CNX Resources (CNX)
Market Price (8/29/2026): $36.21 | Market Cap: $5.4 BilSector: Energy | Industry: Oil & Gas Exploration & Production
CNX Resources (CNX)
Market Price (8/29/2026): $36.21Market Cap: $5.4 BilSector: EnergyIndustry: Oil & Gas Exploration & Production
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 9.8% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 40% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% Stock buyback supportStock Buyback 3Y Total is 1.1 Bil Low stock price volatilityVol 12M is 29% Megatrend and thematic driversMegatrends include US Energy Independence, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include US LNG, Show more. | Weak multi-year price returns2Y Excs Rtn is -5.1%, 3Y Excs Rtn is -7.3% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.64, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.9%, Rev Chg QQuarterly Revenue Change % is -18% Key risksCNX key risks include [1] its history of environmental non-compliance, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 9.8% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 40% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| Stock buyback supportStock Buyback 3Y Total is 1.1 Bil |
| Low stock price volatilityVol 12M is 29% |
| Megatrend and thematic driversMegatrends include US Energy Independence, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include US LNG, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -5.1%, 3Y Excs Rtn is -7.3% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.64, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.9%, Rev Chg QQuarterly Revenue Change % is -18% |
| Key risksCNX key risks include [1] its history of environmental non-compliance, Show more. |
Qualitative Assessment
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CNX Resources (CNX) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Depressed Natural Gas Prices and High Inventory.
The natural gas market faced headwinds, with the Henry Hub August futures price on July 15, 2026, recorded at $2.924 per MMBtu, a decrease from $3.523 per MMBtu a year prior. This decline was exacerbated by U.S. natural gas inventories remaining 6.4% above the five-year seasonal average as of August 3, 2026, indicating an oversupplied market.
2. Weak Fiscal Q2 2026 Revenue and Production.
CNX Resources' financial results for fiscal Q2 2026 (ended June 30, 2026) showed a revenue of $435 million, falling short of analyst consensus estimates of $475.16 million and representing a 35.7% year-over-year decline. Additionally, the company reported a 9.6% year-over-year decrease in total production volumes, reaching 151.5 billion cubic feet equivalent (Bcfe).
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CNX Resources (CNX) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Depressed Natural Gas Prices and High Inventory.
The natural gas market faced headwinds, with the Henry Hub August futures price on July 15, 2026, recorded at $2.924 per MMBtu, a decrease from $3.523 per MMBtu a year prior. This decline was exacerbated by U.S. natural gas inventories remaining 6.4% above the five-year seasonal average as of August 3, 2026, indicating an oversupplied market.
2. Weak Fiscal Q2 2026 Revenue and Production.
CNX Resources' financial results for fiscal Q2 2026 (ended June 30, 2026) showed a revenue of $435 million, falling short of analyst consensus estimates of $475.16 million and representing a 35.7% year-over-year decline. Additionally, the company reported a 9.6% year-over-year decrease in total production volumes, reaching 151.5 billion cubic feet equivalent (Bcfe).
3. Increased Capital Expenditures.
In fiscal Q2 2026, CNX's capital expenditures rose 25% year-over-year to $142 million. While management maintained its full-year 2026 capital expenditure guidance, this quarterly increase in spending occurred within a challenging commodity price environment.
4. Limited Positive Impact from Share Repurchases.
Despite significant share repurchase activity, the stock continued its downward trend. In fiscal Q2 2026, CNX repurchased 5.6 million shares for a total of $199 million, following Q1 2026 repurchases of $54 million. This aggressive capital return strategy was seemingly overshadowed by other negative market or company-specific factors, failing to counteract the stock's decline.
5. Cautious Analyst Sentiment.
Despite beating earnings per share estimates in both fiscal Q1 and Q2 2026, CNX Resources continued to face cautious analyst sentiment, with an average "Reduce" rating. This lukewarm outlook from analysts likely limited the stock's potential for upward movement, even in the face of better-than-expected earnings.
