CNX Resources
Produces Appalachian shale gas with integrated gathering, water, and mine-methane operations.
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Profile
Produces Marcellus and Utica natural gas and liquids across Appalachia, earning additional revenue from gathering and water services and mine-methane environmental attributes. Shale output dominates, tying results to gas prices, hedge coverage, and regional pipeline access.
Develops and sells natural gas, natural gas liquids, and condensate from Marcellus and Utica shale properties in Pennsylvania, West Virginia, and Ohio, with a smaller coalbed-methane and remediated-mine-gas operation centered in Virginia. Shale supplies nearly all production, and the acquired Apex footprint added stacked Marcellus and Utica leasehold plus associated infrastructure in central Pennsylvania.
Owns and operates gathering pipelines and processing facilities, provides third-party gathering and water services, and sells environmental attributes generated largely from mine-methane capture. Its interconnected systems can blend gas streams to meet pipeline specifications, while hedges cover a substantial share of expected production. Revenue remains exposed to natural-gas and environmental-credit prices, Appalachian pipeline capacity and third-party processing, and federal and state rules governing drilling, emissions, water, and pipelines.
Company facts
Categories
Key statistics
Year to date −0.7% · Average volume (30d) 1.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 15, 2026 | Truist Financial | Target | $35 | |||
| Jul 15, 2026 | Truist Securities | Upgrade | Sell | Hold | ||
| May 27, 2026 | Mizuho Securities | Target | $43 | $42 | ||
| Mar 27, 2026 | Morgan Stanley | Target | $32 | $34 | ||
| Mar 24, 2026 | Truist Securities | Downgrade | Hold | Sell |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.60 | $0.72 | +19.6% | $475.2M | $618.5M | +30.2% | −0.26% |
| Apr 30, 2026Q1 FY26 | $0.93 | $1.21 | +30.1% | $573.5M | $786.7M | +37.2% | −2.65% |
| Jan 29, 2026Q4 FY25 | $0.40 | $0.68 | +70.0% | $440.5M | $610.5M | +38.6% | +3.19% |
| Oct 30, 2025Q3 FY25 | $0.38 | $0.49 | +29.7% | $434.3M | $452.1M | +4.1% | +3.38% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $610.6M | $541.3M | $452.1M | $538.4M | $782.7M | $618.5M | |
| Gross profit | $345.6M | $246.4M | $162.5M | $256.5M | $502.8M | $270.8M | |
| Operating income | $290.5M | $190.7M | $111.8M | $191.5M | $469.7M | $236.9M | |
| Net income | −$197.7M | $432.5M | $202.1M | $196.3M | $348.1M | $202.9M | |
| Diluted EPS | −$1.34 | $2.53 | $1.21 | $1.28 | $2.25 | $1.32 | |
| Gross margin | 56.6% | 45.5% | 35.9% | 47.6% | 64.2% | 43.8% | |
| Operating margin | 47.6% | 35.2% | 24.7% | 35.6% | 60.0% | 38.3% |
Fiscal years (4-quarter sums)FY21 $2.39B · FY22 $3.92B · FY23 $1.51B · FY24 $1.44B · FY25 $2.14B
Revenue by product · Q1 FY26
Balance sheet, Jul 15, 2026Cash & short-term investments $40.5M · Total debt $2.38B · Total assets $9.14B · Shareholders' equity $4.84B
Dividends
No dividends on record.
Ownership
Shares outstanding 147.94M · Float 141.99M · 96.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 19.18M | 12.96% | 13F | Aug 7, 2026 |
| Dimensional Fund Advisors LP | 8.89M | 6.01% | 13F | Aug 11, 2026 |
| Hudson Bay Capital Management LP | 8.43M | 5.28% | 13G | Nov 8, 2024 |
| State Street Corp | 7.66M | 5.18% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 7.43M | 5.02% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 4, 2026 | William N. Jr Thorndike | director | −28,800 | $38.25 |
| Mar 23, 2026 | Maureen Lally-Green | director | −23,631 | $39.52 |
| Feb 19, 2026 | Bernard Jr Lanigan | director | −46,119 | $40.60 |
Peers
- EQT
Largest Appalachian gas producer; vertically integrated via Equitrans
- Expand Energy
Largest US independent gas producer; Appalachian + Haynesville dual-basin
- Antero Resources
Liquids-rich Appalachian E&P; peer-leading NGL scale, LNG-linked transport
- Range Resources
Wet-gas Appalachian E&P with 18 Tcfe reserves, targeting 2.6 Bcfe/d by 2027
- Gulfport Energy
Ohio Utica–anchored Appalachian gas E&P; ~1.05 Bcfe/d, 80% Utica production
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| CNX Resources | $36.42 | +0.64% | $5.36B | 6.0 | 10.8 | 2.2 | −35.7% |
| EQT | $54.67 | +0.19% | $34.13B | 12.0 | 16.3 | 3.7 | −29.2% |
| Expand Energy | $98.16 | 0.00% | $22.72B | 8.5 | 12.2 | 1.7 | −19.8% |
| Antero Resources | $38.50 | +0.13% | $11.82B | 11.0 | 9.0 | 2.1 | +29.6% |
| Range Resources | $41.10 | −0.86% | $9.69B | 11.5 | 11.3 | 2.9 | +19.1% |
| Gulfport Energy | $176.37 | +0.01% | $3.17B | 7.1 | 7.0 | 2.1 | +3.8% |
| Median | 11.0 | 11.3 | 2.1 | +3.8% |







