Intrinsic value of CNX Resources - CNX

Previous Close

$14.16

  Intrinsic Value

$4.42

stock screener

  Rating & Target

str. sell

-69%

Previous close

$14.16

 
Intrinsic value

$4.42

 
Up/down potential

-69%

 
Rating

str. sell

We calculate the intrinsic value of CNX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
Revenue, $m
  1,577
  1,704
  1,837
  1,974
  2,117
  2,265
  2,419
  2,580
  2,746
  2,920
  3,100
  3,289
  3,485
  3,689
  3,902
  4,124
  4,357
  4,599
  4,853
  5,117
  5,395
  5,684
  5,988
  6,305
  6,637
  6,985
  7,350
  7,732
  8,132
  8,552
Variable operating expenses, $m
  487
  527
  568
  610
  654
  700
  748
  797
  849
  902
  958
  1,016
  1,077
  1,140
  1,206
  1,274
  1,346
  1,421
  1,499
  1,581
  1,667
  1,756
  1,850
  1,948
  2,051
  2,158
  2,271
  2,389
  2,513
  2,643
Fixed operating expenses, $m
  980
  1,002
  1,024
  1,046
  1,069
  1,093
  1,117
  1,141
  1,166
  1,192
  1,218
  1,245
  1,273
  1,301
  1,329
  1,358
  1,388
  1,419
  1,450
  1,482
  1,515
  1,548
  1,582
  1,617
  1,652
  1,689
  1,726
  1,764
  1,803
  1,842
Total operating expenses, $m
  1,467
  1,529
  1,592
  1,656
  1,723
  1,793
  1,865
  1,938
  2,015
  2,094
  2,176
  2,261
  2,350
  2,441
  2,535
  2,632
  2,734
  2,840
  2,949
  3,063
  3,182
  3,304
  3,432
  3,565
  3,703
  3,847
  3,997
  4,153
  4,316
  4,485
Operating income, $m
  110
  176
  245
  318
  393
  472
  555
  641
  731
  825
  924
  1,027
  1,135
  1,248
  1,367
  1,492
  1,622
  1,759
  1,903
  2,054
  2,213
  2,380
  2,555
  2,740
  2,934
  3,138
  3,353
  3,579
  3,817
  4,067
EBITDA, $m
  557
  659
  766
  877
  993
  1,114
  1,240
  1,372
  1,509
  1,652
  1,802
  1,959
  2,122
  2,293
  2,472
  2,660
  2,856
  3,062
  3,278
  3,504
  3,741
  3,990
  4,251
  4,526
  4,814
  5,117
  5,435
  5,769
  6,120
  6,490
Interest expense (income), $m
  187
  144
  161
  178
  196
  214
  234
  254
  274
  296
  319
  342
  367
  392
  418
  446
  475
  505
  536
  569
  603
  639
  677
  716
  757
  800
  845
  892
  941
  993
  1,047
Earnings before tax, $m
  -34
  16
  68
  122
  179
  239
  301
  367
  435
  507
  582
  661
  743
  830
  921
  1,017
  1,117
  1,223
  1,334
  1,451
  1,574
  1,703
  1,840
  1,983
  2,134
  2,293
  2,461
  2,638
  2,824
  3,020
Tax expense, $m
  0
  4
  18
  33
  48
  64
  81
  99
  117
  137
  157
  178
  201
  224
  249
  274
  302
  330
  360
  392
  425
  460
  497
  535
  576
  619
  665
  712
  763
  815
Net income, $m
  -34
  11
  49
  89
  131
  174
  220
  268
  318
  370
  425
  482
  543
  606
  672
  742
  815
  893
  974
  1,059
  1,149
  1,243
  1,343
  1,448
  1,558
  1,674
  1,797
  1,926
  2,062
  2,205