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Stock Movement Drivers
Fundamental Drivers
The -7.0% change in CNX stock from 4/30/2026 to 8/28/2026 was primarily driven by a -15.9% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8282026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.91 | 36.20 | -7.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,315 | 2,215 | -4.3% |
| Net Income Margin (%) | 50.9% | 42.9% | -15.9% |
| P/E Multiple | 4.7 | 5.6 | 20.4% |
| Shares Outstanding (Mil) | 142 | 148 | -4.0% |
| Cumulative Contribution | -7.0% |
Market Drivers
4/30/2026 to 8/28/2026| Return | Correlation | |
|---|---|---|
| CNX | -7.0% | |
| Market (SPY) | 7.1% | -15.4% |
| Sector (XLE) | 5.1% | 53.3% |
Fundamental Drivers
The -6.7% change in CNX stock from 1/31/2026 to 8/28/2026 was primarily driven by a -69.4% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8282026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.80 | 36.20 | -6.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,024 | 2,215 | 9.5% |
| Net Income Margin (%) | 14.4% | 42.9% | 196.7% |
| P/E Multiple | 18.5 | 5.6 | -69.4% |
| Shares Outstanding (Mil) | 139 | 148 | -6.0% |
| Cumulative Contribution | -6.7% |
Market Drivers
1/31/2026 to 8/28/2026| Return | Correlation | |
|---|---|---|
| CNX | -6.7% | |
| Market (SPY) | 11.5% | -12.9% |
| Sector (XLE) | 23.6% | 49.1% |
Fundamental Drivers
The 19.4% change in CNX stock from 7/31/2025 to 8/28/2026 was primarily driven by a 424.8% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8282026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.31 | 36.20 | 19.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,907 | 2,215 | 16.2% |
| Net Income Margin (%) | 8.2% | 42.9% | 424.8% |
| P/E Multiple | 27.9 | 5.6 | -79.8% |
| Shares Outstanding (Mil) | 143 | 148 | -3.2% |
| Cumulative Contribution | 19.4% |
Market Drivers
7/31/2025 to 8/28/2026| Return | Correlation | |
|---|---|---|
| CNX | 19.4% | |
| Market (SPY) | 22.7% | -0.9% |
| Sector (XLE) | 47.2% | 45.0% |
Fundamental Drivers
The 77.5% change in CNX stock from 7/31/2023 to 8/28/2026 was primarily driven by a 226.1% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8282026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.40 | 36.20 | 77.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,850 | 2,215 | -22.3% |
| Net Income Margin (%) | 67.8% | 42.9% | -36.8% |
| P/E Multiple | 1.7 | 5.6 | 226.1% |
| Shares Outstanding (Mil) | 164 | 148 | 10.8% |
| Cumulative Contribution | 77.5% |
Market Drivers
7/31/2023 to 8/28/2026| Return | Correlation | |
|---|---|---|
| CNX | 77.5% | |
| Market (SPY) | 74.0% | 19.8% |
| Sector (XLE) | 56.6% | 46.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CNX Return | 27% | 22% | 19% | 83% | 0% | -2% | 234% |
| Peers Return | 10496% | 40% | 24% | 32% | 10% | 10% | 29397% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| CNX Win Rate | 58% | 67% | 42% | 75% | 58% | 75% | |
| Peers Win Rate | 58% | 63% | 55% | 57% | 53% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CNX Max Drawdown | -32% | -37% | -17% | -14% | -27% | -25% | |
| Peers Max Drawdown | -27% | -34% | -23% | -23% | -22% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EQT, RRC, AR, GPOR, AM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/28/2026 (YTD)
How Low Can It Go
| Event | CNX | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -21.5% | -33.7% |
| % Gain to Breakeven | 27.4% | 50.9% |
| Time to Breakeven | 7 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.4% | -19.2% |
| % Gain to Breakeven | 30.6% | 23.8% |
| Time to Breakeven | 807 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -29.3% | -3.7% |
| % Gain to Breakeven | 41.4% | 3.9% |
| Time to Breakeven | 252 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -61.6% | -12.2% |
| % Gain to Breakeven | 160.6% | 13.9% |
| Time to Breakeven | 88 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -87.5% | -6.8% |
| % Gain to Breakeven | 701.3% | 7.3% |
| Time to Breakeven | 3184 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -20.6% | -0.2% |
| % Gain to Breakeven | 25.9% | 0.2% |
| Time to Breakeven | 62 days | 1 days |
In The Past
CNX Resources's stock fell -7.1% during the 2025 US Tariff Shock. Such a loss loss requires a 7.6% gain to breakeven.
