CNX Increases Share Repurchase Program by $2 Billion
Company enhances shareholder return strategy following Q4 2024 earnings announcement
CNX Resources Corporation has increased its stock repurchase program by $2 billion, bringing the total authorization to approximately $2.4 billion, as announced on January 27, 2026. The move marks a significant expansion in the company's capital return strategy, reinforcing its commitment to enhancing shareholder value.
The decision follows CNX's announcement of its fourth-quarter 2024 results on January 30, 2025. The company has demonstrated consistent execution, reporting Q4 2024 free cash flow of $199 million and full-year 2024 free cash flow of $331 million. These results reflect continued operational strength across the company's core natural gas production assets in the Appalachian Basin.
According to the company's prepared remarks for the fourth quarter, CNX is guiding for 2025 free cash flow of approximately $575 million, or $3.85 per share, based on NYMEX pricing of $3.86/MMBtu as of January 15. The company also expects total annual production volumes between 605 and 620 Bcfe, with capital expenditures of $450 million to $500 million.
The expanded repurchase program underscores management's confidence in the business's ability to generate sustainable cash flows. During the fourth quarter of 2024, CNX repurchased approximately 0.6 million shares at an average price of $34.87 per share, totaling $22 million. Since the program's inception in 2020, CNX has repurchased approximately 80.7 million shares for $1.3 billion, signaling a disciplined approach to capital allocation.
Analysts have offered mixed views on CNX Resources, with a consensus rating of "Hold" based on coverage from eight firms. Approximately 50% recommend holding the stock, while 38% advise selling. Despite mixed analyst sentiment, the company's strong free cash flow generation and aggressive share buyback program provide a compelling value proposition for income-focused investors in the energy sector.
CNX Resources, headquartered in Canonsburg, Pennsylvania, focuses on the exploration and production of natural gas in the Appalachian Basin, leveraging advanced technologies to enhance resource recovery while prioritizing environmental stewardship. The company's recent strategic initiatives reflect its evolving role as a forward-thinking leader in the energy transition.