CNX Resources (CNX)
NYSE:CNX
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CNX Resources
(NYSE:CNX)
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Rating:66Neutral
Price Target:
$42.00
▲(6.92% Upside)
Action:ReiteratedDate:02/27/26
The score is primarily driven by improved TTM profitability and manageable leverage, tempered by historically volatile results and mixed cash-flow conversion. Valuation appears attractive on P/E, while technicals show a longer-term uptrend but neutral near-term momentum. Guidance and recent capital-structure actions add support, though market/demand constraints remain a notable risk.
Positive Factors
TTM profitability rebound
A clear TTM revenue and margin rebound indicates improved operational execution and pricing capture. Sustained mid-teens margins support internal funding for maintenance CapEx, selective growth, and shareholder returns, improving medium-term cash generation if commodity realizations hold.
Negative Factors
Multi-year earnings volatility
Significant historical swings in profitability weaken predictability of future earnings and cash flow, complicating capital allocation and investor confidence. Volatility increases the chance management must pause buybacks or growth investments during downturns, limiting compounding value over time.
Read all positive and negative factors
Positive Factors
Negative Factors
TTM profitability rebound
A clear TTM revenue and margin rebound indicates improved operational execution and pricing capture. Sustained mid-teens margins support internal funding for maintenance CapEx, selective growth, and shareholder returns, improving medium-term cash generation if commodity realizations hold.
Read all positive factors
CNX Resources (CNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.53B
Dividend YieldN/A
Average Volume (3M)2.33M
Price to Earnings (P/E)6.3
Beta (1Y)0.55
Revenue Growth43.30%
EPS Growth-43.07%
CountryUS
Employees458
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)0.68
Shares Outstanding142,368,160
10 Day Avg. Volume1,889,950
30 Day Avg. Volume2,332,967
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 Cap1.46
Enterprise Value/Revenue3.56
Enterprise Value/Gross Profit4.89
Enterprise Value/Ebitda5.27
Forecast
1Y Price Target
$37.10Price Target Upside-5.55% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering10
EPS Forecast (FY)2.8
Revenue Forecast (FY)$2.04B
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 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...
CNX Resources Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Neutral
The call conveyed operational stability and disciplined capital allocation (front-loaded CapEx, flat production, controlled Utica costs, and meaningful hedging) alongside cautious commentary on demand and pricing headwinds (settled renewable pricing, takeaway constraints, modest CMM volume declines, and technology initiatives not yet material). Management emphasized flexibility—reserving optional activity increases for sustained, structural price or demand improvements—leading to a balanced view between execution positives and market-related challenges.Positive Updates
First-Half Capital Allocation
Capital spending is front-weighted with ~60% of 2026 CapEx expected in the first half, providing flexibility to accelerate activity in H2 if market conditions warrant.
Negative Updates
Near-Term Pricing Headwinds for RMG AEC Market
PA tier-one renewable generation (AEC) pricing has settled near the marginal cost of new renewable supply and is unlikely to return to prior higher run rates (e.g., $65M–$75M) without policy changes or higher mandated renewable contributions.
Read all updates
Q4-2025 Updates
Positive
Negative
First-Half Capital Allocation
Capital spending is front-weighted with ~60% of 2026 CapEx expected in the first half, providing flexibility to accelerate activity in H2 if market conditions warrant.
Read all positive updates
Company Guidance
Management said capital is front‑half weighted (about 60% of annual CapEx in H1) while production is expected to be essentially flat through 2026, giving flexibility to accelerate fracs in H2 if warranted (incremental activity such as adding a frac crew is not included in base CapEx ranges). They turned in three deep Utica wells this quarter, expect to complete about five Utica laterals this year, report Utica drilling costs near $1,700/ft, and are running spacing tests at ~1,300‑ft and ~1,500‑ft; 45Z production is on a run‑rate of roughly $30M/year under current guidance, coal‑mine methane volumes track mine activity with mine life >20 years, and inventory is roughly 40–50k acres (into the end of the decade). On hedging, they are a little over 60% hedged for 2027 today, targeting about 80% heading into the year with a weighted‑average NYMEX hedge level near $4/MMBtu.CNX Resources Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
64
Positive
Cash Flow
62
Positive
| 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
Neutral
39.28
Price Trends
39.95
Negative
38.74
Positive
35.18
Positive
Market Momentum
-0.37
Positive
42.93
Neutral
40.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CNX, the sentiment is Neutral. The current price of 39.28 is below the 20-day moving average (MA) of 40.19, below the 50-day MA of 39.95, and above the 200-day MA of 35.18, indicating a neutral trend. The MACD of -0.37 indicates Positive momentum. The RSI at 42.93 is Neutral, neither overbought nor oversold. The STOCH value of 40.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $5.91B | 10.72 | 10.34% | 3.56% | 33.85% | -34.08% | |
75 Outperform | $5.57B | 12.49 | 16.76% | 2.74% | 0.68% | -11.13% | |
74 Outperform | $7.61B | 120.54 | 0.54% | 5.73% | 8.43% | -86.63% | |
70 Outperform | $6.30B | 6.91 | 37.31% | ― | 50.79% | 32.97% | |
66 Neutral | $5.53B | 6.35 | 15.52% | ― | 43.30% | -43.07% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $5.54B | 42.92 | 2.03% | 4.15% | -13.92% | -68.34% |
* Energy Sector Average
CNX
CNX Resources
39.28
8.61
28.07%
MUR
Murphy Oil
38.79
19.26
98.63%
MGY
Magnolia Oil & Gas
29.90
10.13
51.28%
VIST
Vista Energy SAB de CV
66.08
25.22
61.72%
CRC
California Resources Corp
66.55
33.24
99.81%
CHRD
Chord Energy
134.17
50.07
59.55%
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...
Business Operations and StrategyStock Buyback
CNX Resources Expands Share Repurchase Authorization by $2 Billion
Positive
Jan 29, 2026
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 ...
Business Operations and StrategyExecutive/Board Changes
CNX Resources Approves New Executive Leadership Compensation Packages
Positive
Jan 2, 2026
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, partic...
Business Operations and StrategyPrivate Placements and Financing
CNX Resources Completes Convertible Notes Exchange
Positive
Dec 17, 2025
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...
Private Placements and Financing
CNX Resources Announces Convertible Notes Exchange Agreement
Neutral
Dec 16, 2025
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 t...
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.