CNX Coal Resources LP (CNXC) Rating Increased to Hold at Zacks Investment Research
CNX Coal Resources LP (NYSE:CNXC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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 research firms have also recently weighed in on CNXC. Clarkson Capital reissued a “buy” rating on shares of CNX Coal Resources in a research report on Wednesday, July 12th. Jefferies Group LLC reissued a “buy” rating and issued a $20.00 price objective on shares of CNX Coal Resources in a research report on Thursday, June 8th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. CNX Coal Resources currently has an average rating of “Buy” and a consensus target price of $19.86.
CNX Coal Resources (CNXC) traded up 0.63% during midday trading on Wednesday, reaching $16.10. The company’s stock had a trading volume of 28,048 shares. The firm has a 50 day moving average price of $15.79 and a 200-day moving average price of $16.41. The company has a market cap of $375.60 million, a P/E ratio of 13.56 and a beta of 1.48. CNX Coal Resources has a 12-month low of $10.56 and a 12-month high of $22.30.
CNX Coal Resources (NYSE:CNXC) last announced its quarterly earnings results on Monday, May 1st. The energy company reported $0.50 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.53 by $0.03. CNX Coal Resources had a net margin of 10.02% and a return on equity of 18.32%. The company had revenue of $83.28 million during the quarter, compared to analysts’ expectations of $79.92 million. On average, equities research analysts predict that CNX Coal Resources will post $1.76 earnings per share for the current fiscal year.
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A number of hedge funds have recently modified their holdings of the company. Howard Hughes Medical Institute raised its position in CNX Coal Resources by 9.3% in the first quarter. Howard Hughes Medical Institute now owns 41,200 shares of the energy company’s stock worth $698,000 after buying an additional 3,521 shares during the last quarter. Renaissance Technologies LLC raised its position in CNX Coal Resources by 81.9% in the fourth quarter. Renaissance Technologies LLC now owns 116,965 shares of the energy company’s stock worth $2,135,000 after buying an additional 52,665 shares during the last quarter. Goldman Sachs Group Inc. raised its position in CNX Coal Resources by 94.2% in the first quarter. Goldman Sachs Group Inc. now owns 149,193 shares of the energy company’s stock worth $2,529,000 after buying an additional 72,361 shares during the last quarter. Finally, Apollo Management Holdings L.P. raised its position in CNX Coal Resources by 72.1% in the first quarter. Apollo Management Holdings L.P. now owns 243,047 shares of the energy company’s stock worth $4,120,000 after buying an additional 101,788 shares during the last quarter. 60.79% of the stock is owned by institutional investors.
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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