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Asset Allocation
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| Event | CNX | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -21.5% | -33.7% |
| % Gain to Breakeven | 27.4% | 50.9% |
| Time to Breakeven | 7 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.4% | -19.2% |
| % Gain to Breakeven | 30.6% | 23.8% |
| Time to Breakeven | 807 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -29.3% | -3.7% |
| % Gain to Breakeven | 41.4% | 3.9% |
| Time to Breakeven | 252 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -61.6% | -12.2% |
| % Gain to Breakeven | 160.6% | 13.9% |
| Time to Breakeven | 88 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -87.5% | -6.8% |
| % Gain to Breakeven | 701.3% | 7.3% |
| Time to Breakeven | 3184 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -20.6% | -0.2% |
| % Gain to Breakeven | 25.9% | 0.2% |
| Time to Breakeven | 62 days | 1 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -26.0% | -15.4% |
| % Gain to Breakeven | 35.1% | 18.2% |
| Time to Breakeven | 154 days | 125 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -24.6% | -8.6% |
| % Gain to Breakeven | 32.7% | 9.5% |
| Time to Breakeven | 55 days | 47 days |
In The Past
CNX Resources's stock fell -7.1% during the 2025 US Tariff Shock. Such a loss loss requires a 7.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About CNX Resources (CNX)
CNX Resources Corporation is an independent energy company primarily engaged in the acquisition, exploration, development, and production of natural gas. The company operates mainly in the Appalachian Basin and focuses on two key segments: Shale gas and Coalbed Methane (CBM) gas. Beyond its core natural gas production, CNX also has a substantial midstream business, which involves designing, building, and operating natural gas gathering and processing systems.
The company holds extensive natural gas rights across several states, including Pennsylvania, West Virginia, and Ohio, with significant acreage in prolific formations such as the Marcellus Shale and Utica Shale. Additionally, CNX has rights to extract coalbed methane across the Appalachian region and other basins. Its main product is pipeline-quality natural gas, which is primarily sold to gas wholesalers, forming the backbone of its revenue stream.
In support of its upstream operations and for third parties, CNX owns and operates approximately 2,600 miles of natural gas gathering pipelines and associated processing facilities, facilitating the movement of gas from the wellhead to interstate pipelines or local sales points. The company further provides turn-key water management solutions, encompassing sourcing, delivery, and disposal, for its natural gas operations and for external clients, complementing its integrated energy services.
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CNX is like a regional, natural gas-focused ExxonMobil or Chevron, handling everything from extraction to delivery in the Appalachian Basin.
Think of CNX as Kinder Morgan, but instead of just transporting natural gas, they also find, drill for, and produce the gas themselves.
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- Natural Gas Production and Sales: CNX Resources explores for, develops, produces, and sells pipeline-quality natural gas primarily from shale and coalbed methane properties in the Appalachian Basin.
- Midstream Services: The company designs, builds, and operates natural gas gathering systems, pipelines, and processing facilities to transport gas from the wellhead to sales points.
- Water Management Services: CNX Resources provides turn-key solutions for water sourcing, delivery, and disposal, serving both its own natural gas operations and third parties.
AI Analysis | Feedback
CNX Resources (CNX) primarily sells its products and services to other companies.
The company produces and sells pipeline-quality natural gas primarily for gas wholesalers. While the background information indicates these are other companies, specific names of these customer companies are not provided in the description.
Additionally, CNX Resources offers turn-key solutions for water sourcing, delivery, and disposal for its natural gas operations and for third parties, which would also be other companies, though specific names are not listed.
