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    The Bull Case For CNX Resources (CNX) Could Change Following Debt-for-Equity Swap And CFO Transition

    Simply Wall St·12/20/2025 18:13:11
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    • CNX Resources recently completed a privately negotiated exchange of about US$122.1 million of its 2.25% Convertible Senior Notes due 2026 for approximately US$0.8 million in cash and 9,509,188 new common shares, while also announcing a CFO transition effective January 1, 2026.
    • This balance-sheet reshaping and leadership change could influence how investors assess CNX Resources’ leverage, equity base, and ability to execute its long-term plan.
    • We’ll now examine how this sizable debt-for-equity exchange reshapes CNX Resources’ investment narrative built around cash flow, capital discipline, and growth.

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    CNX Resources Investment Narrative Recap

    To own CNX Resources, you need to believe in its cash flow focus, disciplined capital allocation, and the long term value of its Appalachian gas and environmental attribute strategy. The recent US$122.1 million debt for equity exchange and 9.5 million share issuance reshapes the capital structure but does not appear to change the near term focus on executing projects tied to tax credits and environmental markets, or the key risk that those credits and related revenues remain exposed to regulatory decisions.

    The most relevant recent development is the December 2025 exchange of 2.25% Convertible Senior Notes due 2026 into equity and a small cash payment, which directly affects leverage, interest expense, and CNX’s equity base. This sits alongside an aggressive buyback history and an upcoming CEO and CFO transition on January 1, 2026, creating a multi layered backdrop for how the company funds Utica expansion and manages periods of production lulls under its one rig program.

    Yet investors should be aware that if evolving rules limit CNX’s ability to fully realize expected tax credits and environmental attribute revenues...

    Read the full narrative on CNX Resources (it's free!)

    CNX Resources' narrative projects $2.3 billion revenue and $859.1 million earnings by 2028.

    Uncover how CNX Resources' forecasts yield a $33.57 fair value, a 11% downside to its current price.

    Exploring Other Perspectives

    CNX 1-Year Stock Price Chart
    CNX 1-Year Stock Price Chart

    Two Simply Wall St Community fair value estimates for CNX span roughly US$33.57 to an upper bound near US$198.92, highlighting sharply different upside views. Against that backdrop, the uncertainty around realizing environmental tax credits and attribute revenues could have an outsized impact on how those very different expectations play out over time, so it is worth exploring several independent viewpoints before forming your own stance.

    Explore 2 other fair value estimates on CNX Resources - why the stock might be worth 11% less than the current price!

    Build Your Own CNX Resources Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.