UPDATE: Raymond James Upgrades CONSOL Energy (CNX) to Outperform

(updating comment)

Raymond James analyst John Freeman upgraded CONSOL Energy (NYSE: CNX) from Market Perform to Outperform with a price target of $17.00.

The analyst comments "CNX started off 2020 on the right foot with a strong ~23% EBITDA beat in the first quarter and a well-received revised 2020/2021 plan (less capex, more FCF) and newly-released long-term outlook (2022-2026). Management has made FCF the overwhelming focus of its plan ("best metric for optimizing NAV") and has the ability to deliver an increasingly attractive FCF yield over the next three years at strip. Adding to this, the company now has a clear line of sight to repaying their upcoming 2022 maturities with FCF, minimal NGL/oil production (meaning shut-ins of little concern) and significant downside protection (still 80%+ hedged on gas in 2020/2021) offering shelter if our bullish 2020 gas deck proves too optimistic."

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 $12.90 yesterday.

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