CNX Resources Corporation (CNX) Rose Following the Surge in Natural Gas Price

Riverwater Partners, an investment management company, released its “Small Cap Strategy” Q4 2025 investor letter. A copy of the letter can be downloaded here. The Strategy underperformed the Russell 2000 Index during the fourth quarter as well as in FY2025. The stock selection drove the underperformance of the Strategy in the quarter. The strategy’s emphasis on high-quality stocks lagged behind broader market trends. However, the firm expects the environment to be more favorable for high-quality businesses in 2026. In addition, please check the Strategy’s top five holdings to know its best picks in 2025.

In its fourth-quarter 2025 investor letter, Riverwater Partners Small Cap Strategy highlighted stocks such as CNX Resources Corporation (NYSE:CNX). CNX Resources Corporation (NYSE:CNX) is an independent natural gas and midstream company. The one-month return of CNX Resources Corporation (NYSE:CNX) was 0.71%, and its shares gained 28.69% of their value over the last 52 weeks. On January 22, 2026, CNX Resources Corporation (NYSE:CNX) stock closed at $36.87 per share, with a market capitalization of $5.322 billion.

Riverwater Partners Small Cap Strategy stated the following regarding CNX Resources Corporation (NYSE:CNX) in its fourth quarter 2025 investor letter:

“CNX Resources Corporation (NYSE:CNX) was our top contributor for the quarter. Natural gas prices rose into the end of the quarter. The gain was largely weather-driven and with $5/mcf levels viewed as unsustainable in our long-term projections—CNX benefited in the short-term from a favorable near-term pricing backdrop. At the same time, the company continued to execute consistently, delivering on production targets, generating strong free cash flow, and returning capital through a disciplined and accretive share repurchase program, which together supported multiple expansion. The combination of improved commodity sentiment and company-specific execution proved to be a catalyst for strong stock performance. We remain encouraged by the structural demand drivers for natural gas, which should support higher volumes over time while maintaining prices near historical norms. Given the strength of the move, we elected to realize a portion of our gains during the quarter while maintaining a constructive long-term view on the business.”

Is CNX Resources (CNX) the Top Oil & Gas E&P Stock Outperforming Despite Sinking Oil Prices?

CNX Resources Corporation (NYSE:CNX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 39 hedge fund portfolios held CNX Resources Corporation (NYSE:CNX) at the end of the third quarter, up from 33 in the previous quarter. While we acknowledge the risk and potential of CNX Resources Corporation (NYSE:CNX) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CNX Resources Corporation (NYSE:CNX) and that has 10,000% upside potential, check out our report about this cheapest AI stock.

In another article, we covered CNX Resources Corporation (NYSE:CNX) and shared Longleaf Partners Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.