CNX Coal Resources LP (CNXC) Cut to “Strong Sell” at Zacks Investment Research
CNX Coal Resources LP (NYSE:CNXC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday.
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. “
CNXC has been the topic of a number of other research reports. Stifel Nicolaus restated a “buy” rating and set a $23.00 price target on shares of CNX Coal Resources in a research note on Tuesday, September 12th. BidaskClub upgraded CNX Coal Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, October 11th. Citigroup Inc. dropped their price target on CNX Coal Resources from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 17th. Clarkson Capital restated a “buy” rating on shares of CNX Coal Resources in a research note on Wednesday, July 12th. Finally, Jefferies Group LLC set a $20.00 price target on CNX Coal Resources and gave the stock a “buy” rating in a research note on Friday, August 18th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $20.67.
CNX Coal Resources (NYSE:CNXC) last issued its earnings results on Monday, October 30th. The energy company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.35). CNX Coal Resources had a return on equity of 20.81% and a net margin of 9.94%. The business had revenue of $78.26 million for the quarter, compared to analyst estimates of $76.46 million.
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A number of large investors have recently added to or reduced their stakes in CNXC. EJF Capital purchased a new position in CNX Coal Resources during the 3rd quarter worth approximately $281,000. Water Island Capital purchased a new position in shares of CNX Coal Resources in the 3rd quarter valued at approximately $3,939,000. Huber Capital Management LLC grew its stake in shares of CNX Coal Resources by 10.5% in the 4th quarter. Huber Capital Management LLC now owns 286,744 shares of the energy company’s stock valued at $2,658,000 after purchasing an additional 27,244 shares during the last quarter. Scion Asset Management LLC purchased a new position in shares of CNX Coal Resources in the 4th quarter valued at approximately $2,376,000. Finally, Howard Hughes Medical Institute grew its stake in shares of CNX Coal Resources by 20.4% in the 1st quarter. Howard Hughes Medical Institute now owns 37,552 shares of the energy company’s stock valued at $270,000 after purchasing an additional 6,353 shares during the last quarter. Hedge funds and other institutional investors own 59.82% of the company’s stock.
About CNX Coal Resources
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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