During the third quarter, AlphaQuest LLC expanded its holdings in CNX Resources Corporation by 5,703.1%, acquiring an additional 61,936 shares to bring its total to 63,022 shares. According to the latest SEC filing, AlphaQuest’s position is now valued at approximately $2.02 million. This transaction highlights a strong vote of confidence from the hedge fund in CNX’s Appalachian Basin-focused natural gas and gas liquids operations.

A wave of institutional investors reshaped their CNX positions in the second quarter. Mackenzie Financial Corp increased its stake by 5,262.2%, adding 545,114 shares for a total of 555,473 shares valued at $18.71 million. AQR Capital Management LLC more than doubled its position, lifting its holdings to 1,007,486 shares (up 112.2%) worth $33.93 million. HRT Financial LP boosted its shares by 212.9% to 306,803 shares valued at $10.33 million, while Adage Capital Partners GP L.L.C. and Schroder Investment Management Group raised their positions by 16.7% and 119.7%, respectively. Collectively, institutional investors now own 95.16% of CNX’s outstanding stock.

In the fourth quarter, CNX Resources reported earnings per share of $1.28, surpassing consensus estimates by $0.94, and generated revenue of $610.48 million, 44% above the forecast of $422.65 million. Production rose 7.3% year-over-year, driven by increased output in the Marcellus and Utica shales, while realized natural gas prices edged higher compared to the prior year. Management outlined 2026 capital expenditure plans of $800 million to $900 million, targeting a 10% production growth, reflecting confidence in sustaining free cash flow under current market conditions.

Equity research firms have varied views on CNX Resources. Mizuho and Barclays recently adjusted their price objectives upward, each maintaining neutral to underweight ratings. Morgan Stanley, Roth MKM and Weiss Ratings reaffirmed hold recommendations, while one analyst rates CNX as a buy. The consensus among twelve firms tracked by MarketBeat.com remains at a ‘Reduce’ rating with an average target price of $35.90, suggesting limited upside from current valuation based on projected earnings growth and the company’s debt-to-equity ratio of 0.52.