IndexIQ Advisors LLC Sells 86,267 Shares of CONSOL Energy Inc. (CNX)
IndexIQ Advisors LLC decreased its position in CONSOL Energy Inc. (NYSE:CNX) by 81.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,204 shares of the oil and gas producer’s stock after selling 86,267 shares during the period. IndexIQ Advisors LLC’s holdings in CONSOL Energy were worth $343,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Chicago Equity Partners LLC boosted its holdings in CONSOL Energy by 62.5% during the second quarter. Chicago Equity Partners LLC now owns 127,505 shares of the oil and gas producer’s stock worth $1,905,000 after buying an additional 49,030 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of CONSOL Energy during the second quarter worth about $573,000. Ardevora Asset Management LLP raised its position in shares of CONSOL Energy by 44.0% during the second quarter. Ardevora Asset Management LLP now owns 1,552,600 shares of the oil and gas producer’s stock worth $23,196,000 after purchasing an additional 474,100 shares during the period. Bridgewater Associates LP raised its position in shares of CONSOL Energy by 252.0% during the second quarter. Bridgewater Associates LP now owns 65,283 shares of the oil and gas producer’s stock worth $975,000 after purchasing an additional 46,736 shares during the period. Finally, Marshall Wace North America L.P. raised its position in shares of CONSOL Energy by 170.5% during the second quarter. Marshall Wace North America L.P. now owns 601,636 shares of the oil and gas producer’s stock worth $9,025,000 after purchasing an additional 379,243 shares during the period. Hedge funds and other institutional investors own 99.84% of the company’s stock.
A number of equities research analysts have recently commented on CNX shares. Jefferies Group LLC set a $20.00 price target on CONSOL Energy and gave the stock a “buy” rating in a research report on Monday, August 28th. lowered CONSOL Energy from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. set a $21.00 price target on CONSOL Energy and gave the stock a “hold” rating in a research report on Tuesday, August 1st. SunTrust Banks, Inc. set a $17.00 target price on CONSOL Energy and gave the company a “hold” rating in a research report on Tuesday, October 17th. Finally, reissued a “buy” rating and issued a $24.00 target price on shares of CONSOL Energy in a research report on Friday, October 13th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $20.88.
CONSOL Energy Inc. (NYSE:CNX) opened at $15.71 on Wednesday. The firm has a market capitalization of $3,706.98, a P/E ratio of 84.79 and a beta of 1.54. CONSOL Energy Inc. has a 1 year low of $13.55 and a 1 year high of $22.34. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.86 and a current ratio of 0.94.
CONSOL Energy (NYSE:CNX) last posted its quarterly earnings results on Tuesday, October 31st. The oil and gas producer reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.14). The company had revenue of $671.30 million for the quarter, compared to analyst estimates of $623.00 million. CONSOL Energy had a positive return on equity of 1.09% and a negative net margin of 7.49%. The firm’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same period last year, the firm earned $0.04 EPS. sell-side analysts forecast that CONSOL Energy Inc. will post 0.34 earnings per share for the current fiscal year.
CONSOL Energy declared that its board has authorized a stock buyback program on Tuesday, September 5th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the oil and gas producer to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
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About CONSOL Energy
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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