AR vs CNX: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AR and CNX share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AR and CNX exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Antero Resources Corporation is an independent oil and gas company focused on the Marcellus and Utica shale formations in West Virginia, Ohio, and Pennsylvania. It is one of the largest natural gas producers in the United States and the largest exporter of natural gas liquids (NGLs) such as propane and butane, which it ships through firm transportation to the Marcus Hook export terminal near Philadelphia. The company produced a record 3.9 Bcfe/d in the first quarter and expanded its footprint by closing the HG acquisition, which added roughly 385,000 net acres and about 400 drilling locations.

Full AR guide

CNX Resources Corporation is a natural gas exploration, development, and midstream company focused almost entirely on the Appalachian basin, primarily the Marcellus and Utica shales across Pennsylvania, Ohio, and West Virginia. Beyond conventional dry-gas drilling, CNX runs a differentiated New Technologies segment that captures and monetizes waste coal mine methane and coal bed methane, and pursues environmental-attribute credits (such as 45V and other programs) that add a non-commodity revenue stream most peers lack. The company frames its strategy around sustainable free cash flow per share rather than production growth, keeping run-rate capital expenditure under roughly $500 million and returning cash largely through buybacks rather than a dividend.

Full CNX guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AR drivers: LNG and export demand; NGL premium pricing.
• CNX drivers: Free-cash-flow-per-share model; New Technologies and coal mine methane.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Antero's results are highly sensitive to natural gas and NGL prices, which are volatile and driven by weather, storage levels, and global LNG trade. For CNX, cNX is highly sensitive to natural gas prices, which are volatile and driven by weather, storage, and supply that the company cannot control, so revenue and free cash flow can swing sharply from period to period; Q2 2026 revenue fell about 18% year over year even as EPS beat.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AR if you believe its drivers more; CNX if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AR and CNX guides.

AR. At $37.88 Antero trades at ~8x forward earnings, a multiple that assumes consensus EPS of ~$4.39 for 2026 and ~$4.51 for 2027 holds, which in turn depends on gas and NGL prices. Analysts rate it buy on average with a ~$49.57 target across 21 analysts. Third-quarter results arrive October 28, 2026, against consensus of ~$0.98 of EPS on ~$1.59 billion of revenue.

CNX. At about $35.65, CNX trades at roughly 5.8 times trailing earnings and 9.3 times forward earnings, with an EV/EBITDA near 4.1 and about $2.4 billion of debt. The gap between trailing and forward multiples reflects hedge-driven profit that analysts do not expect to repeat, and the average analyst target of about $37.45 (hold rating, 11 analysts) sits close to the current price. Because earnings track a volatile commodity, trailing figures can differ substantially from forward periods.

Headline figures (approximate, October 2026): AR shows revenue (ttm) ~$5.78B; latest quarter up ~13% year over year, q2 2026 results Revenue ~$1.56B, net income ~$279M; EPS $0.76 vs $0.85 estimate, net income / eps (ttm) ~$1.08B; EPS ~$3.48 (forward ~$4.63), margins (ttm) Gross ~67%, operating ~26%, net ~19%; CNX shows revenue (ttm) ~$2.14B, revenue growth (q2 2026, yoy) ~-18%, net income (ttm) ~$949M (profit margin ~44%), adjusted eps (q2 2026) $0.71 vs $0.55 est..

AR and CNX are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AR and CNX exposure against your real portfolio. It is not an investment adviser.