CNX Coal Resources LP (CNXC) Lowered to “Sell” at Zacks Investment Research
CNX Coal Resources LP (NYSE:CNXC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.
According to Zacks, “CNX Coal Resources LP is engaged in production of thermal coal. It manages and develops CONSOL Energy’s active thermal coal operations primarily in Pennsylvania. The company sells its coal to electric utilities. CNX Coal Resources LP is based in CANONSBURG, United States. “
A number of other research analysts also recently issued reports on the company. BidaskClub downgraded CNX Coal Resources from a “hold” rating to a “sell” rating in a research note on Thursday, September 14th. Jefferies Group LLC set a $20.00 price objective on CNX Coal Resources and gave the company a “buy” rating in a research note on Monday, July 10th. ValuEngine downgraded CNX Coal Resources from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st. Clarkson Capital restated a “buy” rating on shares of CNX Coal Resources in a research note on Wednesday, July 12th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $23.00 price objective on shares of CNX Coal Resources in a research note on Tuesday, September 12th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. CNX Coal Resources has a consensus rating of “Hold” and a consensus price target of $21.60.
Shares of CNX Coal Resources (CNXC) traded up 0.33% during midday trading on Monday, reaching $15.00. The company’s stock had a trading volume of 22,275 shares. The firm has a 50-day moving average of $14.90 and a 200-day moving average of $14.90. CNX Coal Resources has a one year low of $14.50 and a one year high of $22.30. The stock has a market cap of $349.94 million, a PE ratio of 9.15 and a beta of 1.48.
CNX Coal Resources (NYSE:CNXC) last announced its quarterly earnings results on Monday, July 31st. The energy company reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by ($0.11). CNX Coal Resources had a return on equity of 22.89% and a net margin of 11.26%. The company had revenue of $82.47 million for the quarter, compared to the consensus estimate of $80.18 million. On average, analysts forecast that CNX Coal Resources will post $1.67 EPS for the current year.
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Several hedge funds have recently bought and sold shares of CNXC. Apollo Management Holdings L.P. grew its stake in shares of CNX Coal Resources by 72.1% during the 1st quarter. Apollo Management Holdings L.P. now owns 243,047 shares of the energy company’s stock worth $4,120,000 after acquiring an additional 101,788 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of CNX Coal Resources by 94.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 149,193 shares of the energy company’s stock worth $2,529,000 after acquiring an additional 72,361 shares during the period. Freestone Capital Holdings LLC grew its stake in shares of CNX Coal Resources by 23.6% during the 2nd quarter. Freestone Capital Holdings LLC now owns 208,639 shares of the energy company’s stock worth $3,119,000 after acquiring an additional 39,868 shares during the period. Arrow Investment Advisors LLC bought a new position in shares of CNX Coal Resources during the 2nd quarter worth $676,000. Finally, Mountain Lake Investment Management LLC grew its stake in shares of CNX Coal Resources by 6.5% during the 2nd quarter. Mountain Lake Investment Management LLC now owns 500,000 shares of the energy company’s stock worth $7,475,000 after acquiring an additional 30,400 shares during the period. Institutional investors own 59.87% of the company’s stock.
About CNX Coal Resources
CNX Coal Resources LP is a producer of high-British thermal units (Btu) thermal coal in the Northern Appalachian Basin and the eastern United States. It is engaged in the management and development of coal operations of CONSOL Energy Inc (CONSOL Energy) in Pennsylvania. It holds interest in, and operational control over, CONSOL Energy’s Pennsylvania Mining Complex, which consists of three underground mines and related infrastructure that produce high-Btu bituminous thermal coal that is sold primarily to electric utilities in the eastern United States.
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