CONSOL Energy Inc. (CNX) Sees Significant Decline in Short Interest
CONSOL Energy Inc. (NYSE:CNX) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 19,551,611 shares, a drop of 29.5% from the August 15th total of 27,740,382 shares. Based on an average daily trading volume, of 3,949,480 shares, the short-interest ratio is presently 5.0 days. Approximately 8.5% of the company’s shares are short sold.
Shares of CONSOL Energy (NYSE CNX) opened at 15.68 on Monday. The company’s market capitalization is $3.61 billion. The stock has a 50 day moving average of $14.91 and a 200-day moving average of $15.40. CONSOL Energy has a 12-month low of $13.55 and a 12-month high of $22.34.
CONSOL Energy (NYSE:CNX) last announced its quarterly earnings results on Tuesday, August 1st. The oil and gas producer reported $0.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.07. The firm had revenue of $865.95 million during the quarter, compared to the consensus estimate of $678.79 million. CONSOL Energy had a return on equity of 17.64% and a net margin of 28.59%. The firm’s quarterly revenue was up 202.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.21) earnings per share. Analysts predict that CONSOL Energy will post $0.53 earnings per share for the current fiscal year.
CONSOL Energy declared that its Board of Directors has initiated a share buyback plan on Tuesday, September 5th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the oil and gas producer to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
In related news, Director J. Palmer Clarkson purchased 10,000 shares of CONSOL Energy stock in a transaction that occurred on Thursday, August 3rd. The shares were bought at an average price of $15.40 per share, with a total value of $154,000.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.50% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in CNX. Capstone Asset Management Co. boosted its holdings in CONSOL Energy by 4.2% in the first quarter. Capstone Asset Management Co. now owns 17,173 shares of the oil and gas producer’s stock valued at $288,000 after purchasing an additional 690 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in CONSOL Energy by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 61,899 shares of the oil and gas producer’s stock valued at $1,039,000 after purchasing an additional 800 shares in the last quarter. State Treasurer State of Michigan boosted its holdings in CONSOL Energy by 1.0% in the first quarter. State Treasurer State of Michigan now owns 71,800 shares of the oil and gas producer’s stock valued at $1,205,000 after purchasing an additional 700 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in CONSOL Energy by 3.8% in the first quarter. Bank of New York Mellon Corp now owns 2,314,035 shares of the oil and gas producer’s stock valued at $38,830,000 after purchasing an additional 84,299 shares in the last quarter. Finally, Suntrust Banks Inc. boosted its holdings in CONSOL Energy by 2.3% in the first quarter. Suntrust Banks Inc. now owns 27,479 shares of the oil and gas producer’s stock valued at $460,000 after purchasing an additional 618 shares in the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have issued reports on CNX. Stifel Nicolaus reiterated a “buy” rating and set a $26.00 target price on shares of CONSOL Energy in a report on Friday, July 14th. Scotiabank set a $21.00 target price on shares of CONSOL Energy and gave the stock a “hold” rating in a report on Saturday, July 1st. Zacks Investment Research cut shares of CONSOL Energy from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Barclays PLC reiterated a “hold” rating on shares of CONSOL Energy in a report on Wednesday, May 24th. Finally, BidaskClub cut shares of CONSOL Energy from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $21.74.
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CONSOL Energy Company Profile
CONSOL Energy Inc (CONSOL Energy) is an integrated energy company. The Company’s divisions include Exploration and Production (E&P), Pennsylvania (PA) Mining Operations and Other. The E&P division operates through four segments: Marcellus Shale, Utica Shale, Coalbed Methane (CBM) and Other Gas, which produce pipeline quality natural gas for sale primarily to gas wholesalers.
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