分组1 - CNX Resources Corporation reported quarterly earnings of $0.49 per share, exceeding the Zacks Consensus Estimate of $0.37 per share, and showing an increase from $0.41 per share a year ago, resulting in an earnings surprise of +32.43% [1] - The company achieved revenues of $423 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 15.60%, compared to $354 million in the same quarter last year [2] - Over the last four quarters, CNX Resources has consistently surpassed consensus EPS estimates, achieving this four times [2] 分组2 - The stock has underperformed, losing about 13.4% since the beginning of the year, while the S&P 500 has gained 17.2% [3] - The current consensus EPS estimate for the upcoming quarter is $0.37 on revenues of $374.1 million, and for the current fiscal year, it is $2.17 on revenues of $1.78 billion [7] - The Zacks Industry Rank for Oil and Gas - Exploration and Production - United States is in the bottom 17% of over 250 Zacks industries, indicating potential challenges for the sector [8]

Production and Sales Volumes - In Q3 2025, CNX Resources reported total production volumes of 161.3 Bcfe, a decrease of 3.8% from 167.6 Bcfe in Q2 2025[3] - Shale sales volumes were 139.2 Bcf in Q3 2025, down from 146.9 Bcf in Q2 2025, reflecting a decline of 5.2%[3] - Average daily production for Q3 2025 was 1,753.3 MMcfe, compared to 1,841.8 MMcfe in Q2 2025, representing a decrease of 4.8%[3] - Production volumes guidance for 2025 has been updated to a range of 620 to 625 Bcfe, with approximately 8% expected to be liquids[21] Financial Performance - Total revenue for Q3-2025 was $583,840,000, a significant decrease of 39.4% compared to Q2-2025's $962,422,000[11] - Natural Gas, NGL, and Oil revenue decreased to $400,990,000 in Q3-2025 from $485,029,000 in Q2-2025, reflecting a decline of 17.4%[11] - Net income for Q3-2025 was $202,103,000, down 53.3% from $432,521,000 in Q2-2025[11] - Basic earnings per share for Q3-2025 was $1.45, compared to $3.02 in Q2-2025, a decrease of 52.0%[11] - Total Revenue and Other Operating Income for Q3-2025 was $584 million, a decrease from $962 million in Q2-2025[29] - Net Income for Q3-2025 was $202 million, down from $432 million in Q2-2025, while Q1-2025 reported a loss of $198 million[31] - Adjusted EBITDAX for Q3-2025 was $298 million, compared to $332 million in Q2-2025[31] - Adjusted Net Income for Q3-2025 was $82 million, compared to $100 million in Q2-2025[32] Cash Flow and Expenses - The company reported a net cash provided by operating activities of $233.8 million in Q3 2025, a decrease from $282.5 million in Q2 2025[13] - Free cash flow (FCF) guidance for 2025 has been increased to approximately $640 million, up from $575 million[21] - Free Cash Flow for Q3 2025 is $226 million, an increase from $188 million in Q2 2025[45] - Capital Expenditures for Q3 2025 are $76 million, down from $114 million in Q2 2025[45] - The company reported a total operating expense of $340,892,000 in Q3-2025, a slight decrease from $346,726,000 in Q2-2025[11] Hedging and Commodity Derivatives - CNX has hedged 121.8 Bcf for Q4 2025 at an average price of $2.55 per Mcf, with total hedged volumes for 2025 reaching 483.5 Bcf at an average price of $2.58 per Mcf[5] - The unrealized gain for Q3 2025 was $110 million, a significant improvement from an unrealized loss of $418 million in Q1 2025[9] - The company reported a significant unrealized loss on commodity derivative instruments of $110 million in Q3-2025, compared to a loss of $456 million in Q2-2025[34] - The average gain on natural gas commodity derivative instruments for cash settlement in Q3 2025 was $0.15, compared to a loss of $0.23 in Q2 2025[17] - CNX's average prices for NYMEX hedges in 2025 are projected at $3.31 per Mcf, with a forecasted gain/loss of ($79,286,000) for the year[7] Assets and Liabilities - Total current assets decreased to $360,895,000 as of September 30, 2025, from $394,225,000 at the end of June 2025, a decline of 8.4%[12] - Total assets as of September 30, 2025, were $8,904,118,000, down from $8,987,867,000 at the end of June 2025, a decrease of 0.9%[12] - Total liabilities decreased to $4,788,545,000 as of September 30, 2025, from $4,895,154,000 at the end of June 2025, a decline of 2.2%[12] - Long-term debt as of September 30, 2025, was $2,247,199,000, a decrease from $2,286,855,000 at the end of June 2025, down 1.7%[12] - Total Long-Term Debt as of September 30, 2025, is $2,577 million, a decrease from $2,682 million on March 31, 2025[41] - Net Debt as of September 30, 2025, stands at $2,560 million, down from $2,669 million on March 31, 2025[41] Market Strategy and Outlook - CNX's market strategy includes continued focus on natural gas production and hedging to mitigate price volatility[2] - The company expects to have 84% of its natural gas production hedged for 2025, slightly down from 85% previously[21] - Total capital expenditures for 2025 are now projected to be between $475 million and $500 million, reflecting an increase in drilling and completions spending[21]

