Consol Energy Inc. (CNX) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Consol Energy Inc. (NYSE:CNX) from a hold rating to a buy rating in a report released on Monday. Zacks Investment Research currently has $22.00 price target on the stock.
According to Zacks, “CONSOL Energy’s increasing focus on natural gas, along with its remaining coal operation, will help it to survive difficult industry fundamentals. The contribution from E&P assets to its top-line mix has increased over the last three years and is expected to increase further in the long run. CONSOL’s debt reduction initiatives, along with the formation of MLPs, are going to boost its performance in the long run. CONSOL is also assiduously lowering its costs and expects more cost saves in the future. Despite improvements in natural gas production volumes, CONSOL has incurred losses in the five trailing quarters, primarily due to the depressed commodity price environment. Dependence on a limited group of customers for bulk sales of coal and operation of traditionally risky underground mines are headwinds.”
Several other analysts have also recently commented on CNX. BMO Capital Markets restated a buy rating on shares of Consol Energy in a report on Sunday, June 12th. Jefferies Group lifted their target price on shares of Consol Energy from $19.00 to $20.00 and gave the company a buy rating in a research note on Wednesday, July 27th. KLR Group cut shares of Consol Energy from a buy rating to an accumulate rating and lifted their target price for the company from $17.00 to $20.00 in a research note on Monday, July 18th. Howard Weil lifted their target price on shares of Consol Energy from $20.00 to $22.00 and gave the company a sector perform rating in a research note on Wednesday, July 27th. Finally, Vetr upgraded shares of Consol Energy from a buy rating to a strong-buy rating and set a $20.30 target price for the company in a research note on Wednesday, August 10th. Ten investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Consol Energy has a consensus rating of Hold and an average price target of $15.73.
Shares of Consol Energy (NYSE:CNX) traded up 0.9522% on Monday, reaching $19.6453. 332,598 shares of the company’s stock traded hands. The firm’s market capitalization is $4.51 billion. The company’s 50-day moving average is $17.92 and its 200-day moving average is $15.61. Consol Energy has a 52 week low of $4.54 and a 52 week high of $19.76.
Consol Energy (NYSE:CNX) last posted its quarterly earnings results on Tuesday, July 26th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by $0.02. The company had revenue of $285.80 million for the quarter, compared to analyst estimates of $566.84 million. Consol Energy had a negative return on equity of 3.31% and a negative net margin of 17.27%. The business’s revenue for the quarter was down 47.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.37) earnings per share. Equities research analysts anticipate that Consol Energy will post ($0.45) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Advisor Group Inc. acquired a new position in Consol Energy during the second quarter worth about $105,000. Bank of Montreal Can bought a new stake in shares of Consol Energy during the second quarter worth approximately $109,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Consol Energy during the second quarter worth approximately $117,000. Gargoyle Investment Advisor L.L.C. bought a new stake in shares of Consol Energy during the second quarter worth approximately $166,000. Finally, Voloridge Investment Management LLC bought a new stake in shares of Consol Energy during the second quarter worth approximately $174,000.
About Consol Energy
CONSOL Energy Inc (CONSOL Energy) is an integrated energy company that operates through two divisions: oil and gas exploration and production (E&P) and coal mining. The principal activity of the E&P division is to produce pipeline quality natural gas for sale primarily to natural gas wholesalers. The E&P division’s segments are Marcellus, Utica, Coalbed Methane, and Other Gas.
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