Infinity Natural Resources

INR · NYSE

$13.72+$0.16 (+1.18%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $13.56

INR analyst rating

BuyConsensus of 7 analysts over the last 12 months. 100% rate it a buy.

Strong buy1
Buy6
Hold0
Underperform0
Sell0

12-month price target · 10 analysts

Average $23.46 (+71.0% upside)

Low: $18.18
Now: $13.72
High: $28.35

Upgrades and downgrades

The latest rating actions, newest first

INR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Scotiabank	Oct 15, 2026	Initiates	Sector Outperform	$17.00	59%
RBC Capital	Oct 14, 2026	Maintains	Outperform	$22.00 → $21.00	53%
Stephens & Co.	Jul 8, 2026	Maintains	Overweight	$24.00 → $23.00	49%
Raymond James	Jul 8, 2026	Maintains	Strong Buy	$30.00 → $26.00	62%
RBC Capital	Jul 7, 2026	Maintains	Outperform	$27.00	53%
Citigroup	Jun 2, 2026	Maintains	Buy	$25.00 → $20.00	56%
Keybanc	Apr 2, 2026	Maintains	Overweight	$22.00 → $24.00	49%
Citigroup	Mar 31, 2026	Maintains	Buy	$24.00 → $25.00	56%
Citigroup	Mar 20, 2026	Maintains	Buy	$18.00 → $24.00	56%
Roth Capital	Dec 9, 2025	Maintains	Buy	$17.00 → $18.00	83%

The case for and against

Updated Oct 16, 2026

Bull case

Infinity Natural is favored because its Appalachian Basin portfolio can flex between oil and gas, letting it emphasize oil when pricing is strong and pivot toward gas without disrupting a disciplined development plan. Its 2026 plan calls for 495k lateral feet, 31 TIL wells, and continued production growth, while 1Q26 already showed gas and oil volumes up 169% and 16% year over year, respectively, with a 10% sequential oil step-up expected in 3Q26 after a 29% surge last quarter. Supportive fundamentals also include low leverage or no debt, a robust hedge book, sharply lower Ohio GP&T costs after the midstream purchase, and visibility to free cash flow starting in FY25 or FY27, depending on the cited view.

Bear case

Infinity Natural is exposed to meaningful downside because its valuation is pressured by lower oil prices, a commodity mix that still includes oil, and relatively limited trading liquidity, while a majority of its assets remain concentrated in Appalachia. The company’s estimates were trimmed, with 2Q26/2026 CFPS at $1.48/$6.37 and 2Q26 production modeled at 57.0 Mboe/d, but it still expected a $32 million free cash flow deficit on $130 million of capex, highlighting weak near-term cash generation. Execution and price risk are elevated: a weaker core Utica program, gas sustained at or below $2.50/Mcf, and reservoir or logistical issues could materially impair asset performance and growth.

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