CNX Resources initiated with an Underweight at Morgan Stanley

Morgan Stanley initiated coverage of CNX Resources (CNX) with an Underweight rating and $29 price target amid a broader research note on the North American E&Ps. CNX, which is concentrated in the Appalachian basin, is highly hedged vs. peers, limiting exposure to the firm’s constructive view on Henry Hub pricing, the analyst says. Free cash flow and equity also lags peers in 2025-26 despite the year-to-date pullback in shares, and while Morgan Stanley sees potential for growth of the New Technologies business unit longer term, the firm awaits clarity on economics, timing, regulatory backdrop, and future benefits to include value beyond currently disclosed environmental attribute sales.