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Alan K. Shepard, President and Chief Executive Officer
Alan K. Shepard became the President and Chief Executive Officer of CNX Resources Corporation on January 1, 2026. Prior to this, he held the positions of President and Chief Financial Officer since June 12, 2025, and Chief Financial Officer since June 1, 2022. He also served as the Company's Vice President – Accounting and Chief Accounting Officer starting in February 2020. Before rejoining CNX in 2020, Mr. Shepard was the Chief Financial Officer of EdgeMarc Energy, which was a private equity-funded oil and gas exploration and production company. He brings over 20 years of experience in the energy sector and is an inactive Certified Public Accountant in Pennsylvania. Mr. Shepard holds a bachelor's degree in Accounting and Business Administration from Thiel College and an MBA from Carnegie Mellon University's Tepper School of Business.
Everett Good, Chief Financial Officer
Everett Good assumed the role of Chief Financial Officer of CNX Resources Corporation on January 1, 2026. He previously served as Vice President of Finance and Treasury since 2021, where he was responsible for the Company's capital markets, strategic planning, and treasury management functions. Mr. Good has been with CNX for 13 years and previously held roles in finance and planning, including Director of Finance and Investor Relations at CNX Midstream Partners LP. He is a Certified Public Accountant and holds both a bachelor's degree in accounting and information systems and a Master of Science in accounting from Virginia Tech's Pamplin College of Business.
Navneet Behl, Chief Operating Officer
Navneet Behl has served as the Chief Operating Officer of CNX Resources Corporation since November 17, 2022. Before this appointment, he was the Vice President of Engineering at CNX. Prior to joining CNX, Mr. Behl was the CEO and co-founder of OilRox Resources starting in 2019. From 2014 to 2019, he served as Vice President of Operations for Apache Corp, and earlier in his career, he held various engineering and business management positions at EOG Resources and Schlumberger. Mr. Behl earned a Bachelor of Technology in Petroleum Engineering from the Indian School of Mines, a Master of Science in Engineering from the University of Texas at Austin, and an Executive MBA from the MIT Sloan School of Management.
Donald W. Rush, Chief Strategy Officer
Donald W. Rush has been the Chief Strategy Officer of CNX Resources Corporation since June 1, 2022. Previously, he served as the Chief Financial Officer of CNX Resources Corporation from August 2, 2017, and as a Director and Chief Financial Officer of the general partner of CNX Midstream Partners LP since January 3, 2018. Mr. Rush oversaw the Company's commercial functions, including mergers and acquisitions, gas marketing and transportation, as Vice President of Energy Marketing. His career at CNX has also included various strategy and planning, business development, and engineering positions over 12 years. Mr. Rush holds a B.S. in civil engineering from the University of Pittsburgh and an M.B.A. from Carnegie Mellon University's Tepper School of Business.
Timothy S. Bedard, Executive Vice President, General Counsel, and Corporate Secretary
Timothy S. Bedard has served as the Executive Vice President, General Counsel, and Corporate Secretary of CNX Resources Corporation since December 22, 2023.
AI Analysis | Feedback
The key risks to CNX Resources' business are primarily driven by the inherent volatility of the natural gas market, the evolving regulatory landscape, and the company's specific hedging strategies.
- Volatile Natural Gas Market: CNX Resources operates in a natural gas market highly susceptible to fluctuations in supply and demand, weather conditions, and broader economic factors. This volatility can significantly impact natural gas prices, directly affecting the company's financial performance and strategic planning. While hedging activities are employed to mitigate some of these risks, they may also prevent the company from fully capitalizing on periods of rising natural gas prices.
- Regulatory Changes and Environmental Uncertainty: The natural gas industry is heavily regulated, with extensive environmental laws and regulations governing nearly all aspects of CNX's operations. Changes in these regulations, including those related to cybersecurity, can increase operational costs, impose constraints, and impact financial health. Furthermore, there is uncertainty surrounding the realization of tax credits and environmental revenues, which could affect the company's financial outlook.
- Impact of Hedging Strategy: CNX Resources' extensive hedging program, while designed to protect cash flows from commodity price volatility, can become a significant drag on financial performance in a rising natural gas price environment. For instance, a substantial portion of its dry natural gas production has been hedged at fixed prices, potentially limiting the company's ability to benefit from higher market prices and realize significant cash flow upside.
