KLR Group Upgrades CONSOL Energy (CNX) to Buy; Asset Optionality on Dissolution Of Marcellus JV
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KLR Group upgraded CONSOL Energy (NYSE: CNX) from Accumulate to Buy with a price target of $25.00, saying dissolution Of Marcellus JV provides asset optionality,
Analyst John Gerdes commented, "We are upgrading CNX from Accumulate to Buy. Our $25 per share CNX target price is unchanged. CNX has depreciated over 10% in the past month and now reflects sufficient equity value upside (~40%) to merit an upgrade to Buy. Our composite weighted average cost-of-capital values the coal business at ~5.5x next year’s cash generation (CNX Coal Resources (CNXC, $19.70, NR) market valuation).
Consol’s mid-cycle capital yield is ~115% inclusive of hedges (~145% ex-hedges), versus the gas-dominate peer median ~140%."
Shares of CONSOL Energy closed at $17.63 yesterday.
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