Zacks Investment Research lowered shares of CONSOL Energy Inc. (NYSE:CNX) from a buy rating to a hold rating in a report published on Wednesday morning.
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 research reports. Stifel Nicolaus reissued a buy rating and issued a $24.00 target price on shares of CONSOL Energy in a research note on Friday, October 13th. Scotiabank set a $21.00 price objective on CONSOL Energy and gave the company a hold rating in a research note on Tuesday, August 1st. ValuEngine cut CONSOL Energy from a hold rating to a sell rating in a research note on Friday, September 1st. Jefferies Group LLC set a $20.00 price objective on CONSOL Energy and gave the company a buy rating in a research note on Wednesday, July 19th. Finally, Susquehanna Bancshares Inc raised their price objective on CONSOL Energy from $16.00 to $18.00 and gave the company a neutral rating in a research note on Monday, September 25th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $20.97.
Shares of CONSOL Energy (CNX) traded up $0.01 during midday trading on Wednesday, reaching $15.40. The company’s stock had a trading volume of 2,415,818 shares, compared to its average volume of 3,253,520. The company has a market cap of $3,656.35, a P/E ratio of 83.63 and a beta of 1.54. CONSOL Energy has a 52 week low of $13.55 and a 52 week high of $22.34. The company has a current ratio of 0.94, a quick ratio of 0.86 and a debt-to-equity ratio of 0.62.
CONSOL Energy (NYSE:CNX) last released its earnings results on Tuesday, October 31st. The oil and gas producer reported ($0.11) EPS for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.14). The firm had revenue of $671.30 million during the quarter, compared to the consensus estimate of $623.00 million. CONSOL Energy had a negative net margin of 4.53% and a negative return on equity of 2.69%. The firm’s revenue was down 10.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.04 EPS. sell-side analysts expect that CONSOL Energy will post 0.4 earnings per share for the current year.
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CONSOL Energy announced that its board has authorized a share buyback program on Tuesday, September 5th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the oil and gas producer to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Several institutional investors have recently bought and sold shares of CNX. OppenheimerFunds Inc. boosted its holdings in shares of CONSOL Energy by 56.9% during the first quarter. OppenheimerFunds Inc. now owns 30,693 shares of the oil and gas producer’s stock worth $515,000 after purchasing an additional 11,133 shares during the period. Teachers Advisors LLC boosted its holdings in shares of CONSOL Energy by 5.7% during the first quarter. Teachers Advisors LLC now owns 259,266 shares of the oil and gas producer’s stock worth $4,350,000 after purchasing an additional 14,026 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of CONSOL Energy by 5.5% during the first quarter. PNC Financial Services Group Inc. now owns 17,346 shares of the oil and gas producer’s stock worth $291,000 after purchasing an additional 909 shares during the period. Thrivent Financial For Lutherans boosted its holdings in shares of CONSOL Energy by 9.0% during the first quarter. Thrivent Financial For Lutherans now owns 33,170 shares of the oil and gas producer’s stock worth $557,000 after purchasing an additional 2,750 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of CONSOL Energy by 4.6% during the first quarter. Vanguard Group Inc. now owns 13,709,465 shares of the oil and gas producer’s stock worth $230,045,000 after purchasing an additional 604,622 shares during the period. Institutional investors own 99.84% of the company’s stock.
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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