Consol Energy Inc. (NYSE:CNX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm presently has a $22.00 price objective on the stock. Zacks Investment Research’s price target suggests a potential upside of 12.02% from the company’s current price.
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.”
CNX has been the topic of a number of other research reports. Barclays PLC upped their price objective on Consol Energy from $12.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 13th. Bank of America Corp. upgraded Consol Energy from an “underperform” rating to a “neutral” rating in a research note on Monday, August 15th. KLR Group cut Consol Energy from a “buy” rating to an “accumulate” rating and increased their price target for the company from $17.00 to $20.00 in a research note on Monday, July 18th. Jefferies Group restated a “buy” rating on shares of Consol Energy in a research note on Thursday, August 11th. Finally, Vetr upgraded Consol Energy from a “buy” rating to a “strong-buy” rating and set a $20.30 price target on the stock in a research note on Wednesday, August 10th. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $15.73.
Shares of Consol Energy (NYSE:CNX) opened at 19.64 on Monday. Consol Energy has a 52 week low of $4.54 and a 52 week high of $19.88. The firm’s market cap is $4.51 billion. The stock has a 50 day moving average of $17.97 and a 200 day moving average of $15.66.
Consol Energy (NYSE:CNX) last announced its quarterly earnings data on Tuesday, July 26th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by $0.02. Consol Energy had a negative return on equity of 3.31% and a negative net margin of 17.27%. The company had revenue of $285.80 million for the quarter, compared to the consensus estimate of $566.84 million. During the same quarter in the prior year, the company earned ($0.37) EPS. The company’s revenue for the quarter was down 47.6% on a year-over-year basis. Analysts anticipate that Consol Energy will post ($0.45) earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in the company. Utah Retirement Systems raised its stake in Consol Energy by 0.7% in the second quarter. Utah Retirement Systems now owns 41,371 shares of the company’s stock valued at $666,000 after buying an additional 300 shares during the period. World Asset Management Inc raised its stake in Consol Energy by 3.3% in the second quarter. World Asset Management Inc now owns 15,181 shares of the company’s stock valued at $244,000 after buying an additional 487 shares during the period. State Treasurer State of Michigan raised its stake in Consol Energy by 0.7% in the second quarter. State Treasurer State of Michigan now owns 92,000 shares of the company’s stock valued at $1,480,000 after buying an additional 600 shares during the period. Prudential Financial Inc. raised its stake in Consol Energy by 0.7% in the second quarter. Prudential Financial Inc. now owns 138,203 shares of the company’s stock valued at $2,224,000 after buying an additional 900 shares during the period. Finally, Traynor Capital Management Inc. raised its stake in Consol Energy by 5.3% in the second quarter. Traynor Capital Management Inc. now owns 19,861 shares of the company’s stock valued at $314,000 after buying an additional 1,000 shares during the period.
Consol Energy Company Profile
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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