CNX Coal Resources LP (CNXC) Rating Increased to Buy at Jefferies Group
CNX Coal Resources LP (NYSE:CNXC) was upgraded by stock analysts at Jefferies Group from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm currently has a $22.00 target price on the stock, up from their previous target price of $21.00. Jefferies Group’s price target would indicate a potential upside of 17.96% from the stock’s previous close.
A number of other research firms have also issued reports on CNXC. FBR & Co set a $19.00 price target on shares of CNX Coal Resources and gave the stock an “outperform” rating in a research report on Thursday, October 13th. Zacks Investment Research upgraded CNX Coal Resources from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a report on Wednesday, July 13th. Seaport Global Securities initiated coverage on CNX Coal Resources in a report on Thursday, November 3rd. They issued a “buy” rating and a $23.00 price objective on the stock. Stifel Nicolaus increased their price objective on CNX Coal Resources from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Finally, Citigroup Inc. initiated coverage on CNX Coal Resources in a report on Thursday, July 28th. They issued a “neutral” rating and a $14.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. CNX Coal Resources has a consensus rating of “Buy” and a consensus price target of $19.00.
CNX Coal Resources (NYSE:CNXC) opened at 18.65 on Thursday. The stock’s 50 day moving average is $17.07 and its 200-day moving average is $12.39. CNX Coal Resources has a 52-week low of $5.98 and a 52-week high of $22.30. The firm has a market capitalization of $433.22 million, a PE ratio of 23.67 and a beta of 1.86.
CNX Coal Resources (NYSE:CNXC) last posted its quarterly earnings results on Monday, October 31st. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by $0.08. The company earned $69.80 million during the quarter, compared to analysts’ expectations of $59.28 million. CNX Coal Resources had a return on equity of 11.01% and a net margin of 8.26%. Equities analysts expect that CNX Coal Resources will post $0.92 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Thursday, November 10th will be issued a dividend of $0.512 per share. The ex-dividend date is Tuesday, November 8th. This represents a $2.05 annualized dividend and a yield of 10.98%. CNX Coal Resources’s dividend payout ratio (DPR) is presently 256.25%.
Institutional investors have recently made changes to their positions in the stock. Mountain Lake Investment Management LLC increased its position in shares of CNX Coal Resources by 31.8% in the first quarter. Mountain Lake Investment Management LLC now owns 425,000 shares of the company’s stock valued at $3,052,000 after buying an additional 102,500 shares during the period. A.R.T. Advisors LLC bought a new position in shares of CNX Coal Resources during the second quarter valued at approximately $150,000. Bradley Foster & Sargent Inc. CT bought a new position in shares of CNX Coal Resources during the third quarter valued at approximately $376,000. JPMorgan Chase & Co. increased its position in shares of CNX Coal Resources by 1,265.8% in the third quarter. JPMorgan Chase & Co. now owns 138,874 shares of the company’s stock valued at $2,153,000 after buying an additional 128,706 shares during the period. Finally, Ameriprise Financial Inc. bought a new position in shares of CNX Coal Resources during the third quarter valued at approximately $250,000. Institutional investors own 60.60% of the company’s stock.
About CNX Coal Resources
CNX Coal Resources LP is a producer of thermal coal in the Northern Appalachian Basin and the eastern United States. The Company is engaged in the management and development of the thermal coal operations of CONSOL Energy Inc (CONSOL Energy) in Pennsylvania. The Company’s assets include interests in CONSOL Energy’s Pennsylvania mining complex, which consists of approximately three underground mines and related infrastructure that produce bituminous thermal coal that is sold primarily to electric utilities in the eastern United States.
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