UPDATE: MKM Partners Upgrades CONSOL Energy (CNX) to Buy

July 8, 2021 5:39 AM EDT
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Price: $11.76 -2.08%

Rating Summary:
    15 Buy, 14 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 7 | Down: 15 | New: 24
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(Updated - July 8, 2021 8:00 AM EDT)

MKM Partners analyst John Gerdes upgraded CONSOL Energy (NYSE: CNX) from Neutral to Buy with a price target of $16.00 (from $15.00).

The analyst comments "We are upgrading CNX from Neutral to Buy, and increasing our price target by $1 to $16 per share. The increase in value is largely attributable to a $0.10 increase in our structural NYMEX gas price outlook to $2.90, and a one-year roll forward of our economic model through YE26. CNX has depreciated 10%-15% since mid-March, and the increase in value, reflects over 20% upside, thus meriting an upgrade to Buy. Our 2021 production expectation of ~567 Bcfe is toward the high-end of guidance (540-570 Bcfe). Assuming ~$460 million in capital spending this year, CNX should generate ~$420 million of FCF in 2021 (NYMEX ~$66 oil/~$3.10 gas."

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 $13.19 yesterday.

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