Short Interest in CONSOL Energy Inc. (NYSE:CNX) Declines By 29.5%

CONSOL Energy Inc. (NYSE:CNX) was the recipient of a significant drop in short interest in August. As of August 31st, there was short interest totalling 19,551,611 shares, a drop of 29.5% from the August 15th total of 27,740,382 shares. Based on an average daily volume of 3,949,480 shares, the short-interest ratio is currently 5.0 days. Approximately 8.5% of the company’s stock are short sold.

A number of research firms have recently issued reports on CNX. Scotiabank set a $21.00 price objective on shares of CONSOL Energy and gave the company a “hold” rating in a research note on Saturday, July 1st. BidaskClub downgraded shares of CONSOL Energy from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Jefferies Group LLC set a $20.00 price objective on shares of CONSOL Energy and gave the company a “buy” rating in a research note on Wednesday, July 19th. Stifel Nicolaus reiterated a “buy” rating and set a $24.00 price objective (down from $26.00) on shares of CONSOL Energy in a research note on Wednesday, September 6th. Finally, ValuEngine cut shares of CONSOL Energy from a “hold” rating to a “sell” rating in a research report on Friday, June 2nd. Two equities 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 assigned 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.

CONSOL Energy (NYSE CNX) opened at 16.27 on Monday. The firm has a 50 day moving average of $14.86 and a 200-day moving average of $15.40. The stock’s market cap is $3.74 billion. CONSOL Energy has a 12-month low of $13.55 and a 12-month high of $22.34.

CONSOL Energy (NYSE:CNX) last issued its earnings results on Tuesday, August 1st. The oil and gas producer reported $0.17 earnings per share (EPS) for the quarter, beating the 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 during the quarter, compared to analysts’ expectations of $678.79 million. During the same quarter in the prior year, the business posted ($0.21) EPS. The company’s revenue for the quarter was up 202.8% on a year-over-year basis. On average, analysts expect that CONSOL Energy will post $0.53 earnings per share for the current year.

CONSOL Energy declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, September 5th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the oil and gas producer to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

In other CONSOL Energy news, Director J. Palmer Clarkson acquired 10,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were purchased at an average cost of $15.40 per share, for a total transaction of $154,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.50% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the company. Creative Planning boosted its holdings in shares of CONSOL Energy by 59.0% in the 2nd 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of CONSOL Energy by 9.0% in the 2nd 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 in the last quarter. FNY Managed Accounts LLC acquired a new position in shares of CONSOL Energy in the 1st quarter valued at $136,000. Two Sigma Securities LLC acquired a new position in shares of CONSOL Energy in the 1st quarter valued at $169,000. Finally, Trexquant Investment LP acquired a new position in shares of CONSOL Energy in the 1st quarter valued at $176,000. Institutional investors and hedge funds own 99.84% of the company’s stock.

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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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