CONSOL Energy Inc. (NYSE:CNX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
According to Zacks, “CONSOL Energy’s increasing focus on E&P business is yielding positive results. Thanks to its solid asset base, the company is well poised to achieve the new E&P production targets. The company sold non-core E&P assets in the reported quarter and continues to pursue its strategy of separating the coal and E&P business. Besides, it continues to implement its hedge program and some volume of natural gas production is hedged through 2020 to protect against fluctuating prices. The company has taken steps to separate its mining and E&P division. CONSOL Energy’s shares returned higher than the broader industry in the last three months. CONSOL’s dependence on a limited group of customers for bulk sales of coal and operation of traditionally risky underground mines are headwinds.”
A number of other equities research analysts also recently weighed in on CNX. Scotiabank set a $24.00 price objective on CONSOL Energy and gave the company a “hold” rating in a report on Saturday, April 22nd. Stifel Nicolaus reaffirmed a “buy” rating and set a $26.00 price objective on shares of CONSOL Energy in a report on Friday, July 14th. Jefferies Group LLC set a $20.00 price objective on CONSOL Energy and gave the company a “buy” rating in a report on Wednesday, July 19th. ValuEngine downgraded CONSOL Energy from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Finally, Barclays PLC reissued a “hold” rating on shares of CONSOL Energy in a report on Wednesday, May 24th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have assigned 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 $22.52.
Shares of CONSOL Energy (NYSE:CNX) opened at 16.71 on Thursday. CONSOL Energy has a 1-year low of $13.55 and a 1-year high of $22.34. The stock has a 50 day moving average price of $15.14 and a 200-day moving average price of $16.07. The firm’s market cap is $3.84 billion.
CONSOL Energy (NYSE:CNX) last released its quarterly earnings data on Tuesday, May 2nd. The oil and gas producer reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.06. The company had revenue of $698.71 million for the quarter, compared to the consensus estimate of $648.26 million. CONSOL Energy had a negative return on equity of 1.12% and a negative net margin of 36.01%. The company’s quarterly revenue was up 31.1% on a year-over-year basis. During the same period in the previous year, the business earned ($0.43) earnings per share. On average, equities research analysts expect that CONSOL Energy will post $0.50 earnings per share for the current fiscal year.
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Institutional investors have recently made changes to their positions in the company. Creative Planning raised its position in shares of CONSOL Energy by 59.0% in the second quarter. Creative Planning now owns 7,239 shares of the oil and gas producer’s stock worth $108,000 after buying an additional 2,686 shares during the last quarter. James Investment Research Inc. raised its position in shares of CONSOL Energy by 10.1% in the first quarter. James Investment Research Inc. now owns 7,222 shares of the oil and gas producer’s stock worth $121,000 after buying an additional 662 shares during the last quarter. FNY Managed Accounts LLC bought a new position in shares of CONSOL Energy during the first quarter worth $136,000. Two Sigma Securities LLC bought a new position in shares of CONSOL Energy during the first quarter worth $169,000. Finally, Trexquant Investment LP bought a new position in shares of CONSOL Energy during the first quarter worth $176,000.
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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