Jefferies Raises Price Target on CONSOL Energy (CNX) to $20 Following 2Q Earnings

Jefferies reiterated a Buy rating on CONSOL Energy (NYSE: CNX), and raised the price target to $20.00 (from $19.00), following the company's 2Q earnings report. CNX reported an EPS loss of $0.21, which compares to consensus estimates for a loss of $0.17. Production of 1,091 MMcfe/d came in ahead of the consensus of 1,066 MMcfe/d. CNX increased 2016 production guidance to 380-385 Bcfe, compared to prior guidance of 378 Bcfe.

Analyst Jonathan Wolff commented, "CNX beat 2Q volumes and raised FY16 guidance. It also lowered capex guidance below the low-end of the range. CNX's financial condition has improved materially through asset sales, reduced legacy liabilities and a reaffirmed RBL. A better time in coal markets lends greater potential to a sale of remaining coal holdings. We raise our PT to $20 (from $19) on the accelerated activity and improved capital efficiency."

For an analyst ratings summary and ratings history on CONSOL Energy click here. For more ratings news on CONSOL Energy click here.

Shares of CONSOL Energy closed at $18.35 yesterday.

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