UBS Maintains a 'Buy' on CONSOL Energy (CNX); UBS Lowers NatGas Forecast

UBS maintains a 'Buy' on CONSOL Energy (NYSE: CNX) price target lowered from $83 to $78.

UBS analyst says, "Bill Featherston, the UBS E&P analyst, lowered his NatGas forecast for 2012/13/14 to $3.35/MMBtu, $4.00/MMBtu and $4.75/MMBtu, down from $4.50, $5.00 and $5.50, respectively...The collapse in NatGas prices has forced CNX to take on the Noble drilling carry, which when combined with lower expected cash flow generation likely pushes out expectations of share holder friendly actions (i.e. buybacks). At current trading levels we believe CNX continues to present significant unlocked value as it enjoys exposure to low cost operations in both of Coal and NatGas; however, we think it may struggle to outperform near term while the NatGas market adjusts to the supply avalanche."

"We are lowering our 2012/13/14 EPS estimates to account for the aforementioned NatGas changes to $2.80/$3.62/$3.70 from $3.15/$4.17/$4.26."

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 $36.51 yesterday.

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