The world of Big Investing is often a mystery for us. CNX Resources issued a stellar update last Thursday. The company made $33 million in profit for the quarter, versus losing $354 million in 2Q21. It generated $62 million in free cash flow. Total 2Q revenues of $473 million improved 32% year over year from the prior-quarter level of $359 million. CNX sold its gas for an average of $3.32 per thousand cubic feet equivalent (Mcfe), up 28% from the year-ago figure of $2.60/Mcfe. Production costs were $1.58/Mcfe, down 1.3% from one year ago. And yet Wall Street analysts somehow “expected” more, and punished the stock by selling it, causing an initial dip of 9% in the share price. Go figure.