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CNX Resources (symbol: CNX) is poised for future revenue growth over the next 2-3 years, driven by its diversified strategies beyond traditional natural gas production. Key drivers include the expansion of its New Technologies Group, continued development of its Deep Utica Shale assets, pursuit of new demand opportunities, and the commercialization of proprietary technologies.
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Expansion of New Technologies Group and Environmental Attribute Monetization: CNX's New Technologies Group is a significant contributor to free cash flow through the monetization of environmental attributes, primarily from coal mine methane (CMM) and waste methane abatement operations. This segment is expected to contribute approximately $75 million in annual free cash flow and is anticipated to have a more meaningful impact on the company's financials in 2025 and 2026 as new ventures and commercial opportunities take shape. In 2025, CNX captured about 9.0 million metric tons of waste methane CO2e, with approximately $70 million in environmental attribute sales projected for 2026.
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Deep Utica Shale Development and Optimized Natural Gas Production: While CNX aims to maintain a relatively flat overall production profile, its focus on the Deep Utica Shale is a key growth driver. The company has expressed optimism about its Deep Utica assets, with detailed results expected in the second half of 2024 and plans to complete approximately five Utica laterals in 2026. Coupled with continuous operational efficiencies in its Marcellus and Utica operations, this strategic development supports sustained and efficient revenue generation from its core natural gas business.
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New Demand Opportunities from AI and Data Centers: CNX is actively exploring emerging demand opportunities for natural gas, particularly from energy-intensive sectors like artificial intelligence (AI) and data centers. CEO Nick DeIuliis has indicated that this "AI stuff is going to be great for the region, great for the industry," suggesting a potential future revenue stream as these markets expand and require increased energy supply within the Appalachian Basin.
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Commercialization of Proprietary Technologies: The company is pursuing the commercialization of its internally developed proprietary technologies designed to enhance efficiency and reduce emissions in natural gas development. An example is the AutoSep technology, which provides significant cost savings and environmental benefits. While not yet materially contributing to the financial bottom line, its broader adoption across Appalachia is expected to gain traction, particularly from 2026, potentially generating new revenue through market adoption and third-party services.
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Share Repurchases
- CNX Resources authorized an additional $2 billion for share repurchases in late January 2026, bringing the total authorization to approximately $2.4 billion with no expiration date.
- From late 2020 through the fourth quarter of 2025, CNX repurchased approximately 98 million shares for $1.9 billion, at an average price of $19.27, resulting in a reduction of its share count by about 37%.
- Annual share repurchases amounted to $523.561 million in 2025, $184.203 million in 2024, and $319.866 million in 2023.
Share Issuance
- Approximately 6.0 million shares were issued between Q4 2020 and October 20, 2025, primarily related to equity compensation.
- In the fourth quarter of 2025, CNX reduced $122 million in principal on its convertible notes due 2026 through an exchange for common stock.
Outbound Investments
- On January 27, 2025, CNX completed the strategic acquisition of the natural gas upstream and associated midstream business of Apex Energy II, LLC for a total cash consideration ranging from $505 million to $517.6 million.
Capital Expenditures
- Capital expenditures for CNX Resources totaled $495 million in 2025 and approximately $540 million in 2024.
- The company's capital expenditure plan for 2026 is projected to be between $540 million and $570 million, with $390 million to $410 million allocated for drilling and completions, and $150 million to $160 million for non-drilling and completion activities.
- The primary focus of capital investments includes high-return projects within their Appalachian asset base, particularly deep Utica development, and potential coal mine methane (CMM) and hydrogen production projects.