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,440
  8,040
  8,664
  9,311
  9,985
  10,684
  11,412
  12,168
  12,954
  13,773
  14,625
  15,512
  16,436
  17,400
  18,406
  19,455
  20,550
  21,694
  22,889
  24,139
  25,446
  26,813
  28,243
  29,740
  31,308
  32,950
  34,670
  36,472
  38,360
  40,340
Adjusted assets (=assets-cash), $m
  7,440
  8,040
  8,664
  9,311
  9,985
  10,684
  11,412
  12,168
  12,954
  13,773
  14,625
  15,512
  16,436
  17,400
  18,406
  19,455
  20,550
  21,694
  22,889
  24,139
  25,446
  26,813
  28,243
  29,740
  31,308
  32,950
  34,670
  36,472
  38,360
  40,340
Revenue / Adjusted assets
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
Average production assets, $m
  7,551
  8,159
  8,792
  9,450
  10,133
  10,843
  11,581
  12,348
  13,147
  13,977
  14,842
  15,742
  16,680
  17,659
  18,679
  19,744
  20,855
  22,016
  23,229
  24,497
  25,824
  27,211
  28,662
  30,182
  31,773
  33,439
  35,184
  37,013
  38,930
  40,939
Working capital, $m
  -99
  -107
  -116
  -124
  -133
  -143
  -152
  -163
  -173
  -184
  -195
  -207
  -220
  -232
  -246
  -260
  -274
  -290
  -306
  -322
  -340
  -358
  -377
  -397
  -418
  -440
  -463
  -487
  -512
  -539
Total debt, $m
  2,471
  2,735
  3,010
  3,296
  3,593
  3,901
  4,222
  4,556
  4,902
  5,263
  5,639
  6,030
  6,438
  6,863
  7,306
  7,769
  8,252
  8,757
  9,284
  9,835
  10,411
  11,014
  11,645
  12,305
  12,996
  13,721
  14,479
  15,274
  16,107
  16,979
Total liabilities, $m
  3,281
  3,546
  3,821
  4,106
  4,403
  4,712
  5,033
  5,366
  5,713
  6,074
  6,449
  6,841
  7,248
  7,674
  8,117
  8,580
  9,063
  9,567
  10,094
  10,645
  11,222
  11,824
  12,455
  13,116
  13,807
  14,531
  15,289
  16,084
  16,917
  17,790
Total equity, $m
  4,159
  4,494
  4,843
  5,205
  5,581
  5,973
  6,379
  6,802
  7,241
  7,699
  8,175
  8,671
  9,188
  9,727
  10,289
  10,875
  11,487
  12,127
  12,795
  13,494
  14,224
  14,988
  15,788
  16,625
  17,501
  18,419
  19,380
  20,388
  21,443
  22,550
Total liabilities and equity, $m
  7,440
  8,040
  8,664
  9,311
  9,984
  10,685
  11,412
  12,168
  12,954
  13,773
  14,624
  15,512
  16,436
  17,401
  18,406
  19,455
  20,550
  21,694
  22,889
  24,139
  25,446
  26,812
  28,243
  29,741
  31,308
  32,950
  34,669
  36,472
  38,360
  40,340
Debt-to-equity ratio
  0.590
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.680
  0.690
  0.700
  0.700
  0.710
  0.710
  0.710
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
  0.740
  0.740
  0.740
  0.740
  0.750
  0.750
  0.750
  0.750
Adjusted equity ratio
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -34
  11
  49
  89
  131
  174
  220
  268
  318
  370
  425
  482
  543
  606
  672
  742
  815
  893
  974
  1,059
  1,149
  1,243
  1,343
  1,448
  1,558
  1,674
  1,797
  1,926
  2,062
  2,205
Depreciation, amort., depletion, $m
  447
  483
  520
  559
  600
  642
  685
  731
  778
  827
  878
  931
  987
  1,045
  1,105
  1,168
  1,234
  1,303
  1,375
  1,450
  1,528
  1,610
  1,696
  1,786
  1,880
  1,979
  2,082
  2,190
  2,304
  2,422
Funds from operations, $m
  413
  494
  570
  648
  730
  816
  905
  998
  1,096
  1,197
  1,303
  1,414
  1,530
  1,651
  1,778
  1,910
  2,050
  2,195