Core Insights - Longleaf Partners Fund reported a return of -0.33% in Q3 2025, underperforming the S&P 500's 8.12% and Russell 1000 Value's 5.33% returns, expressing dissatisfaction with the portfolio's flat performance [1] - The fund focuses on investments in real assets and brands that generate growing free cash flow (FCF) per share, anticipating an increase in its ~10x FCF multiple to the mid-teens as management implements margin improvement strategies and share repurchases [1] Company Specifics - CNX Resources Corporation (NYSE:CNX) is highlighted as a key investment, with a one-month return of 1.58% and a 52-week loss of 10.47%, closing at $32.74 per share with a market capitalization of $4.63 billion on October 23, 2025 [2] - The fund expects CNX Resources to trade at a premium FCF multiple of 10-15x as its hedges mature and share repurchases continue, projecting that the stock price could exceed $50 per share due to higher-than-expected FCF per share from its low-cost approach [3] Market Position - CNX Resources is not among the 30 most popular stocks among hedge funds, with 33 hedge fund portfolios holding the stock at the end of Q2 2025, down from 36 in the previous quarter [4] - While acknowledging CNX Resources' potential, the analysis suggests that certain AI stocks may offer greater upside potential and lower downside risk [4]

Core Insights - CNX Resources Corporation is identified as a cheap stock with potential for the next five years, despite Barclays lowering its price target to $32 from $33 while maintaining an Equal Weight rating [1] Company Performance - In Q2 2025, CNX Resources reported a one-rig drilling schedule and anticipates a strong capital efficiency ratio of approximately $0.85 per Mcf moving forward [2] - Sequential production declines are expected in Q3 and Q4 of 2025 due to a front-loaded turn-in-line schedule earlier in the year, leading to a temporary lull before new wells come online in late Q4 [2] - Capital expenditures are projected to be lighter in Q3 but expected to increase again in Q4 as drilling and completion activities resume [3] Operational Highlights - The performance of Utica wells was slightly above expectations in Q2, with all wells meeting internal targets and costs currently below target [3] - The Utica wells are now considered competitive with Marcellus opportunities based on internal rate of return [3] Company Overview - CNX Resources Corporation is an independent natural gas and midstream company focused on acquiring, exploring, developing, and producing natural gas properties in the Appalachian Basin [4]

Core Insights - CNX Resources Corp. will announce its Q3 2025 financial results on October 30 at 6:45 a.m. Eastern Time, followed by a Q&A conference call and webcast [1][2][3] Company Overview - CNX Resources Corporation is a premier ultra-low carbon intensive natural gas development, production, midstream, and technology company based in Appalachia, a region rich in energy resources [2] - The company has a 161-year legacy, a substantial asset base, and focuses on technology development and innovation, along with astute capital allocation methodologies [2] - As of December 31, 2024, CNX had 8.54 trillion cubic feet equivalent of proved natural gas reserves [2]