Peer Outperformance in Oil & Gas Exploration & Production
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 103.7% | 100.0% | 362.5% | PBF 635% · MPC 587% · VLO 513% |
| Integrated Oil & Gas | 7 | 42.4% | 57.5% | 234.8% | IMO 452% · CVE 328% · SU 324% |
| Oil & Gas Storage & Transportation | 18 | 31.6% | 115.0% | 226.5% | INSW 832% · LPG 713% · TRGP 608% |
| Coal & Consumable Fuels | 14 | 26.6% | 58.5% | 160.1% | EU 1184% · LEU 603% · CCJ 469% |
| Oil & Gas Equipment & Services | 34 | 54.5% | 30.1% | 126.7% | FTI 1039% · TDW 697% · SEI 695% |
| Oil & Gas Exploration & Production ← | 51 | 21.9% | 6.0% | 112.9% | KGEI 7484% · OBE 6882% · EP 3133% |
| Oil & Gas Drilling | 7 | 75.7% | 1.7% | 86.0% | VAL 204% · PDS 176% · NE 129% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 39.95 |
| Mkt Cap | 10.2 |
| Rev LTM | 2,742 |
| Op Inc LTM | 980 |
| FCF LTM | 733 |
| FCF 3Y Avg | 585 |
| CFO LTM | 1,224 |
| CFO 3Y Avg | 1,019 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.0% |
| Rev Chg 3Y Avg | 0.2% |
| Rev Chg Q | 2.2% |
| QoQ Delta Rev Chg LTM | 0.6% |
| Op Inc Chg LTM | 52.1% |
| Op Inc Chg 3Y Avg | 68.3% |
| Op Mgn LTM | 39.3% |
| Op Mgn 3Y Avg | 26.0% |
| QoQ Delta Op Mgn LTM | -0.9% |
| CFO/Rev LTM | 54.8% |
| CFO/Rev 3Y Avg | 55.6% |
| FCF/Rev LTM | 26.1% |
| FCF/Rev 3Y Avg | 21.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.2 |
| P/S | 2.7 |
| P/Op Inc | 8.7 |
| P/EBIT | 7.8 |
| P/E | 11.2 |
| P/CFO | 5.7 |
| Total Yield | 9.4% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 7.3% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Shale | 1,833 | 1,148 | 1,237 | 3,404 | 2,070 |
| Other | 161 | 186 | 139 | 206 | 126 |
| Coalbed Methane | 148 | 105 | 131 | 315 | 194 |
| Total | 2,142 | 1,439 | 1,506 | 3,925 | 2,390 |
| $ Mil | 2008 | 2005 | 2004 | 2003 | 2001 |
|---|---|---|---|---|---|
| Coal | 407 | 251 | 30 | -51 | 189 |
| Gas | 386 | 165 | 125 | 75 | 95 |
| All Other | 19 | ||||
| corporate adjustments eliminations | -86 | ||||
| other | -18 | -9 | -26 | -17 | |
| Total | 726 | 399 | 146 | -3 | 267 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Shale | 7,218 | 6,669 | 6,657 | 6,452 | 6,071 |
| Other | 967 | 922 | 1,021 | 1,105 | 981 |
| Coalbed Methane | 909 | 921 | 949 | 959 | 1,048 |
| Total | 9,094 | 8,512 | 8,627 | 8,516 | 8,101 |
Price Behavior
| Market Price | $36.20 | |
| Market Cap ($ Bil) | 5.4 | |
| First Trading Date | 04/30/1999 | |
| Distance from 52W High | -15.0% | |
| 50 Days | 200 Days | |
| DMA Price | $34.35 | $37.00 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 5.4% | -2.2% |
| 3M | 1YR | |
| Volatility | 23.2% | 28.7% |
| Downside Capture | -39.65 | -24.97 |
| Upside Capture | -2.34 | 5.11 |
| Correlation (SPY) | -9.3% | -3.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.03 | -0.09 | -0.28 | -0.27 | -0.00 | 0.40 |
| Up Beta | 0.24 | -0.75 | -0.76 | -0.82 | -0.38 | 0.30 |
| Down Beta | -0.27 | 0.34 | 0.11 | 0.49 | 0.37 | 0.74 |
| Up Capture | 47% | 13% | -40% | -25% | 7% | 12% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 26 | 60 | 128 | 400 |
