CNX Resources (CNX) AI Stock Analysis

• Market Cap: $5.35B
• Dividend Yield: N/A
• Average Volume (3M): 2.24M
• Price to Earnings (P/E): 10.5
• Beta (1Y): 0.63
• 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: 142,368,160
• 10 Day Avg. Volume: 2,061,165
• 30 Day Avg. Volume: 2,237,075
• 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: 1.49
• Enterprise Value/Revenue: 3.53
• Enterprise Value/Gross Profit: 4.85
• Enterprise Value/Ebitda: 5.22
• 1Y Price Target: $36.22
• Price Target Upside: -6.50% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 9
• EPS Forecast (FY): 2.61
• Revenue Forecast (FY): $2.05B

• Rating: 65 Neutral
• Price Target: $40.00 ▲(3.25% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is driven mainly by improved but still uneven financial performance (stronger TTM profitability and cash generation, offset by volatility and weaker FCF conversion). Valuation is supportive with a low P/E, while technicals are mixed-to-soft. The latest call and corporate actions are modest positives (capital discipline, hedging, refinancing and buyback capacity) but are balanced by ongoing pricing/demand and infrastructure constraints.

Positive Factors

Large development inventory

A 40–50k acre inventory in core SW/SE Pennsylvania provides a multi-year development runway at current activity. That reserve visibility supports predictable long-term drilling optionality, capital allocation planning and preserves optional upside without buying outside acreage.

Disciplined capital allocation and hedging

Front‑loaded CapEx combined with a >60% hedge position for 2027 (targeting ~80% at ~$4/MMBtu) structurally reduces cashflow volatility. This framework supports conservative spending, optional H2 activity, and steadier free cash generation over multi‑year planning horizons.

Active balance‑sheet management

Refinancing higher‑coupon 2029 notes with 2034 paper extends maturities and lowers interest expense, materially reducing near‑term refinancing risk. Improved debt profile increases financial flexibility for capex, buybacks or further deleveraging over the medium term.

Negative Factors

Volatile earnings and weak FCF conversion

Despite a recent TTM rebound, earnings have been uneven across annual periods and free cash flow is below net income and fell year‑over‑year. This inconsistent cash conversion constrains sustainable reinvestment, steady shareholder returns, and durable balance‑sheet strengthening.

Takeaway constraints and limited demand growth

Structural takeaway bottlenecks, permitting friction and multi‑year lead times for new in‑basin demand cap the ability to expand Appalachia production. These constraints limit durable volume growth and force maintenance‑mode activity, reducing long‑term growth optionality.

New tech not yet driving material gains

Key technology initiatives like AutoSet are adopted but have not delivered meaningful financial or cost benefits yet. Reliance on unproven tech to boost margins or lower unit costs risks slower structural improvement in efficiency and cash generation than management anticipates.

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

TTM results show a meaningful rebound (revenue up ~17% and ~14% net margin) with moderate leverage, but historical earnings volatility and weaker free-cash-flow conversion (FCF below net income and down YoY) reduce confidence in durability.

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: Negative
• Last Price: 38.74
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 38.74 is below the 20-day moving average (MA) of 38.94, above the 50-day MA of 37.73, and above the 200-day MA of 33.90, indicating a neutral trend. The MACD of 0.50 indicates Positive momentum. The RSI at 44.64 is Neutral, neither overbought nor oversold. The STOCH value of 28.20 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CHRD	76 Outperform	$5.97B	40.61	2.02%	5.73%	8.43%	-86.63%
VIST	76 Outperform	$5.39B	7.98	37.11%	―	50.79%	32.97%
MGY	75 Outperform	$5.07B	15.73	16.65%	2.74%	0.68%	-11.13%
CRC	71 Outperform	$5.20B	13.55	11.06%	3.56%	33.85%	-34.08%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
CNX	65 Neutral	$5.35B	10.55	15.01%	―	43.30%	-43.07%
MUR	62 Neutral	$4.50B	43.53	2.01%	4.15%	-13.92%	-68.34%

CNX Resources Corporate Events

CNX Resources Announces Results of Senior Notes Tender Offer

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 tendered $420.2 million in principal, representing 84.04% of the notes outstanding, with any additional tenders still possible via guaranteed delivery procedures.

CNX said it will pay $1,016.10 per $1,000 of principal, plus accrued interest, for accepted notes on the February 26, 2026 settlement date, after which interest will cease and the purchased notes will be retired. Concurrent with launching the offer, the company also issued a conditional notice to redeem any remaining 2029 notes on March 19, 2026 at 101.50% of principal plus accrued interest, a liability‑management move that hinges on the completion of a new senior notes offering and underscores CNX’s active approach to managing its capital structure.

The most recent analyst rating on (CNX) stock is a Hold with a $35.00 price target. To see the full list of analyst forecasts on CNX Resources stock, see the CNX Stock Forecast page.

CNX Resources Announces $500 Million Senior Notes Offering

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 subsidiaries that back its revolving credit facility. The notes, priced at 100% of face value and expected to close on or about February 26, 2026, are being sold to qualified institutional buyers and certain non-U.S. investors under exemptions from U.S. securities registration.

CNX announced the same day that it plans to use the proceeds to retire its higher-coupon 6.000% senior notes due 2029 through a concurrent tender offer and, if necessary, a redemption of any remaining 2029 notes, supplementing funding with its revolver if required. This refinancing move is poised to lower the company’s interest costs, extend its debt maturity profile, and temporarily reduce borrowings under its revolving credit facility, underscoring active balance-sheet management that could strengthen its financial flexibility and appeal to debt investors.

The most recent analyst rating on (CNX) stock is a Hold with a $44.00 price target. To see the full list of analyst forecasts on CNX Resources stock, see the CNX Stock Forecast page.

CNX Resources Announces Senior Notes Offering and Refinancing

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 qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S, reflecting CNX’s continued use of capital markets to support its balance sheet and strategic goals.

Concurrently on February 17, 2026, CNX launched a cash tender offer for any and all of its outstanding 6.000% senior notes due 2029 and issued a conditional redemption notice for any 2029 notes not tendered. The company plans to use proceeds from the new notes, and if necessary its revolving credit facility, to fund the tender and redemption, aiming to refinance and extend its debt maturity profile, which could lower refinancing risk and adjust its capital structure for stakeholders.

The most recent analyst rating on (CNX) stock is a Hold with a $35.00 price target. To see the full list of analyst forecasts on CNX Resources stock, see the CNX Stock Forecast page.

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.