Scotiabank Reiterates Hold Rating for CONSOL Energy Inc. (CNX)
CONSOL Energy Inc. (NYSE:CNX)‘s stock had its “hold” rating reissued by research analysts at Scotiabank in a research report issued to clients and investors on Wednesday.
Several other analysts have also weighed in on CNX. BidaskClub raised CONSOL Energy from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 13th. Stifel Nicolaus reissued a “buy” rating and issued a $26.00 price target on shares of CONSOL Energy in a research report on Friday, July 14th. 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. Zacks Investment Research upgraded shares of CONSOL Energy from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a research note on Monday, July 24th. Finally, ValuEngine lowered shares of CONSOL Energy from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $21.37.
CONSOL Energy (NYSE:CNX) traded down 0.95% on Wednesday, reaching $16.62. 2,138,694 shares of the company traded hands. The stock’s market capitalization is $3.82 billion. The firm has a 50 day moving average of $15.26 and a 200-day moving average of $15.50. CONSOL Energy has a one year low of $13.55 and a one year high of $22.34.
CONSOL Energy (NYSE:CNX) last posted its quarterly earnings data on Tuesday, August 1st. The oil and gas producer reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.07. CONSOL Energy had a negative net margin of 5.42% and a positive return on equity of 1.09%. The company had revenue of $865.95 million during the quarter, compared to analysts’ expectations of $678.79 million. CONSOL Energy’s revenue for the quarter was up 202.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.21) earnings per share. On average, analysts anticipate that CONSOL Energy will post $0.53 EPS for the current year.
CONSOL Energy declared that its board has authorized a share buyback plan on Tuesday, September 5th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the oil and gas producer to repurchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
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In other news, Director J. Palmer Clarkson acquired 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The stock was bought at an average price of $15.40 per share, with a total value of $154,000.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.50% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in CNX. Dynamic Technology Lab Private Ltd purchased a new position in CONSOL Energy during the 2nd quarter valued at about $573,000. Raffles Associates LP increased its position in shares of CONSOL Energy by 22.7% during the second quarter. Raffles Associates LP now owns 270,000 shares of the oil and gas producer’s stock valued at $4,034,000 after buying an additional 50,000 shares during the period. Verition Fund Management LLC bought a new stake in shares of CONSOL Energy during the second quarter valued at about $287,000. Sterling Capital Management LLC increased its position in shares of CONSOL Energy by 35.7% during the second quarter. Sterling Capital Management LLC now owns 194,724 shares of the oil and gas producer’s stock valued at $2,909,000 after buying an additional 51,278 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of CONSOL Energy by 2.2% during the second quarter. The Manufacturers Life Insurance Company now owns 262,092 shares of the oil and gas producer’s stock valued at $3,916,000 after buying an additional 5,707 shares during the period. Institutional investors and hedge funds own 99.84% of the company’s stock.
About CONSOL Energy
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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