CNX Resources Corporation
- Open
- 33.98
- Day high
- 34.32
- Day low
- 33.56
- Prev close
- 33.93
- Volume
- 631K
- Mkt cap
- $4.8B
- P/E (TTM)
- 4.0
- EPS (TTM)
- $8.49
- P/B
- 1.0
- P/S
- 2.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.1M over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
CNX Resources Corporation (CNX) is a Energy company listed on NYSE. The stock is up 5% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
CNX Resources Corporation (CNX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CNX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.93 | $1.21 | +30.1% | $787M | +37.2% |
| Jan 29, 2026 | $0.40 | $0.68 | +70.0% | $655M | +37.4% |
| Oct 30, 2025 | $0.38 | $0.49 | +29.7% | $452M | +4.1% |
| Jul 24, 2025 | $0.39 | $0.59 | +51.3% | $962M | +135.4% |
| Apr 24, 2025 | $0.64 | $0.78 | +21.9% | $611M | +18.3% |
| Jan 30, 2025 | $0.43 | $0.57 | +32.6% | $420M | -21.5% |
| Oct 24, 2024 | $0.33 | $0.41 | +24.2% | $335M | -14.4% |
| Jul 25, 2024 | $0.27 | $0.36 | +33.3% | $307M | -17.6% |
| Apr 25, 2024 | $0.36 | $0.45 | +25.0% | $378M | -4.9% |
| Jan 25, 2024 | $0.27 | $0.68 | +151.9% | $392M | -2.1% |
| Jul 27, 2023 | $0.24 | $0.29 | +20.8% | $296M | -27.3% |
| Apr 27, 2023 | $0.44 | $0.56 | +27.3% | $514M | +11.6% |
CNX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | Clarkson J. Palmerdirector | Option | 12,129 | $13.58 |
| Jun 22, 2026 | Clarkson J. Palmerdirector | Option | 10,000 | $15.55 |
| May 11, 2026 | MCGUIRE IAN Rdirector | Grant | 9,466 | — |
| May 11, 2026 | Lally-Green Maureendirector | Grant | 9,048 | — |
| May 11, 2026 | LANIGAN BERNARD JRdirector | Grant | 5,568 | — |
| May 11, 2026 | Thorndike William N Jrdirector | Grant | 8,770 | — |
| May 11, 2026 | Clarkson J. Palmerdirector | Grant | 5,568 | — |
| May 11, 2026 | Agbede Robertdirector | Grant | 5,568 | — |
| May 11, 2026 | DEIULIIS NICHOLAS Jdirector | Grant | 8,352 | — |
| May 6, 2026 | Thorndike William N Jrdirector | Sell | 28,800 | $38.25 |
| May 6, 2026 | Thorndike William N Jrdirector | Option | 83,097 | $13.19 |
| Mar 25, 2026 | Lally-Green Maureendirector | Option | 29,915 | $13.19 |
| Mar 25, 2026 | Lally-Green Maureendirector | Sell | 110 | $40.00 |
| Mar 25, 2026 | Lally-Green Maureendirector | Sell | 23,521 | $39.51 |
| Feb 23, 2026 | LANIGAN BERNARD JRdirector | Option | 46,119 | $13.19 |
Source: CNX SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full CNX insider & 13F page →CNX Resources Corporation company profile
Overview
CNX Resources Corporation (NYSE:CNX) is an independent natural gas exploration and production company founded in 1860 and headquartered in Canonsburg, Pennsylvania. Originally known as CONSOL Energy Inc., the company changed its name to CNX Resources Corporation in November 2017 following its spinoff from its coal operations. CNX has evolved from a traditional coal mining company into a modern natural gas producer focused on the Appalachian Basin, with operations spanning Pennsylvania, West Virginia, and Ohio. The company has positioned itself as a technology-driven operator with a growing portfolio of environmental and new technology initiatives alongside its core natural gas production business.