Management Changes - Steve Kinsey, CFO of Flowers Foods, will retire at the end of the year after 26 years with the company, including 18 years as CFO, and will continue in an advisory role post-retirement [2] - James Shen has been appointed as interim CFO of GitLab, having previously served as vice president of finance since January 2021, replacing Brian Robins who resigned to join Snowflake [3] - Alan Shepard, currently president and CFO of CNX Resources, will become CEO effective January 1, while retaining his role as president; he succeeds Nick Deiuliis, who will retire after 35 years [4] - Josh Greear has been named finance chief of Authority Brands, previously serving as CFO of Primrose Schools and holding various financial leadership roles at Cracker Barrel and The Home Depot [5] - Brett Summerer has been appointed CFO of Accel Entertainment, effective September 22, previously serving as CFO of Verano Holdings and holding leadership roles at Kraft Heinz, Corning, and General Motors [6]

Group 1 - The article discusses the trend of CFOs transitioning to CEO roles, highlighting an increase in such movements in 2025 [3][4] - Approximately 7.5% of current CEOs in Fortune 500 and S&P 500 companies have previously served as CFOs, marking an increase from 7.1% in 2024 and 6.5% in 2015 [4] - The article mentions Alan K. Shepard's promotion to CEO of CNX Resources, effective January 1, following the retirement of Nick Deiuliis [7] Group 2 - Alan K. Shepard has over 20 years of experience in the energy sector, including roles such as CFO and finance director at EdgeMarc Energy Holdings [5] - Nick Deiuliis, the outgoing CEO, has been with CNX Resources for 35 years and will continue to serve on the board after his retirement [6][7] - The company is expected to appoint a new CFO by the end of the year following Shepard's promotion [7]

Core Viewpoint - CNX Resources announced that Alan Shepard will become President and CEO effective January 1, 2026, succeeding Nick Deiuliis, who will retire at the end of 2025 [3] Company Leadership Transition - Alan Shepard, the current President and CFO, will take over as President and CEO [3] - Nick Deiuliis will retire from his role as CEO at the end of 2025 [3] - Shepard has over 20 years of experience in the industry [3]

Leadership Transition - Alan Shepard will become the President and CEO of CNX Resources Corporation effective January 1, 2026, succeeding Nick Deiuliis, who will retire at the end of 2025 after 35 years with the company [1][2] - Nick Deiuliis will remain engaged with CNX as a member of its Board of Directors after his retirement [1] - Alan Shepard has over 20 years of experience in the energy sector and has been with CNX since 2020, serving as CFO since June 2022 and President since June 2025 [1][2] Company Strategy and Vision - Alan Shepard emphasized the company's commitment to optimizing long-term per-share value, prudent capital allocation, and innovation to deliver value for stakeholders [2] - CNX Resources Corporation focuses on being a leading Appalachian energy company with a sustainable business model [2] Company Overview - CNX Resources Corporation is a premier, ultra-low carbon intensive natural gas development and production company based in Appalachia, with a significant asset base and a legacy of 161 years [3] - As of December 31, 2024, CNX had 8.54 trillion cubic feet equivalent of proved natural gas reserves [3]

Core Insights - CNX Resources Corporation (NYSE: CNX) has faced challenges with negative earnings in several quarters but has shown improvement in the latest earnings report for Q2-2025, which has contributed to a recovery in investor confidence [1] Company Performance - The company reported a turnaround in its earnings in Q2-2025 after experiencing negative earnings in previous quarters, indicating a potential recovery phase [1] Investor Sentiment - The recent positive earnings report has led to a restoration of investor confidence, which had been shaken due to prior negative performance [1]