Seaport Global Securities Starts CNX Coal Resources LP (CNXC) at Buy

November 3, 2016 9:30 AM EDT
Get Alerts CNXC Hot Sheet
Price: $18.85 -1.05%

Rating Summary:
    8 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 28 | Down: 20 | New: 17
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Seaport Global Securities initiates coverage on CNX Coal Resources LP (NYSE: CNXC) with a Buy rating and a price target of $23.00.

Analyst Mark Levin commented, "We are initiating coverage of CNX Coal Resources with a Buy rating and $23 price target. Our price target assumes the shares trade to yield 9% our 2017E distribution of $2.05/unit, or the equivalent of 6.5x our 2017 EV/EBITDA expectation. In our view, there are few US coal companies better positioned to take advantage of a slowly improving domestic thermal market and strengthening export fundamentals. In our view, CNXC has some of the lowest cost, highest-Btu and most transportation-advantaged coal in the eastern US. We also think it has more distribution growth visibility than any other US coal MLP."

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 $17.25 yesterday.



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