Why CNX Resources Stock Is Falling Back Today
Shares of CNX Resources (NYSE: CNX) sank more than 14% by 10:45 a.m. EDT on Tuesday. A few factors are pushing down the natural gas driller's stock, including an analyst downgrade and a convertible note offering. This sell-off has reversed much of yesterday's rally.
CNX Resources stock soared yesterday after the company updated investors on its long-term plan. The natural gas producer expects to transition into a maintenance mode, which will keep its production roughly flat through 2026. That strategy will enable it to generate about $500 million in annual cash flow, which it will use to create a fortress-like balance sheet.
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Source Fool.com