Business
CNX Resources operates in the natural gas exploration and production industry, which involves locating, extracting, processing, and selling natural gas from underground formations. The company's operations are concentrated in the Appalachian Basin, one of North America's most prolific natural gas producing regions. The company operates through two primary business segments. The **Shale segment** represents the majority of CNX's operations and focuses on extracting natural gas from shale rock formations, primarily the Marcellus Shale and Utica Shale. Shale gas extraction involves hydraulic fracturing (fracking), where water, sand, and chemicals are injected at high pressure to create fractures in the rock, allowing trapped natural gas to flow to the surface. CNX owns rights to approximately 526,000 net acres of Marcellus Shale and 610,000 net acres of Utica Shale, along with additional conventional and shallow oil and gas positions across roughly 1 million net acres. The **Coalbed Methane (CBM) segment** extracts methane gas that naturally occurs in coal seams. This process involves drilling wells into coal formations and removing water to reduce pressure, allowing methane to flow to the surface. CNX owns rights to approximately 282,000 net CBM acres in Central Appalachia and 1.7 million net CBM acres across multiple states. While CBM represents a smaller portion of total production, it has become strategically important for the company's environmental initiatives. CNX also operates midstream infrastructure, including approximately 2,600 miles of natural gas gathering pipelines and processing facilities that transport gas from wellheads to interstate pipelines. Additionally, the company provides water sourcing, delivery, and disposal services for its operations and third-party customers. The company has developed a **New Technologies division** that focuses on monetizing environmental attributes and developing innovative solutions. This includes capturing and monetizing coal mine methane emissions, developing proprietary technologies like AutoSep for flowback operations, and exploring opportunities in hydrogen production, compressed natural gas (CNG), and other clean energy applications.
Revenue model
CNX Resources generates revenue primarily through the sale of pipeline-quality natural gas to wholesalers and utilities. The company's business model is based on commodity sales, where revenue fluctuates with natural gas prices and production volumes. Natural gas is sold at market prices, which are influenced by factors such as seasonal demand, storage levels, pipeline capacity, and broader energy market dynamics. The company's customers are primarily gas wholesalers who purchase natural gas at the wellhead or at pipeline interconnection points. These wholesalers then distribute the gas to utilities, industrial users, and other end customers. CNX's proximity to major population centers in the Northeast provides access to premium markets where natural gas often trades at prices above national benchmarks. CNX has developed additional revenue streams through its New Technologies division, which generated approximately $75 million in free cash flow in 2024. This includes sales of environmental attributes (carbon credits) from coal mine methane capture, which currently trade at $30-35 per megawatt hour. The company also generates revenue from third-party water services and is developing markets for proprietary technologies like AutoSep and Geobaric Energy systems. Several factors significantly impact CNX's margins and profitability. **Positive margin drivers** include the company's low-cost production profile in the Appalachian Basin, operational efficiencies that have reduced drilling costs by 38% since 2023, and the company's hedging program that typically covers 80% of production volumes to provide price stability. The proximity to high-demand markets and growing regional demand from data centers and power generation also support pricing premiums. **Negative margin pressures** include volatile natural gas commodity prices, increased competition from other shale producers, potential pipeline capacity constraints that could limit market access, and rising service costs during periods of increased industry activity. Environmental regulations and compliance costs also impact margins, though CNX has positioned some of these as revenue opportunities through its environmental attributes business.
