Zacks Investment Research downgraded shares of CONSOL Energy Inc. (NYSE:CNX) from a buy rating to a hold rating in a research note released on Wednesday.
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.”
Several other equities research analysts have also recently issued reports on the stock. SunTrust Banks, Inc. set a $17.00 target price on shares of CONSOL Energy and gave the stock a hold rating in a research note on Tuesday, October 17th. 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. Jefferies Group LLC reaffirmed a buy rating and set a $20.00 target price on shares of CONSOL Energy in a research note on Tuesday, October 10th. Scotiabank reaffirmed a hold rating on shares of CONSOL Energy in a research note on Wednesday, October 4th. Finally, Susquehanna Bancshares Inc lifted their target price on shares of CONSOL Energy from $16.00 to $18.00 and gave the stock a neutral rating in a research note on Monday, September 25th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Hold and an average target price of $20.97.
Shares of CONSOL Energy (CNX) traded up $0.33 during midday trading on Wednesday, reaching $15.73. 3,433,300 shares of the company traded hands, compared to its average volume of 3,284,425. The stock has a market cap of $3,619.54, a price-to-earnings ratio of 82.79 and a beta of 1.54. 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 has a 12 month low of $13.55 and a 12 month high of $22.34.
CONSOL Energy (NYSE:CNX) last announced its earnings results on Tuesday, October 31st. The oil and gas producer reported ($0.11) earnings per share (EPS) for the quarter, missing the 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 for the quarter, compared to analyst estimates of $623.00 million. During the same period last year, the firm earned $0.04 EPS. The company’s revenue for the quarter was down 10.0% compared to the same quarter last year. research analysts predict that CONSOL Energy will post 0.34 EPS for the current fiscal year.
CONSOL Energy declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 5th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the oil and gas producer to buy shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.
Several hedge funds have recently made changes to their positions in the company. Southeastern Asset Management Inc. TN lifted its position in CONSOL Energy by 0.9% in the second quarter. Southeastern Asset Management Inc. TN now owns 50,917,034 shares of the oil and gas producer’s stock valued at $760,701,000 after buying an additional 441,482 shares during the last quarter. Vanguard Group Inc. lifted its position in CONSOL Energy by 0.8% in the second quarter. Vanguard Group Inc. now owns 13,822,103 shares of the oil and gas producer’s stock valued at $206,502,000 after buying an additional 112,638 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in CONSOL Energy by 11.8% in the second quarter. Dimensional Fund Advisors LP now owns 9,493,977 shares of the oil and gas producer’s stock valued at $141,844,000 after buying an additional 1,003,459 shares during the last quarter. Van ECK Associates Corp lifted its position in CONSOL Energy by 2.0% in the third quarter. Van ECK Associates Corp now owns 5,874,962 shares of the oil and gas producer’s stock valued at $99,522,000 after buying an additional 113,594 shares during the last quarter. Finally, Prudential Financial Inc. lifted its position in CONSOL Energy by 184.5% in the third quarter. Prudential Financial Inc. now owns 2,943,572 shares of the oil and gas producer’s stock valued at $49,864,000 after buying an additional 1,909,019 shares during the last quarter. 99.84% 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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