KLR Group raised its price target on CONSOL Energy (NYSE: CNX) to $19.00 (from $17.00) while maintaining a Buy rating. The price change is due to higher liquids price realizations and lower transport expense.

The company’s development emphasis is the southwest Pennsylvania Marcellus, whereas CNX’s delineation/exploratory effort continues to emphasize the Pennsylvania deep Utica. Recent deep Utica well results potentially support recoveries of 3-3.5 Bcf/1,000’ of lateral, which economically compete with the Ohio Utica though remains meaningfully inferior to the southwest Pennsylvania Marcellus.