CONSOL Energy Inc. (CNX) Sees Significant Decrease in Short Interest
CONSOL Energy Inc. (NYSE:CNX) was the recipient of a significant decline in short interest in August. As of August 31st, there was short interest totalling 19,551,611 shares, a decline of 29.5% from the August 15th total of 27,740,382 shares. Currently, 8.5% of the shares of the stock are sold short. Based on an average daily volume of 3,949,480 shares, the short-interest ratio is presently 5.0 days.
Several equities research analysts recently commented on CNX shares. Zacks Investment Research raised CONSOL Energy from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a report on Monday, July 24th. Jefferies Group LLC set a $20.00 target price on CONSOL Energy and gave the stock a “buy” rating in a report on Wednesday, July 19th. Stifel Nicolaus reissued a “buy” rating and set a $26.00 target price on shares of CONSOL Energy in a report on Friday, July 14th. Scotiabank set a $21.00 target price on CONSOL Energy and gave the stock a “hold” rating in a report on Saturday, July 1st. Finally, Barclays PLC reissued a “hold” rating on shares of CONSOL Energy in a report on Wednesday, May 24th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $21.74.
In other news, Director J. Palmer Clarkson bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were purchased at an average price of $15.40 per share, with a total value of $154,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.50% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Creative Planning lifted its holdings in CONSOL Energy by 59.0% in the second quarter. Creative Planning now owns 7,239 shares of the oil and gas producer’s stock valued at $108,000 after buying an additional 2,686 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in CONSOL Energy by 9.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,634 shares of the oil and gas producer’s stock valued at $114,000 after buying an additional 631 shares during the period. FNY Managed Accounts LLC acquired a new position in CONSOL Energy in the first quarter valued at approximately $136,000. Two Sigma Securities LLC acquired a new position in CONSOL Energy in the first quarter valued at approximately $169,000. Finally, Trexquant Investment LP acquired a new position in CONSOL Energy in the first quarter valued at approximately $176,000. Institutional investors and hedge funds own 99.84% of the company’s stock.
CONSOL Energy (NYSE CNX) opened at 16.32 on Thursday. The firm has a 50 day moving average price of $14.86 and a 200 day moving average price of $15.40. The company’s market cap is $3.75 billion. CONSOL Energy has a 12-month low of $13.55 and a 12-month high of $22.34.
CONSOL Energy (NYSE:CNX) last announced its quarterly earnings data on Tuesday, August 1st. The oil and gas producer reported $0.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.07. CONSOL Energy had a negative net margin of 5.42% and a positive return on equity of 1.09%. The business had revenue of $865.95 million for the quarter, compared to analyst estimates of $678.79 million. During the same period in the prior year, the business posted ($0.21) earnings per share. CONSOL Energy’s revenue was up 202.8% compared to the same quarter last year. On average, analysts anticipate that CONSOL Energy will post $0.53 earnings per share for the current fiscal year.
CONSOL Energy declared that its Board of Directors has authorized a stock buyback plan on Tuesday, September 5th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the oil and gas producer to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
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CONSOL Energy Company Profile
CONSOL Energy Inc (CONSOL Energy) is an integrated energy company. The Company’s divisions include Exploration and Production (E&P), Pennsylvania (PA) Mining Operations and Other. The E&P division operates through four segments: Marcellus Shale, Utica Shale, Coalbed Methane (CBM) and Other Gas, which produce pipeline quality natural gas for sale primarily to gas wholesalers.
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