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."
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Shares of CONSOL Energy closed at $18.35 yesterday.