CNX Resources (CNX)
Market Price (5/30/2026): $33.72 | Market Cap: $4.8 BilSector: Energy | Industry: Oil & Gas Exploration & Production
CNX Resources (CNX)
Market Price (5/30/2026): $33.72Market Cap: $4.8 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 25%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 20%, FCF Yield is 12% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 38% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 42% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% Low stock price volatilityVol 12M is 30% 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 -7.0% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 53% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.6% 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 25%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 20%, FCF Yield is 12% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 38% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 42% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| Low stock price volatilityVol 12M is 30% |
| 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 -7.0% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 53% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.6% |
| 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 15% since 1/31/2026 because of the following key factors:
1. Weakening Natural Gas Price Outlook and Unfavorable Hedges. Domestic natural gas prices were negatively impacted by mild shoulder season demand and healthy storage injections, with Henry Hub spot prices remaining generally below $3 since mid-March 2026, and nearly 62% lower than the near-term high in late January 2026. The Energy Information Administration (EIA) further lowered its Henry Hub spot price forecasts for 2026 and 2027 by 4.4% and 11.5% respectively in May 2026. CNX Resources' exposure to these lower prices is amplified by its hedge program for 2026, with 81% of natural gas volumes hedged at an average price of $2.78 per thousand cubic feet, leading to a projected realized loss of approximately $193.2 million on financial hedges for the full year 2026.
2. Analysts' Negative Sentiment and Downgraded Ratings. Wall Street analysts have shown a cautious to negative stance on CNX Resources throughout the period. As of late May 2026, the consensus rating from 13 analysts was "Reduce" or "Sell," with an average price target of $35.44. Notably, Piper Sandler issued an "Underweight" rating on February 2, 2026, and Barclays followed with an "Underweight" rating on January 30, 2026. More recently, Barclays reiterated a "Sell" rating and trimmed its price target to $35 from $36 in May 2026.
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Stock Movement Drivers
Fundamental Drivers
The -13.2% change in CNX stock from 1/31/2026 to 5/29/2026 was primarily driven by a -78.0% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.80 | 33.69 | -13.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,024 | 2,315 | 14.4% |
| Net Income Margin (%) | 14.4% | 50.9% | 252.7% |
| P/E Multiple | 18.5 | 4.1 | -78.0% |
| Shares Outstanding (Mil) | 139 | 142 | -2.1% |
| Cumulative Contribution | -13.2% |
Market Drivers
1/31/2026 to 5/29/2026| Return | Correlation | |
|---|---|---|
| CNX | -13.2% | |
| Market (SPY) | 9.6% | -14.7% |
| Sector (XLE) | 11.0% | 53.9% |
Fundamental Drivers
The 0.1% change in CNX stock from 10/31/2025 to 5/29/2026 was primarily driven by a 252.7% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.66 | 33.69 | 0.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,024 | 2,315 | 14.4% |
| Net Income Margin (%) | 14.4% | 50.9% | 252.7% |
| P/E Multiple | 16.0 | 4.1 | -74.7% |
| Shares Outstanding (Mil) | 139 | 142 | -2.1% |
| Cumulative Contribution | 0.1% |
Market Drivers
10/31/2025 to 5/29/2026| Return | Correlation | |
|---|---|---|
| CNX | 0.1% | |
| Market (SPY) | 11.5% | -4.9% |
| Sector (XLE) | 29.7% | 45.3% |
Fundamental Drivers
The 14.5% change in CNX stock from 4/30/2025 to 5/29/2026 was primarily driven by a 38.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.43 | 33.69 | 14.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,673 | 2,315 | 38.4% |
| P/S Multiple | 2.6 | 2.1 | -20.4% |
| Shares Outstanding (Mil) | 148 | 142 | 3.9% |
| Cumulative Contribution | 14.5% |
Market Drivers
4/30/2025 to 5/29/2026| Return | Correlation | |
|---|---|---|
| CNX | 14.5% | |
| Market (SPY) | 38.0% | 2.6% |
| Sector (XLE) | 44.3% | 40.2% |
Fundamental Drivers
The 116.9% change in CNX stock from 4/30/2023 to 5/29/2026 was primarily driven by a 131.6% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.53 | 33.69 | 116.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,626 | 2,315 | -36.2% |
| Net Income Margin (%) | 41.1% | 50.9% | 23.8% |
| P/E Multiple | 1.8 | 4.1 | 131.6% |
| Shares Outstanding (Mil) | 168 | 142 | 18.5% |
| Cumulative Contribution | 116.9% |
Market Drivers
4/30/2023 to 5/29/2026| Return | Correlation | |
|---|---|---|
| CNX | 116.9% | |
| Market (SPY) | 89.0% | 22.4% |
| Sector (XLE) | 45.8% | 48.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CNX Return | 27% | 22% | 19% | 83% | 0% | -8% | 214% |
| Peers Return | 10496% | 40% | 24% | 32% | 10% | 5% | 28035% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| CNX Win Rate | 58% | 67% | 42% | 75% | 58% | 60% | |
| Peers Win Rate | 58% | 63% | 55% | 57% | 53% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| CNX Max Drawdown | -32% | -37% | -17% | -14% | -27% | -21% | |
| Peers Max Drawdown | -27% | -34% | -23% | -23% | -22% | -18% | |
| 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 5/29/2026 (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.
