Jefferies Raises Price Target on CNX Coal Resources LP (CNXC) to $18; Reiterates Hold

October 5, 2016 8:28 AM EDT
Get Alerts CNXC Hot Sheet
Price: $17.80 +0.85%

Rating Summary:
    8 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 9
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Jefferies reiterated a Hold rating on CNX Coal Resources LP (NYSE: CNXC), and raised the price target to $18.00 (from $15.00), following the company's announced acquisition of an additional 5% interest in the PAMC from CONSOL Energy.

Analyst Christopher LaFemina commented, "CNX Coal announced yesterday that it has acquired an additional 5% interest in the Pennsylvania Mining Complex (PAMC) from its sponsor, CONSOL Energy, for $88.8 million. On our estimates, this transaction is earnings accretive and increases CNXC’s distribution coverage. Coal market improvements are helping as well. We have increased our price target from $15 to $18 per unit based on CNXC's improved coverage and 12.5% yield. We maintain our Hold rating."

For an analyst ratings summary and ratings history on CNX Coal Resources LP click here. For more ratings news on CNX Coal Resources LP click here.

Shares of CNX Coal Resources LP closed at $16.75 yesterday.

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