperform | $11.11B | 10.30 | 13.86% | ― | 20.84% | 141.73% | |
71 Outperform | $5.30B | 5.23 | 21.19% | ― | 16.21% | 487.92% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
61 Neutral | $7.80B | 28.28 | 2.49% | 2.53% | 27.35% | -66.88% |
* Energy Sector Average
CNX
CNX Resources
36.04
6.82
23.34%
EQT
EQT
53.56
2.47
4.83%
RRC
Range Resources
40.36
5.47
15.68%
SM
SM Energy
31.93
5.47
20.67%
AR
Antero Resources
36.48
3.18
9.55%
GPOR
Gulfport Energy
163.84
-5.46
-3.23%
CNX Resources Corporate Events
Executive/Board ChangesShareholder Meetings
CNX Resources Shareholders Back Directors and Governance Measures
Positive
May 11, 2026
At its Annual Meeting of Shareholders held on May 7, 2026, CNX Resources shareholders elected eight director nominees to one-year terms expiring at the 2027 annual meeting, with all candidates receiving majority support despite some variation in o...
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.