Preserve Wealth
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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)
AI Analysis | Feedback
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 Corporation operates within significant addressable markets in the United States, primarily focused on natural gas production, midstream services, and water management solutions for the oil and gas industry. The addressable markets for CNX Resources' main products and services are as follows: * Natural Gas Production and Sales: The U.S. natural gas market is a substantial addressable market for CNX Resources. This market is valued at approximately US$473.4 billion in 2025 and is projected to reach US$601.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 3.5% from 2025 to 2032. The Appalachian Basin, where CNX primarily operates, is a dominant natural gas-producing region, accounting for 31% of the national total output in 2025, with production reaching 36.6 billion cubic feet per day (Bcf/d). In 2024, total Appalachia gas production averaged nearly 40 Bcf/d. * Natural Gas Gathering Systems (Midstream Services): For its midstream services, including designing, building, and operating natural gas gathering systems, CNX Resources addresses the U.S. Midstream Oil and Gas Market. This market is projected to grow from USD 20.78 billion in 2025 to USD 25.96 billion by 2031, at a CAGR of 3.78%. Another estimate places the market value at USD 17.10 billion in 2025, growing to USD 21.08 billion by 2031 with a CAGR of 3.55%. * Water Sourcing, Delivery, and Disposal Solutions: The U.S. midstream water market for oil and gas, which includes water supply, transport, storage, treatment, and disposal for oil and gas operations, represents a significant market for CNX. This market is projected to reach a total of US$156 billion between 2025 and 2030, averaging over US$26 billion per year with a 2.1% CAGR. The broader Oil and Gas Water Management Services Market in North America, which held approximately 45% of the global market share in 2024, was valued at USD 34.54 billion in 2024 and is expected to increase to USD 51.94 billion by 2031, growing at a CAGR of 6.0%. Specifically, the U.S. produced water treatment market alone surpassed USD 2.46 billion in 2024 and is projected to reach around USD 5.33 billion by 2034.AI Analysis | Feedback
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.
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| 04172026 | VAL | Valaris | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 15.2% | 15.2% | -0.9% |
| 03312026 | KGS | Kodiak Gas Services | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 16.3% | 16.3% | -0.7% |
| 03312026 | KOS | Kosmos Energy | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 10.8% | 10.8% | -10.8% |
| 12262025 | TPL | Texas Pacific Land | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 54.5% | 54.5% | -2.1% |
| 12122025 | NOV | NOV | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 25.4% | 25.4% | -6.5% |
| 08312024 | CNX | CNX Resources | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 4.4% | 5.5% | -3.4% |
| 06302023 | CNX | CNX Resources | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 12.9% | 37.1% | -1.1% |
| 09302022 | CNX | CNX Resources | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.2% | 45.4% | -6.2% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 37.35 |
| Mkt Cap | 9.5 |
| Rev LTM | 2,762 |
| Op Inc LTM | 1,015 |
| FCF LTM | 808 |
| FCF 3Y Avg | 561 |
| CFO LTM | 1,276 |
| CFO 3Y Avg | 988 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 31.0% |
| Rev Chg 3Y Avg | -1.7% |
| Rev Chg Q | 30.1% |
| QoQ Delta Rev Chg LTM | 8.2% |
| Op Inc Chg LTM | 148.4% |
| Op Inc Chg 3Y Avg | 52.5% |
| Op Mgn LTM | 41.3% |
| Op Mgn 3Y Avg | 24.6% |
| QoQ Delta Op Mgn LTM | 4.3% |
| CFO/Rev LTM | 55.6% |
| CFO/Rev 3Y Avg | 55.4% |
| FCF/Rev LTM | 27.7% |
| FCF/Rev 3Y Avg | 20.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 9.5 |
| P/S | 2.5 |
| P/Op Inc | 8.5 |
| P/EBIT | 7.1 |
| P/E | 10.3 |
| P/CFO | 5.4 |
| Total Yield | 10.7% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 6.3% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -9.2% |
