Utility Tuesday: Natural Gas Revenue Doubles While Insiders Add $30M

This Week's Setup

The utility screen surfaces eight names, seven from energy infrastructure and one solar outlier, all carrying insider buying and free cash yields above 3.7%.

Natural gas producers dominate: CNX and EQT sit at ranks #1 and #2 with 49% and 60% revenue growth alongside 10% and 8% FCF yields, while EOG and ConocoPhillips deliver 15–21% ROIC with net debt below 1x EBITDA.

First Solar anchors rank #5 with a 26% drawdown and 5.2% FCF yield after Q1 revenue beat, carrying net cash on the balance sheet and 16% analyst upside despite net insider selling.

Quick Scan

The 8 Names

1. CNX Resources Corporation (CNX)

EV/EBITDA: 3.6 | Interest coverage: 5.7x | 52w drawdown: 13%

The setup here is revenue acceleration meeting distressed multiples: 49% year-over-year growth lands with a 5.1x P/E and 10% FCF yield, while EV/EBITDA sits at 3.6x versus peers trading 6–12x. Normalized P/E over ten years stands at 15%, reflecting a business that has re-rated downward despite operating leverage improvements.

Insiders added $5.3 million over six months across 383,371 shares net, with buying concentrated at 7% of shares outstanding while selling stayed under 1.1%. The activity cluster suggests conviction during the drawdown, not token grants.

Short interest stands at 14.8% of float, the highest among the eight names, flagging a crowded bearish bet that can amplify volatility in either direction when natural gas pricing shifts or production guidance moves.

2. EQT Corporation (EQT)

EV/EBITDA: 6.0 | Interest coverage: 7.8x | 52w drawdown: 14%

Revenue growth hit 60% year-over-year while FCF yield sits at 7.7%, delivering cash generation headroom even after the 1.1% dividend yield. The company carries net debt at 0.74x EBITDA with interest coverage nearly 8x, a capital structure built for commodity volatility.

Three insiders added shares in late April 2026: Geoffrey Roberts, Jeffrey Kiesel, and Patricia Glassford each filed Form 4s on April 22, part of a six-month $5.6 million insider buy total spanning 526,374 net shares. Buying represented 14.7% of insider transactions versus 3.3% selling.

Analysts price in 19.5% upside to $70.48, the widest analyst gap in the screen's top four, reflecting a market that hasn't repriced the production scale-up visible in revenue growth. Citigroup lifted its target to $70 from $66 in early May, maintaining a buy rating.

3. Valero Energy Corporation (VLO)

EV/EBITDA: 8.9 | Interest coverage: 6.4x | 52w drawdown: 3%

The refiner trades 3% below its 52-week high with a 6.7% FCF yield and 9.5% ROIC, carrying net debt at 0.63x EBITDA while covering interest 6.4x. Revenue fell 5.5% year-over-year, reflecting margin compression in refining spreads, but the balance sheet and cash generation absorbed the cycle without stress.

Insiders bought $5.7 million net over six months across 203,843 shares, with 14.6% of transactions as buys versus 1.2% sells. The activity accelerated near the year's low, not at the recent peak, suggesting tactical accumulation during weakness.

The company sits near its high with just 2.4% analyst upside to $256, pricing in limited margin expansion if crack spreads compress further or crude input costs rise faster than refined product pricing.

4. EOG Resources, Inc. (EOG)

EV/EBITDA: 6.9 | Interest coverage: 28.1x | 52w drawdown: 7%

The independent delivers 14.7% ROIC with 63% gross margins, covering interest 28 times while carrying net debt at 0.49x EBITDA. FCF yield sits at 4.5% after a 2.9% dividend, leaving reinvestment capacity while revenue declined 3.4% year-over-year in a flat production environment.

Three insiders added shares in early May 2026: Michael Kerr, Jeffrey Leitzell, and Lynn Dugle each filed Form 4s on May 4, part of a six-month $5.5 million buy total spanning 126,849 net shares. Buying represented 10.4% of transactions versus 1.2% selling.

Analysts see 10% upside to $156, reflecting a discount to fair value despite the company's premium ROIC and balance sheet positioning. The 15.6x P/E compresses below industry peers carrying higher leverage and lower returns on capital.

5. First Solar, Inc. (FSLR)

EV/EBITDA: 9.2 | Interest coverage: 36.8x | 52w drawdown: 26%

The solar manufacturer sits 26% below its high with 24% revenue growth, 5.2% FCF yield, and net cash of 0.81x EBITDA, eliminating refinancing risk while scaling production. Q1 earnings beat estimates as revenue increased year-over-year, and analysts model 16% upside to $245.

Insiders sold 13,727 shares net over six months, the only name in the screen with net selling, though the dollar figure remained modest and Kuntal Verma filed a mid-April Form 4. Selling represented 2.1% of transactions versus 1.9% buying, flagging insider caution despite the operational momentum.

The company trades at 13.6x P/E with a normalized 10-year P/E of 2.9%, reflecting a business that historically traded at much tighter multiples before the renewable energy revaluation. If policy support weakens or panel oversupply accelerates, the current valuation compresses quickly.