Jefferies Raises Price Target on CNX Coal Resources LP (CNXC) to $18; Reiterates Hold
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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."
Shares of CNX Coal Resources LP closed at $16.75 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Mergers and Acquisitions
Related EntitiesJefferies & Co, Earnings, Definitive Agreement
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