| 3M Rtn | -8.1% |
| 6M Rtn | -5.6% |
| 12M Rtn | 0.3% |
| 3Y Rtn | 73.1% |
| 1M Excs Rtn | -15.4% |
| 3M Excs Rtn | -18.2% |
| 6M Excs Rtn | -11.6% |
| 12M Excs Rtn | -28.7% |
| 3Y Excs Rtn | -18.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Shale | 1,148 | 1,237 | 3,404 | 2,070 | 846 |
| Other | 186 | 139 | 206 | 126 | 125 |
| Coalbed Methane | 105 | 131 | 315 | 194 | 114 |
| Total | 1,439 | 1,506 | 3,925 | 2,390 | 1,085 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Shale | 6,669 | 6,657 | 6,452 | 6,071 | 6,069 |
| Other | 922 | 1,021 | 1,105 | 981 | 877 |
| Coalbed Methane | 921 | 949 | 959 | 1,048 | 1,096 |
| Total | 8,512 | 8,627 | 8,516 | 8,101 | 8,042 |
Price Behavior
| Market Price | $33.69 | |
| Market Cap ($ Bil) | 4.6 | |
| First Trading Date | 04/30/1999 | |
| Distance from 52W High | -20.9% | |
| 50 Days | 200 Days | |
| DMA Price | $37.95 | $36.11 |
| DMA Trend | up | down |
| Distance from DMA | -11.2% | -6.7% |
| 3M | 1YR | |
| Volatility | 25.8% | 30.1% |
| Downside Capture | 20.94 | -2.11 |
| Upside Capture | -65.87 | 7.24 |
| Correlation (SPY) | -29.6% | 1.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.06 | -0.40 | -0.24 | -0.02 | 0.13 | 0.47 |
| Up Beta | -1.70 | -1.51 | -0.89 | -0.55 | 0.04 | 0.36 |
| Down Beta | 0.66 | -0.07 | 1.03 | 0.28 | 0.30 | 0.78 |
| Up Capture | -19% | -21% | -17% | 28% | 19% | 23% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 21 | 35 | 65 | 136 | 410 |
| Down Capture | 72% | 29% | -52% | -19% | -7% | 47% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 22 | 29 | 59 | 112 | 335 |
[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 | 7.9% | 30.1% | 0.26 | - |
| Sector ETF (XLE) | 42.5% | 20.5% | 1.62 | 40.8% |
| Equity (SPY) | 30.3% | 11.8% | 1.94 | 1.6% |
| Gold (GLD) | 37.5% | 26.7% | 1.17 | 0.6% |
| Commodities (DBC) | 39.6% | 18.8% | 1.63 | 30.7% |
| Real Estate (VNQ) | 12.5% | 13.1% | 0.64 | 13.0% |
| Bitcoin (BTCUSD) | -31.8% | 41.6% | -0.81 | 22.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNX | |
|---|---|---|---|---|
| CNX | 19.2% | 35.5% | 0.57 | - |
| Sector ETF (XLE) | 21.0% | 26.0% | 0.73 | 56.2% |
| Equity (SPY) | 14.3% | 17.0% | 0.66 | 31.8% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | 11.7% |
| Commodities (DBC) | 10.2% | 19.4% | 0.41 | 38.1% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 31.2% |
| Bitcoin (BTCUSD) | 14.6% | 54.6% | 0.46 | 15.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNX | |
|---|---|---|---|---|
| CNX | 11.9% | 48.3% | 0.42 | - |
| Sector ETF (XLE) | 9.9% | 29.5% | 0.37 | 43.5% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 29.6% |
| Gold (GLD) | 13.3% | 16.0% | 0.69 | 1.3% |
| Commodities (DBC) | 7.3% | 17.9% | 0.33 | 29.6% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 23.2% |
| Bitcoin (BTCUSD) | 67.0% | 66.9% | 1.06 | 5.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated N/A/N/A/N/A| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -1.0% | -7.0% | |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 15 |
| # Negative | 11 | 13 | 8 |
| Median Positive | 1.7% | 6.3% | 7.4% |
| Median Negative | -3.0% | -5.3% | -6.1% |
| Max Positive | 3.8% | 10.4% | 23.8% |
| Max Negative | -10.1% | -15.4% | -16.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
Recent Forward Guidance
Updated 5/28/2026Latest: 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 | 1.31 Bil | -3.4% | Lowered | Guidance: 1.33 Bil for 2026 | |
| 2026 Base Capital Expenditures | 540.00 Mil | 555.00 Mil | 570.00 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 | |||
Prior: 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% | 83500000 | Raised | Guidance: 487.50 Mil for 2025 |
| 2026 Free Cash Flow | 550.00 Mil | -14.1% | Lowered | Guidance: 640.00 Mil for 2025 | |||
Insider Activity
Updated 5/11/2026| # | 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 | |
| 4 | Clarkson, J. Palmer | Direct | Buy | 5132025 | 31.20 | 10,000 | 312,009 | 7,657,730 | Form |
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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