# CNX Resources Corporation (CNX)

> Source: Nexqual · https://nexqual.com/CNX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, CNX Resources Corporation (CNX), nexqual.com/CNX" · informational, not investment advice.

**Price:** USD 35.73 (+1.62% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 35.16 · day 34.66–35.81 · 52w 30.78–43.62 · market cap $5.29B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.60B, net income $949M (36.5% margin), free cash flow $526M (SEC filings).
- Valuation: P/E 5.6x (avg 5.8x at the last 2 fiscal year-ends), net debt $2.22B.
- 1 of 80 tracked superinvestors hold CNX (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $1.1M; 1 not under a Rule 10b5-1 plan ($1.1M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.15 on a 1–5 scale) (13 analysts), mean target USD 37.25 (range 34–48).
- Total return with dividends: 1Y +9.1% vs S&P 500 +14.9%; 5Y +143.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.56, revenue estimate $474M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $757M | $1.26B | $3.43B | $1.27B | $2.24B | $2.60B |
| Net income | -$499M | -$142M | $1.72B | -$90.5M | $633M | $949M |
| EPS (diluted) | -$2.31 | -$0.75 | $8.99 | -$0.60 | $3.98 | — |
| Free cash flow | $460M | $669M | $135M | $275M | $534M | $526M |
| Net margin | -65.9% | -11.3% | 50.1% | -7.1% | 28.3% | 36.5% |
| Revenue growth | -39.8% | +66.7% | +172.4% | -63.1% | +76.8% | — |
| Cash + short-term investments | $3.6M | $21.3M | $443K | $17.2M | $779K | — |
| Total debt | $2.21B | $2.21B | $2.21B | $2.17B | $2.42B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 5.6x · P/S 2.0x · EV/Sales 2.9x · P/FCF 10.0x · P/B 1.1x · FCF yield 9.95% · Earnings yield 17.96% · Buyback yield (TTM) 10.16% · Net debt $2.22B · EV $7.50B
P/E at fiscal year-ends: Dec 2025 9.3x, Dec 2023 2.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CNX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mason Hawkins | Southeastern Asset Management | 8.25% | $158M | Added +16.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-04 | Thorndike William N Jr | Director | 28,800 | $1.1M | 5.3% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.15 on a 1–5 scale), 13 analysts; mean target USD 37.25 (low 34, high 48).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Truist Securities | Target lowered | Hold | $35 → $34 |
| 2026-10-15 | Scotiabank | Initiated | Sector Perform | $34 |
| 2026-10-15 | Mizuho | Target lowered | Neutral | $42 → $38 |
| 2026-10-15 | Morgan Stanley | Target raised | Underweight | $32 → $34 |
| 2026-07-15 | Truist Securities | Upgrade | Sell → Hold | $35 |
| 2026-06-29 | Morgan Stanley | Target lowered | Underweight | $34 → $32 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +9.1% | +143.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +9.2% | +19.4% |
| Volatility (annualized) | 28.6% | 34.4% |
| Max drawdown | -26.9% (Mar 2026→Sep 2026) | -36.4% (Jun 2022→Sep 2022) |

## Peers (Oil & Gas E&P)
CRGY (Crescent Energy Company) USD 13.33 -1.26% · CRC (California Resources Corporatio) USD 52.96 -1.08% · MUR (Murphy Oil Corporation) USD 42.37 -1.37% · CRK (Comstock Resources, Inc.) USD 13.97 +1.45% · MGY (Magnolia Oil & Gas Corporation) USD 25.27 -0.63% · MTDR (Matador Resources Company) USD 56.79 -1.66%

## More
Full page: https://nexqual.com/CNX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Shale | $418.2M | 67.6% | -4.0% |
| Coalbed Methane | $31.7M | 5.1% | +2.0% |
| Total revenue | $618.5M | 100% | — |
The lines above cover 72.7% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Natural Gas, NGLs and Oil Revenue | $389.4M | 63.0% | -19.7% |
| — Natural Gas Commodity Swaps (Bcf) (part of Total Natural Gas, NGLs and Oil Revenue) | $326.9M | 52.9% | -26.3% |
| — NGL Revenue (part of Total Natural Gas, NGLs and Oil Revenue) | $57.8M | 9.3% | +45.1% |
| — Oil/Condensate Revenue (part of Total Natural Gas, NGLs and Oil Revenue) | $4.8M | 0.8% | +190.9% |
| Natural Gas, NGLs and Oil Revenue | $360.6M | 58.3% | -20.2% |
| Purchased Gas Revenue | $12.5M | 2.0% | +19.7% |
| Total revenue | $618.5M | 100% | — |
The lines above cover 123.3% of total revenue.

## Customer concentration

Period ended 2025-12-31: 10%, 10% of revenue from unnamed direct customers (10-K, filed 2026-02-10).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.56 | $0.47 | +20.0% | $473.7M | 8 |
| Next quarter (ends 2026-12-31) | $0.67 | $0.62 | +8.0% | $536.7M | 7 |
| Current fiscal year (ends 2026-12-31) | $3.18 | $2.89 | +10.0% | $2.29B | 8 |
| Next fiscal year (ends 2027-12-31) | $4.18 | $4.10 | +1.9% | $2.15B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±8.5%; last 8 reports averaged ±4.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 37.4% | ±8.5% |
| 2026-12-18 | 56 | 35.0% | ±11.1% |
| 2027-01-15 | 84 | 33.2% | ±12.8% |
| 2027-04-16 | 175 | 32.2% | ±17.8% |