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CNX · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is CNX Resources Corporation (CNX) stock moving?
CNX reported third-quarter 2026 results on Oct 29. Adjusted EPS of $0.61 beat the $0.60 estimate, but sales of $425M fell well short of the $483.8M estimate, a mixed print. Truist kept its Hold rating and raised its price target from $34 to $39 on Oct 30, which implies roughly 5.6% upside from the Nov 10 close of $36.93. The stock peaked near $39 intraday on Oct 28, fell 3.3% on heavy volume (2.04M shares) the day after earnings, slid to a $34.92 close on Nov 6, then rebounded to $36.93 on Nov 10. Volume has risen over the last two sessions (2.13M and 2.20M shares, against a typical 1.5M–1.8M), and the Nov 10 close is the highest since Nov 4. The Fragment deal is small for CNX and carries little weight. Commodity drivers such as natural gas prices and hedge results, which likely explain the revenue gap, are not in the data provided, so the outlook rests on limited evidence.
News behind the analysis
- Truist Securities Maintains Hold Rating and Raises Price Target for CNX ResourcesTruist kept its Hold rating on CNX and raised its price target from $34 to $39 after the third-quarter results.
- Truist Securities Maintains Hold on CNX Resources, Raises Price Target to $39Benzinga reports the same Truist update: Hold rating maintained with the price target raised to $39.
- CNX Resources Q3 2026 Earnings Call TranscriptTranscript of the third-quarter 2026 earnings call, held Thursday, Oct 29, in which management discussed the quarter's results.
- CNX Resources Corporation Reports Third Quarter 2026 Financial and Operational ResultsCNX released its third-quarter 2026 financial and operational results, with supplemental data filed in the 8-K on the same day.
- CNX Resources Q3 Adj. EPS $0.61 Beats $0.60 Estimate, Sales $425.000M Miss $483.807M EstimateAdjusted EPS of $0.61 beat the $0.60 consensus, while reported sales of $425M missed the $483.8M estimate.
- Fragment Announces $56 Million Funding and Deployment with CNX ResourcesEnterprise AI company Fragment raised $56M and is deploying its procurement software with CNX; this is a minor item for CNX's core business.
About CNX Resources Corporation
CNX Resources is a natural gas producer based in Pittsburgh that drills in the Appalachian Basin, mostly the Marcellus and Utica shales in Pennsylvania, Ohio and West Virginia. It hedges a large share of future output to lock in prices (about 82% of 2026 gas volumes), puts a lot of free cash flow into buying back its own shares, and also has a smaller business selling environmental attributes, for example from captured coal-mine methane.
How it makes money
Most of its revenue comes from selling natural gas it produces, roughly 600+ Bcfe a year. Smaller amounts come from natural gas liquids (NGLs) and condensate, which make up about 8–9% of output. Gains and losses on its hedges can swing reported revenue and earnings a lot from one quarter to the next. It also earns some revenue from midstream (gathering) services and from selling environmental credits under its New Technologies segment. Trailing revenue is roughly $2.2 billion a year.
What usually moves CNX
- Natural gas prices (Henry Hub and local Appalachian prices)
- Hedge gains and losses from marking contracts to market
- Gas demand from LNG exports and data centers
- Pipeline capacity and regional price gaps out of Appalachia
- Share buybacks and free cash flow