CNX Coal Resources LP (CNXC) Upgraded by Zacks Investment Research to “Buy”
CNX Coal Resources LP (NYSE:CNXC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $19.00 price target on the stock. Zacks Investment Research’s price objective indicates a potential upside of 13.84% from the stock’s previous close.
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 have also issued reports on CNXC. Stifel Nicolaus lifted their target price on shares of CNX Coal Resources from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Jefferies Group lifted their target price on shares of CNX Coal Resources from $13.00 to $15.00 and gave the company a “hold” rating in a research note on Tuesday, September 20th. Finally, Citigroup Inc. began coverage on shares of CNX Coal Resources in a research note on Thursday, July 28th. They set a “neutral” rating and a $14.00 target price for the company. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $15.29.
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CNX Coal Resources (NYSE:CNXC) traded up 0.54% during trading on Tuesday, reaching $16.69. 50,603 shares of the company’s stock were exchanged. The company has a market capitalization of $387.58 million, a PE ratio of 695.42 and a beta of 2.03. The company’s 50-day moving average is $14.52 and its 200-day moving average is $10.74. CNX Coal Resources has a 1-year low of $5.98 and a 1-year high of $19.23.
CNX Coal Resources (NYSE:CNXC) last issued its earnings results on Friday, July 29th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by $0.02. CNX Coal Resources had a net margin of 12.85% and a return on equity of 16.14%. Equities research analysts expect that CNX Coal Resources will post $0.84 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNXC. Renaissance Technologies LLC acquired a new position in CNX Coal Resources during the first quarter worth $698,000. Mountain Lake Investment Management LLC increased its position in CNX Coal Resources by 31.8% in the first quarter. Mountain Lake Investment Management LLC now owns 425,000 shares of the company’s stock worth $3,052,000 after buying an additional 102,500 shares in the last quarter. Finally, A.R.T. Advisors LLC acquired a new position in CNX Coal Resources during the second quarter worth $150,000. Institutional investors and hedge funds own 59.04% of the company’s stock.
About CNX Coal Resources
CNX Coal Resources LP is a producer of thermal coal in the Northern Appalachian Basin and the eastern United States. The Company is engaged in the management and development of the thermal coal operations of CONSOL Energy Inc (CONSOL Energy) in Pennsylvania. The Company’s assets include interests in CONSOL Energy’s Pennsylvania mining complex, which consists of approximately three underground mines and related infrastructure that produce bituminous thermal coal that is sold primarily to electric utilities in the eastern United States.
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