CNX Coal Resources LP (NYSE: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 note issued to investors on Monday, October 9th.

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 equities research analysts also recently issued reports on CNXC. Jefferies Group LLC set a $20.00 price target on CNX Coal Resources and gave the stock a “buy” rating in a research report on Monday, July 10th. Clarkson Capital reissued a “buy” rating on shares of CNX Coal Resources in a research report on Wednesday, July 12th. BidaskClub raised CNX Coal Resources from a “sell” rating to a “hold” rating in a research report on Monday, July 31st. Stifel Nicolaus set a $23.00 price target on CNX Coal Resources and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Finally, TheStreet raised CNX Coal Resources from a “d” rating to a “c” rating in a research report on Wednesday, August 9th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $20.67.

Shares of CNX Coal Resources (NYSE CNXC) opened at 15.10 on Monday. The company has a market cap of $352.27 million, a P/E ratio of 9.21 and a beta of 1.48. CNX Coal Resources has a 12 month low of $14.50 and a 12 month high of $22.30. The firm has a 50 day moving average price of $15.00 and a 200-day moving average price of $15.66.

CNX Coal Resources (NYSE:CNXC) last issued its quarterly earnings results on Monday, July 31st. The energy company reported $0.40 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.11). The company had revenue of $82.47 million for the quarter, compared to analyst estimates of $80.18 million. CNX Coal Resources had a return on equity of 22.89% and a net margin of 11.26%. Analysts anticipate that CNX Coal Resources will post $1.60 earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNXC. Arrow Investment Advisors LLC bought a new stake in CNX Coal Resources during the second quarter worth $676,000. Goldman Sachs Group Inc. lifted its stake in CNX Coal Resources by 94.2% during the first quarter. Goldman Sachs Group Inc. now owns 149,193 shares of the energy company’s stock worth $2,529,000 after purchasing an additional 72,361 shares during the last quarter. Freestone Capital Holdings LLC lifted its stake in CNX Coal Resources by 23.6% during the second quarter. Freestone Capital Holdings LLC now owns 208,639 shares of the energy company’s stock worth $3,119,000 after purchasing an additional 39,868 shares during the last quarter. Apollo Management Holdings L.P. lifted its stake in CNX Coal Resources by 72.1% during the first quarter. Apollo Management Holdings L.P. now owns 243,047 shares of the energy company’s stock worth $4,120,000 after purchasing an additional 101,788 shares during the last quarter. Finally, Mountain Lake Investment Management LLC lifted its stake in CNX Coal Resources by 6.5% during the second quarter. Mountain Lake Investment Management LLC now owns 500,000 shares of the energy company’s stock worth $7,475,000 after purchasing an additional 30,400 shares during the last quarter. Hedge funds and other institutional investors own 59.87% of the company’s stock.

CNX Coal Resources Company Profile

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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