  2,348
  2,509
  2,677
  2,853
  3,039
  3,234
  3,438
  3,653
  3,879
  4,116
  4,365
  4,627
Change in working capital, $m
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from operations, $m
  420
  502
  578
  657
  739
  825
  915
  1,008
  1,106
  1,208
  1,314
  1,426
  1,542
  1,664
  1,791
  1,924
  2,064
  2,211
  2,364
  2,525
  2,694
  2,872
  3,058
  3,254
  3,459
  3,675
  3,902
  4,140
  4,390
  4,654
Maintenance CAPEX, $m
  -412
  -447
  -483
  -520
  -559
  -600
  -642
  -685
  -731
  -778
  -827
  -878
  -931
  -987
  -1,045
  -1,105
  -1,168
  -1,234
  -1,303
  -1,375
  -1,450
  -1,528
  -1,610
  -1,696
  -1,786
  -1,880
  -1,979
  -2,082
  -2,190
  -2,304
New CAPEX, $m
  -586
  -609
  -633
  -658
  -683
  -710
  -738
  -767
  -798
  -831
  -865
  -900
  -938
  -978
  -1,020
  -1,065
  -1,112
  -1,161
  -1,213
  -1,268
  -1,326
  -1,387
  -1,452
  -1,519
  -1,591
  -1,666
  -1,745
  -1,829
  -1,917
  -2,009
Cash from investing activities, $m
  -998
  -1,056
  -1,116
  -1,178
  -1,242
  -1,310
  -1,380
  -1,452
  -1,529
  -1,609
  -1,692
  -1,778
  -1,869
  -1,965
  -2,065
  -2,170
  -2,280
  -2,395
  -2,516
  -2,643
  -2,776
  -2,915
  -3,062
  -3,215
  -3,377
  -3,546
  -3,724
  -3,911
  -4,107
  -4,313
Free cash flow, $m
  -577
  -553
  -538
  -521
  -503
  -484
  -465
  -444
  -423
  -400
  -377
  -353
  -328
  -302
  -274
  -246
  -216
  -184
  -152
  -117
  -81
  -44
  -4
  38
  82
  129
  178
  229
  284
  341
Issuance/(repayment) of debt, $m
  256
  264
  275
  286
  297
  309
  321
  333
  347
  361
  376
  391
  408
  425
  443
  463
  483
  505
  527
  551
  576
  603
  631
  660
  691
  724
  758
  795
  833
  873
Issuance/(repurchase) of shares, $m
  361
  324
  299
  273
  246
  217
  187
  155
  122
  88
  51
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  617
  588
  574
  559
  543
  526
  508
  488
  469
  449
  427
  405
  408
  425
  443
  463
  483
  505
  527
  551
  576
  603
  631
  660
  691
  724
  758
  795
  833
  873
Total cash flow (excl. dividends), $m
  40
  35
  37
  38
  39
  41
  43
  44
  46
  48
  50
  52
  80
  124
  169
  217
  267
  320
  376
  434
  495
  559
  627
  698
  773
  853
  936
  1,024
  1,117
  1,214
Retained Cash Flow (-), $m
  -361
  -335
  -348
  -362
  -376
  -391
  -407
  -423
  -440
  -457
  -476
  -496
  -517
  -539
  -562
  -586
  -612
  -640
  -668
  -699
  -730
  -764
  -800
  -837
  -876
  -918
  -961
  -1,007
  -1,056
  -1,107
Prev. year cash balance distribution, $m
  67
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -254
  -300
  -312
  -324
  -337
  -350
  -364
  -378
  -394
  -410
  -426
  -444
  -437
  -415
  -393
  -369
  -345
  -319
  -293
  -265
  -236
  -205
  -173
  -139
  -103
  -65
  -25
  17
  61
  108
Discount rate, %
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
  -242
  -271
  -266
  -259
  -251
  -242
  -231
  -220
  -207
  -194
  -180
  -166
  -143
  -118
  -95
  -76
  -59
  -45
  -34
  -25
  -17
  -12
  -7
  -4
  -2
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  89.5
  81.5
  75.3
  70.3
  66.4
  63.3
  61.0
  59.2
  57.9
  57.0
  56.5
  56.4
  56.4
  56.4
  56.4
  56.4
  56.4
  56.4
  56.4
  56.4
  56.4
  56.4
  56.4
  56.4
  56.4
  56.4
  56.4
  56.4
  56.4
  56.4

