CONSOL Energy Inc. (NYSE:CNX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, November 8th.
According to Zacks, “CONSOL Energy reported a loss in the third quarter against the Zacks Consensus Estimate of earnings. The company’s focus on Exploration and Production (E&P) business continues to yield positive results. The gas business and coal business will start to trade as separate companies by the end of this month. Thanks to its solid asset base, both businesses are expected to do well post separation. CONSOL Energy continues to lower its debt level, thanks to its free cash flow generation capability. Shares of the company have gained lower than the industry in the last six months. CONSOL's dependence on a limited group of customers for bulk sales of coal and operation of traditionally risky underground mines are headwinds. Dependence on third party assets for natural gas transportation and highly competitive natural space also remain risks.”
CNX has been the topic of a number of other reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $24.00 target price on shares of CONSOL Energy in a research note on Friday, October 13th. Scotiabank set a $21.00 price target on shares of CONSOL Energy and gave the company a “hold” rating in a research report on Tuesday, August 1st. ValuEngine cut shares of CONSOL Energy from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. Jefferies Group LLC set a $20.00 price target on shares of CONSOL Energy and gave the company a “buy” rating in a research report on Wednesday, July 19th. Finally, Susquehanna Bancshares Inc lifted their price target on shares of CONSOL Energy from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, September 25th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. CONSOL Energy presently has an average rating of “Hold” and a consensus price target of $21.81.
CONSOL Energy (CNX) traded down $0.76 on Wednesday, reaching $16.04. 2,976,400 shares of the company’s stock traded hands, compared to its average volume of 3,268,877. The company has a current ratio of 0.94, a quick ratio of 0.86 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $3,870.00, a P/E ratio of 88.42 and a beta of 1.54. CONSOL Energy has a fifty-two week low of $13.55 and a fifty-two week high of $22.34.
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). CONSOL Energy had a positive return on equity of 1.09% and a negative net margin of 7.49%. The business had revenue of $671.30 million during the quarter, compared to analysts’ expectations of $623.00 million. During the same period in the prior year, the business posted $0.04 earnings per share. The business’s quarterly revenue was down 10.0% on a year-over-year basis. sell-side analysts expect that CONSOL Energy will post 0.34 earnings per share for the current fiscal year.
CONSOL Energy announced that its Board of Directors has approved a share buyback plan on Tuesday, September 5th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the oil and gas producer to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. lifted its holdings in CONSOL Energy by 246.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,036,902 shares of the oil and gas producer’s stock valued at $51,445,000 after purchasing an additional 2,161,302 shares in the last quarter. Prudential Financial Inc. lifted its holdings in shares of CONSOL Energy by 184.5% during the 3rd quarter. Prudential Financial Inc. now owns 2,943,572 shares of the oil and gas producer’s stock worth $49,864,000 after acquiring an additional 1,909,019 shares during the period. Key Group Holdings Cayman LTD. lifted its holdings in shares of CONSOL Energy by 3,182.6% during the 2nd quarter. Key Group Holdings Cayman LTD. now owns 1,721,238 shares of the oil and gas producer’s stock worth $25,715,000 after acquiring an additional 1,668,802 shares during the period. Canada Pension Plan Investment Board increased its position in CONSOL Energy by 742.1% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,552,569 shares of the oil and gas producer’s stock worth $23,195,000 after purchasing an additional 1,368,200 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in CONSOL Energy by 224.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,939,209 shares of the oil and gas producer’s stock worth $31,939,000 after purchasing an additional 1,341,595 shares in the last quarter. 96.39% of the stock is currently owned by hedge funds and other institutional investors.
CONSOL Energy Company Profile
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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