| Down Capture | -37% | -28% | -13% | -37% | -18% | 39% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 23 | 37 | 66 | 122 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNX | |
|---|---|---|---|---|
| CNX | 24.6% | 28.6% | 0.76 | - |
| Sector ETF (XLE) | 44.1% | 21.7% | 1.59 | 44.2% |
| Equity (SPY) | 20.1% | 12.8% | 1.16 | -3.5% |
| Gold (GLD) | 30.9% | 29.0% | 0.92 | 0.4% |
| Commodities (DBC) | 39.9% | 20.3% | 1.54 | 33.0% |
| Real Estate (VNQ) | 9.9% | 13.7% | 0.44 | 6.5% |
| Bitcoin (BTCUSD) | -27.5% | 43.6% | -0.61 | 14.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNX | |
|---|---|---|---|---|
| CNX | 28.1% | 34.9% | 0.78 | - |
| Sector ETF (XLE) | 26.6% | 25.7% | 0.90 | 54.9% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 30.9% |
| Gold (GLD) | 19.7% | 18.7% | 0.85 | 10.5% |
| Commodities (DBC) | 11.5% | 19.6% | 0.46 | 37.6% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 30.6% |
| Bitcoin (BTCUSD) | 10.4% | 52.6% | 0.38 | 16.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNX | |
|---|---|---|---|---|
| CNX | 9.1% | 47.6% | 0.36 | - |
| Sector ETF (XLE) | 10.2% | 29.6% | 0.38 | 43.1% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 28.7% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 1.8% |
| Commodities (DBC) | 7.3% | 18.0% | 0.33 | 28.7% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 23.1% |
| Bitcoin (BTCUSD) | 64.0% | 66.1% | 1.04 | 5.5% |
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Returns Analyses
Earnings Returns History
Updated 8/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -0.3% | -0.5% | 4.1% |
| 4/30/2026 | -1.0% | -7.0% | -14.3% |
| 1/29/2026 | 2.4% | 5.9% | 13.7% |
| 10/30/2025 | 2.5% | 7.1% | 23.8% |
| 7/24/2025 | -2.7% | -9.1% | -13.5% |
| 4/24/2025 | -5.0% | -3.8% | 2.0% |
| 1/30/2025 | -1.1% | 4.2% | 3.9% |
| 10/24/2024 | 3.8% | -2.1% | 13.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 10 | 15 |
| # Negative | 11 | 14 | 9 |
| Median Positive | 1.7% | 6.1% | 5.2% |
| Median Negative | -3.0% | -4.9% | -6.4% |
| Max Positive | 3.8% | 8.4% | 23.8% |
| Max Negative | -10.1% | -15.4% | -16.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -0.3% | -0.5% | 4.1% |
| 4/30/2026 | -1.0% | -7.0% | -14.3% |
| 1/29/2026 | 2.4% | 5.9% | 13.7% |
| 10/30/2025 | 2.5% | 7.1% | 23.8% |
| 7/24/2025 | -2.7% | -9.1% | -13.5% |
| 4/24/2025 | -5.0% | -3.8% | 2.0% |
| 1/30/2025 | -1.1% | 4.2% | 3.9% |
| 10/24/2024 | 3.8% | -2.1% | 13.4% |
| 7/25/2024 | 0.5% | 6.3% | 8.5% |
| 4/25/2024 | -1.1% | -5.3% | 1.7% |
| 1/25/2024 | 1.7% | 0.6% | 3.2% |
| 10/25/2023 | -3.0% | -4.3% | -6.4% |
| 7/27/2023 | 1.3% | 8.4% | 16.2% |
| 4/27/2023 | 2.7% | -3.4% | 5.2% |
| 1/26/2023 | 2.9% | 3.1% | -0.4% |
| 10/27/2022 | -9.6% | -5.8% | -0.1% |
| 7/28/2022 | -10.1% | -15.4% | -8.9% |
| 4/28/2022 | 1.5% | 2.8% | 7.4% |
| 1/27/2022 | 1.0% | 8.0% | 13.4% |
| 10/28/2021 | 3.2% | -2.2% | -4.1% |
| 7/29/2021 | -5.0% | -7.5% | -16.4% |
| 4/29/2021 | -3.6% | -4.4% | -5.8% |
| 1/28/2021 | 1.7% | 8.0% | 1.4% |
| 10/29/2020 | 1.3% | -7.9% | 1.3% |
| SUMMARY STATS | |||
| # Positive | 13 | 10 | 15 |
| # Negative | 11 | 14 | 9 |
| Median Positive | 1.7% | 6.1% | 5.2% |
| Median Negative | -3.0% | -4.9% | -6.4% |
