Barclays Lowers CNX Resources (CNX) PT to $32 Amid Q3 2025 E&P Preview

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]