Mizuho cuts CNX Resources stock price target on weaker gas outlook

Mizuho Securities updated its price target on CNX Resources stock to $38, down from $42, citing a weaker outlook for natural gas prices over the next year. The firm retains a Neutral rating on the shares, which are currently trading at $34.82 with a P/E ratio of 5.51. Mizuho believes the company's free cash flow yield of 10% demonstrates its strong cash generation capabilities.

As CNX Resources nears the end of its seven-year production plan, investors will focus on the company's 2027 operating outlook. The firm expects the company to maintain flat production levels, disciplined capital spending, and robust free cash flow generation. Mizuho noted that environmental attribute monetization and 45Z tax credits will continue to provide additional cash flow sources.

Despite current headwinds, CNX Resources holds a perfect Piotroski Score of 9 and a "Great" financial health rating from Mizuho's analysis. In other news, CNX Resources reported second-quarter 2026 earnings that significantly beat Wall Street expectations, with adjusted earnings of $1.32 per share and revenue of $618.48 million.