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 Monday.
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. “
Other research analysts also recently issued reports about the company. Jefferies Group LLC set a $20.00 price target on CNX Coal Resources and gave the company a “buy” rating in a report on Friday, August 18th. BidaskClub upgraded CNX Coal Resources from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Stifel Nicolaus set a $23.00 price target on CNX Coal Resources and gave the company a “buy” rating in a report on Wednesday, August 9th. Clarkson Capital reiterated a “buy” rating on shares of CNX Coal Resources in a report on Wednesday, July 12th. Finally, TheStreet upgraded CNX Coal Resources from a “d” rating to a “c” rating in a report on Wednesday, August 9th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $21.60.
CNX Coal Resources (NYSE:CNXC) traded down 1.32% during midday trading on Monday, reaching $14.90. The company’s stock had a trading volume of 67,517 shares. CNX Coal Resources has a 12-month low of $14.50 and a 12-month high of $22.30. The company has a market cap of $174.61 million, a P/E ratio of 9.80 and a beta of 1.48. The firm has a 50 day moving average price of $15.02 and a 200-day moving average price of $15.71.
CNX Coal Resources (NYSE:CNXC) last announced its quarterly earnings results on Monday, July 31st. The energy company reported $0.40 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.11). CNX Coal Resources had a net margin of 11.26% and a return on equity of 22.89%. The company had revenue of $82.47 million during the quarter, compared to analysts’ expectations of $80.18 million. On average, equities research analysts predict that CNX Coal Resources will post $1.67 earnings per share for the current fiscal year.
A number of hedge funds have recently made changes to their positions in CNXC. Water Island Capital purchased a new position in CNX Coal Resources during the 3rd quarter worth $3,939,000. Scion Asset Management LLC acquired a new stake in CNX Coal Resources during the 4th quarter worth about $2,376,000. JPMorgan Chase & Co. lifted its position in CNX Coal Resources by 1,265.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 138,874 shares of the energy company’s stock worth $2,153,000 after acquiring an additional 128,706 shares during the period. Mountain Lake Investment Management LLC lifted its position in CNX Coal Resources by 31.8% during the 1st quarter. Mountain Lake Investment Management LLC now owns 425,000 shares of the energy company’s stock worth $3,052,000 after acquiring an additional 102,500 shares during the period. Finally, Apollo Management Holdings L.P. lifted its position in CNX Coal Resources by 72.1% during the 1st quarter. Apollo Management Holdings L.P. now owns 243,047 shares of the energy company’s stock worth $4,120,000 after acquiring an additional 101,788 shares during the period. Hedge funds and other institutional investors own 59.87% of the company’s stock.
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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