Competitive moat
CNX Resources operates in the commodity natural gas production industry, which traditionally offers limited sustainable competitive advantages. However, the company has developed several defensive characteristics that provide some protection against competition. The company's primary moat stems from its **high-quality acreage position** in the Appalachian Basin, particularly in the core areas of the Marcellus and Utica Shale formations. These geological formations offer some of the lowest breakeven costs in North America, with CNX achieving significant operational efficiencies that have reduced all-in costs by 31% since 2023. The company's acreage position of over 1.1 million net acres provides decades of drilling inventory and development runway. **Geographic advantages** strengthen CNX's position, as the Appalachian Basin's proximity to major Northeast population centers provides access to premium natural gas markets. This location advantage typically results in pricing premiums over national benchmarks and reduces transportation costs compared to producers in other regions like the Permian Basin. The company's **operational expertise and technology development** provide some competitive advantages. CNX has developed proprietary technologies like AutoSep for flowback operations and Geobaric Energy for CNG production, which could generate additional revenue streams and operational efficiencies. The company's focus on environmental attributes and coal mine methane capture creates a differentiated revenue stream that competitors cannot easily replicate. However, CNX's moat is relatively narrow. The natural gas industry is highly competitive with numerous producers having access to similar drilling and completion technologies. New entrants can compete effectively if they acquire quality acreage, and technological advantages tend to disseminate quickly throughout the industry. Commodity price volatility means that even low-cost producers can face significant margin pressure during down cycles. Additionally, the company's midstream infrastructure, while valuable, is not unique enough to create a significant competitive barrier. The most significant competitive threats come from other Appalachian Basin producers with similar cost structures, potential pipeline capacity additions that could reduce regional pricing premiums, and the broader energy transition that could reduce long-term demand for natural gas.
Risks & safety
CNX Resources presents a mixed margin of safety profile with both strengths and concerning financial metrics. **Overall Assessment**: The company maintains adequate liquidity and operational cash generation but faces solvency concerns due to high debt levels and negative working capital position. **Cash and Debt Analysis**: - Minimal cash position of $17.2 million as of Q1 2025 - Current ratio of 0.27, indicating significant working capital deficit - Debt-to-equity ratio of 0.74, representing moderate leverage - Positive free cash flow generation of $84 million in Q1 2025 and $275 million for full year 2024 - Operating cash flow remains positive at $216 million in Q1 2025 **Valuation Metrics**: - Trading at negative P/E ratio due to recent losses, though this reflects non-cash impairments - EV/EBITDA multiple varies significantly due to volatile EBITDA - Price-to-book ratio of 1.23, suggesting reasonable asset valuation - Graham net-net working capital deeply negative at -$34 per share **Other Considerations**: - Hedging program covering 85% of volumes provides some price protection - Expected to remain a minimal cash taxpayer until 2027-2028 due to tax attributes - Share buyback program continues, reducing share count - Commodity price exposure creates earnings volatility despite operational efficiencies
Recent development
Over the past few years, CNX Resources has undergone significant strategic transformation, evolving from a traditional natural gas producer into a technology-focused company with diversified revenue streams. The most notable development has been the creation and expansion of the **New Technologies division**, which has grown from a concept to generating approximately $75 million in annual free cash flow by 2024. The company has made substantial operational improvements, achieving a **38% reduction in drilling costs** from $1,200 to $750 per foot since 2023, while reducing drilling times to under 50 days. These efficiencies have been complemented by successful development of the **Deep Utica play**, where wells are producing at rates seven times faster than comparable Marcellus wells. CNX has developed several **proprietary technologies** including AutoSep for flowback operations automation and Geobaric Energy technology for cost-effective CNG production. The company has begun commercializing these technologies through partnerships with Deep Well Services and NuBlu Energy, with initial third-party sales completed in 2024. The **environmental attributes business** has become a significant growth driver, with CNX successfully monetizing coal mine methane (CMM) capture through environmental credits trading at $30-35 per megawatt hour. The company captures 17-18 Bcf annually of CMM and is exploring expansion into hydrogen production, CO2 sequestration, and other clean energy applications. Strategic acquisitions have supplemented organic growth, including the **Apex acquisition** which added 8,600 net acres of undeveloped Utica acreage. The company has also maintained an aggressive **capital allocation strategy**, repurchasing approximately 30% of outstanding shares since 2020 while maintaining production levels around 580 Bcfe annually. Looking forward, CNX is positioning itself around an "Appalachia First" vision, focusing on vertical integration opportunities and reducing supply chain complexity while awaiting regulatory clarity on federal tax incentives including 45V hydrogen credits and 45Q carbon sequestration credits.
CNX company profile · for informational purposes only — not investment advice.
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