| Max Positive | 3.8% | 8.4% | 23.8% |
| Max Negative | -10.1% | -15.4% | -16.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/10/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/09/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 04/27/2020 | 10-Q |
| 12/31/2019 | 02/10/2020 | 10-K |
| 09/30/2019 | 10/29/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Production Volumes | 605.00 Bil | 612.50 Bil | 620.00 Bil | 0 | Affirmed | Guidance: 612.50 Bil for 2026 | |
| 2026 Adjusted EBITDAX | 1.26 Bil | 1.29 Bil | 1.31 Bil | 0 | Affirmed | Guidance: 1.29 Bil for 2026 | |
| 2026 Total Capital Expenditures | 556.00 Mil | 571.00 Mil | 586.00 Mil | 2.9% | Raised | Guidance: 555.00 Mil for 2026 | |
| 2026 Free Cash Flow | 525.00 Mil | 0 | Affirmed | Guidance: 525.00 Mil for 2026 | |||
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Production Volumes | 605.00 Bil | 612.50 Bil | 620.00 Bil | 0 | Affirmed | Guidance: 612.50 Bil for 2026 | |
| 2026 Adjusted EBITDAX | 1.26 Bil | 1.29 Bil | -3.4% | Lowered | Guidance: 1.33 Bil for 2026 | ||
| 2026 Base Capital Expenditures | 540.00 Mil | 555.00 Mil | -2.8% | Lowered | Guidance: 571.00 Mil for 2026 | ||
| 2026 Free Cash Flow | 525.00 Mil | -4.5% | Lowered | Guidance: 550.00 Mil for 2026 | |||
Q4 2025 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Production Volumes | 605.00 Bil | 612.50 Bil | 620.00 Bil | -1.6% | Lowered | Guidance: 622.50 Bil for 2025 | |
| 2026 Adjusted EBITDAX | 1.31 Bil | 1.33 Bil | 1.36 Bil | 10.1% | Raised | Guidance: 1.21 Bil for 2025 | |
| 2026 Capital Expenditures | 556.00 Mil | 571.00 Mil | 586.00 Mil | 17.1% | Raised | Guidance: 487.50 Mil for 2025 | |
| 2026 Free Cash Flow | 550.00 Mil | -14.1% | Lowered | Guidance: 640.00 Mil for 2025 | |||
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Production Volumes | 620.00 Bil | 622.50 Bil | 625.00 Bil | 0.8% | Raised | Guidance: 617.50 Bil for 2025 | |
| 2025 Adjusted EBITDAX | 1.20 Bil | 1.21 Bil | 1.23 Bil | -3.0% | Lowered | Guidance: 1.25 Bil for 2025 | |
| 2025 Capital Expenditures | 475.00 Mil | 487.50 Mil | 500.00 Mil | 2.6% | Raised | Guidance: 475.00 Mil for 2025 | |
| 2025 Free Cash Flow | 640.00 Mil | 11.3% | Raised | Guidance: 575.00 Mil for 2025 | |||
Insider Activity
Updated 8/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Thorndike, William N JR | Direct | Sell | 5062026 | 38.25 | 28,800 | 1,101,545 | 16,316,066 | Form | |
| 2 | Lally-Green, Maureen | Direct | Sell | 3252026 | 39.52 | 23,631 | 933,816 | 6,701,100 | Form | |
| 3 | Lanigan, Bernard JR | Direct | Sell | 2202026 | 40.60 | 46,119 | 1,872,224 | 7,192,711 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Thorndike, William N JR | Direct | Sell | 5062026 | 38.25 | 28,800 | 1,101,545 | 16,316,066 | Form | |
| 2 | Lally-Green, Maureen | Direct | Sell | 3252026 | 39.52 | 23,631 | 933,816 | 6,701,100 | Form | |
| 3 | Lanigan, Bernard JR | Direct | Sell | 2202026 | 40.60 | 46,119 | 1,872,224 | 7,192,711 | Form |
Investor Activity (13F)
Updated Aug 29, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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