The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how upstream natural gas e&p stocks fared in Q1, starting with CNX Resources (NYSE: CNX).

Natural gas-focused E&P companies explore, develop, and produce natural gas resources serving power generation, industrial, and export markets. Natural gas is often positioned as a transition fuel given lower carbon intensity versus coal and oil. Tailwinds include growing LNG (liquefied natural gas) export demand, power generation switching from coal, and industrial consumption growth. Headwinds include natural gas price volatility driven by weather, storage levels, and competing supply sources. Infrastructure constraints may limit market access, while long-term demand faces uncertainty from renewable energy expansion and electrification trends potentially reducing gas consumption.

The 6 upstream natural gas e&p stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 4.1%.

While some upstream natural gas e&p stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 4.1% since the latest earnings results.

CNX Resources (NYSE: CNX)

Tracing back to operations that began in 1860, CNX Resources (NYSE: CNX) drills for and produces natural gas from underground shale formations in Pennsylvania, Ohio, and West Virginia.

CNX Resources reported revenues of $530.6 million, up 12.7% year on year. This print fell short of analysts’ expectations by 2.8%, but it was still a satisfactory quarter for the company with a beat of analysts’ EPS estimates.

The stock is down 7.2% since reporting and currently trades at $36.50.

Is now the time to buy CNX Resources? Access our full analysis of the earnings results here, it’s free.

Best Q1: Range Resources (NYSE: RRC)

Focused almost entirely on the Marcellus Shale beneath Pennsylvania's forests and farmland, Range Resources (NYSE: RRC) drills for and produces natural gas, natural gas liquids, and oil from shale formations.

Range Resources reported revenues of $961.1 million, up 20.6% year on year, outperforming analysts’ expectations by 6.4%. The business had an incredible quarter with an impressive beat of analysts’ EBITDA and EPS estimates.

The market seems content with the results as the stock is up 3% since reporting. It currently trades at $42.91.

Is now the time to buy Range Resources? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Comstock Resources (NYSE: CRK)

Operating in the Haynesville shale where a single well can produce millions of cubic feet of gas daily, Comstock Resources (NYSE: CRK) drills for and produces natural gas from underground shale rock formations in Louisiana and Texas.

Comstock Resources reported revenues of $342.3 million, down 11.8% year on year, falling short of analysts’ expectations by 31.8%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates.

Comstock Resources delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 14.6% since the results and currently trades at $14.81.

Read our full analysis of Comstock Resources’s results here.

EQT (NYSE: EQT)

The largest natural gas producer in the United States by daily volume, EQT (NYSE: EQT) produces natural gas and natural gas liquids from wells drilled in the Appalachian Basin.

EQT reported revenues of $3.14 billion, up 45.7% year on year. This result lagged analysts' expectations by 1.4%. In spite of that, it was a strong quarter as it recorded a solid beat of analysts’ EBITDA and EPS estimates.

The stock is flat since reporting and currently trades at $57.49.

Read our full, actionable report on EQT here, it’s free.

BKV (NYSE: BKV)

Operating a "closed-loop" model linking gas production to carbon capture, BKV (NYSE: BKV) produces natural gas from shale formations in Texas and Pennsylvania, selling it to utilities, industrial users, and exporters.

BKV reported revenues of $432.8 million, up 449% year on year. This print surpassed analysts’ expectations by 37.6%. Overall, it was a very strong quarter as it also put up a beat of analysts’ EPS estimates and EBITDA in line with analysts’ estimates.

BKV scored the biggest analyst estimates beat and fastest revenue growth among its peers. The stock is down 4.9% since reporting and currently trades at $28.40.

Read our full, actionable report on BKV here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.