CNX Resources Corp., formerly CONSOL Energy Inc., is an integrated energy company. The Company's divisions include Exploration and Production (E&P), Pennsylvania (PA) Mining Operations and Other. The E&P division operates through four segments: Marcellus Shale, Utica Shale, Coalbed Methane (CBM) and Other Gas, which produce pipeline quality natural gas for sale primarily to gas wholesalers. Its E&P division focuses on Appalachian area natural gas and liquids activities, including production, gathering, processing and acquisition of natural gas properties in the Appalachian Basin. The Other Gas segment is primarily related to shallow oil and gas production and the Chattanooga Shale in Tennessee. The principal activities of the PA Mining Operations division are mining, preparation and marketing of thermal coal, sold primarily to power generators. The Other division includes business activities, such as coal terminal operations and water operations.

FINANCIAL RATIOS  of  CNX Resources (CNX)

Valuation Ratios
P/E Ratio -3.8
Price to Sales 1.6
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow 13.4
Growth Rates
Sales Growth Rate -4.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -76.9%
Cap. Spend. - 3 Yr. Gr. Rate -31.4%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 72.7%
Total Debt to Equity 82.3%
Interest Coverage -2
Management Effectiveness
Return On Assets -6.5%
Ret/ On Assets - 3 Yr. Avg. -1.7%
Return On Total Capital -11%
Ret/ On T. Cap. - 3 Yr. Avg. -4.5%
Return On Equity -20%
Return On Equity - 3 Yr. Avg. -8.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 33.1%
Gross Margin - 3 Yr. Avg. 42.3%
EBITDA Margin 13.1%
EBITDA Margin - 3 Yr. Avg. 19.9%
Operating Margin -17.4%
Oper. Margin - 3 Yr. Avg. -17.4%
Pre-Tax Margin -26.6%
Pre-Tax Margin - 3 Yr. Avg. -14.4%
Net Profit Margin -42.8%
Net Profit Margin - 3 Yr. Avg. -18.4%
Effective Tax Rate -1.9%
Eff/ Tax Rate - 3 Yr. Avg. 11%
Payout Ratio -0.2%

CNX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CNX stock intrinsic value calculation we used $1455.131 million for the last fiscal year's total revenue generated by CNX Resources. The default revenue input number comes from 0001 income statement of CNX Resources. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CNX stock valuation model: a) initial revenue growth rate of 8.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5%, whose default value for CNX is calculated based on our internal credit rating of CNX Resources, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of CNX Resources.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CNX stock the variable cost ratio is equal to 30.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $959 million in the base year in the intrinsic value calculation for CNX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.5% for CNX Resources.

Corporate tax rate of 27% is the nominal tax rate for CNX Resources. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CNX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CNX are equal to 478.7%.

Life of production assets of 16.9 years is the average useful life of capital assets used in CNX Resources operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CNX is equal to -6.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3899.899 million for CNX Resources - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 220.437 million for CNX Resources is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of CNX Resources at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ New CNX Midstream president sees opportunity in the pipelines   [Oct-02-18 11:47AM  American City Business Journals]
▶ Oil Prices Touch 2-Month High: 5 Best Picks   [Sep-20-18 08:09AM  Zacks]
▶ Investing in the Energy Sector 101   [Sep-01-18 07:12PM  Motley Fool]
▶ CNX Resources: 2Q Earnings Snapshot   [12:08PM  Associated Press]
▶ CNX innovates its way to better returns at the well pad   [Jun-27-18 01:42PM  American City Business Journals]
▶ Seven Pittsburgh-area companies on 2018's Fortune 500 list   [May-21-18 02:38PM  American City Business Journals]
▶ Consol, CNX annual meetings their first as separate companies short and to the point   [May-09-18 11:41AM  American City Business Journals]
▶ How drillers dealt with two-month shutdown of Mariner East 1 pipeline   [May-07-18 01:01PM  American City Business Journals]
▶ Consol Energy: 1Q Earnings Snapshot   [May-03-18 07:57AM  Associated Press]
▶ CNX Resources: 1Q Earnings Snapshot   [07:06AM  Associated Press]
▶ CNX Reports Preliminary First Quarter Results   [Apr-27-18 05:00PM  PR Newswire]
▶ Insider Shadowing: Buying Into CNX Resources And Others   [Mar-28-18 09:02AM  Simply Wall St.]
▶ CNX outlines strategy for next few years   [Mar-14-18 07:56AM  American City Business Journals]
▶ CNX Announces Upsized Credit Facility   [Mar-08-18 01:10PM  PR Newswire]
▶ How Confident Are Insiders About Allergan And More?   [Feb-14-18 08:02AM  Simply Wall St.]
▶ Longleaf Partners Comments on CONSOL Energy   [Jan-22-18 04:12PM  GuruFocus.com]
▶ Longleaf Partners Fund 4th Quarter Commentary   [Jan-19-18 06:04PM  GuruFocus.com]
▶ CNX plans to spend about $800M to drill in 2018   [Jan-09-18 11:20AM  American City Business Journals]
▶ Why CNX is pumped about having midstream company on board   [Jan-04-18 03:05PM  American City Business Journals]
▶ What Does Wall Street Predict for WPX Energy?   [Dec-13-17 07:33AM  Market Realist]
▶ [$$] Noble Energy Extends Deadline for Sale of Marcellus Venture Stake   [Dec-08-17 09:36PM  The Wall Street Journal]
▶ One of America's Oldest Energy Producers Splits in Two   [Nov-29-17 09:02AM  The Wall Street Journal]

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