Consol +4.5% as natural gas production lifts Q1 earnings

Consol Energy (CNX +4.5%) is sharply higher after reporting strong Q1 results, with higher than expected natural gas price realizations, solid coal prices and extremely strong coal cost control.

Q1 adjusted EBITDA came in at $310M vs. $237M analyst consensus estimate, and EPS of $0.50 routed consensus of $0.19.

Natural gas revenue totaled $266.3M vs. $167.8M a year ago, sales of natural gas liquids nearly quadrupled and condensate sales tripled; sales volume in the Marcellus jumped 88%, and natural gas liquid sales soared 300%.

Brean Capital says CNX showed the full strength of its world-class energy portfolio during Q1, and the firm continues to believe CNX is the most attractive investment in the space (

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