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CONSOL Energy Inc. (CNX)

  • Wed, Apr. 29, 8:44 AM
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  • Tue, Apr. 28, 7:57 AM
    • Consol Energy (NYSE:CNX) +1.2% premarket after Q1 earnings and revenues fell Y/Y but beat analyst estimates, as increased production volume was offset by lower commodity prices.
    • CNX's Q1 adjusted EBITDA from continuing operations was $266M vs. $310M in the year-ago quarter.
    • Q1 production in the E&P division hit a record 71.6B cfe, up 48% from the 48.4B cfe produced in the year-ago quarter, led by a 75% increase in Marcellus Shale production, but revenue fell $12.1M because of depressed commodity prices.
    • Gas production guidance remains at 30% growth for 2015 and 20% for 2016.
    • Q1 coal production totaled 8.3M tons, helped by improved cost performance at the Buchanan mine.
    • Says it remains on-track to execute transactions for a thermal coal MLP and MetCo IPO.
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  • Tue, Apr. 28, 6:46 AM
    • CONSOL Energy (NYSE:CNX): Q1 EPS of $0.37 beats by $0.24.
    • Revenue of $889.5M (-8.2% Y/Y) beats by $2.98M.
    • Press Release
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  • Mon, Apr. 27, 5:30 PM
  • Thu, Apr. 9, 7:21 PM
    • Radon levels have been rising measurably in Pennsylvania since 2004, when the fracking industry began drilling natural gas wells in the state, according to a new report by the Johns Hopkins Bloomberg School of Public Health.
    • The report does not pinpoint the exact cause of rising radon readings or explicitly tie it to any activity, but it says that buildings in counties where natural gas is most actively being extracted have in the past decade had much higher radon measurements than buildings in low-activity areas, where no such discrepancies were found before 2004.
    • Pennsylvania has long been known to have some of the highest indoor radon levels in the U.S., but the researchers say fracking of the Marcellus shale formation could exacerbate pathways for radon to enter buildings.
    • Top Marcellus Shale producers include CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN, AR.
  • Mon, Apr. 6, 12:58 PM
    • Consol Energy (CNX -1.6%) is downgraded to Hold from Buy with a $31 price target, lowered from $45, at Deutsche Bank, which cites CNX's deteriorating balance sheet amid weak natural gas and coal pricing environment
    • The firm cuts its 12-month price target for CNX shares to $31 from $45, using an average of an NAV and EV/EBITDA multiples based approaches - 0.8x NAV (from prior 1.0x) and an estimated 2016 EBITDA at 7.0x for coal and 8.0x for the gas businesses, in line with pure play peer averages.
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  • Wed, Apr. 1, 8:05 AM
    • Consol Energy (NYSE:CNX) says its CNX Coal Resources thermal coal business, formed as an MLP, has filed for an IPO.
    • The unit's initial assets are expected to consist of a 20% stake and operational control of Consol's Pennsylvania mining complex, which comprises three mines and related infrastructure.
    • The MLP is planning to list its units on the NYSE under the ticker CNXC.
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  • Tue, Mar. 17, 12:59 PM
    • The outlook for U.S. coal producers is "increasingly bleak," and the sector is likely to undergo a wave of bankruptcies, Macquarie Research warns as it forecasts U.S. coal prices (NYSEARCA:KOL) will no longer move in conjunction with international coal prices.
    • The decoupling, which will feature declines in U.S. coal prices, will be a "necessary step to force rationalization on U.S. producers" but also likely will result in production cuts and bankruptcies, says analyst Anthony Young.
    • Peabody Energy (BTU +4.8%) recently had to pay a 10% interest rate on bonds it issued, which Young says bodes badly for other coal producers, making it harder to refinance debt and leading to cuts and liquidity squeezes.
    • Macquarie lowers its stock price targets on Alpha Natural (ANR -4.2%) to $0.60 from $1.15, on Arch Coal (ACI -1.9%) to $0.90 from $1.25, on BTU to $5.30 from $6.40, and on Consol (CNX -0.1%) to $29.50 from $31.50.
  • Fri, Mar. 13, 12:19 PM
    • Consol Energy (CNX -4.5%) plunges after revealing a revised E&P capital plan for 2015 that calls for an 8% capex cut to $920M, lower than the initial $1B E&P capital budget that was announced in January.
    • CNX says the budget is geared to further reduce capital in a lower commodity price environment while maintaining the E&P production growth target of 30% in 2015.
    • CNX also says it continues to make significant progress on driving operating costs lower through cutting costs and implementing efficiency improvements, in addition to reducing capital spending.
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  • Thu, Mar. 12, 9:14 AM
    • Peabody Energy (NYSE:BTU) -1.5% and Consol Energy (NYSE:CNX) -1.7% premarket after BofA Merrill downgrades both stocks to Underperform from Neutral on a weaker coal outlook.
    • BofA cites poor China fundamentals, reflected in high inventory levels at ports and lower recent thermal imports, in reducing its thermal coal outlook 12% to $57/metric ton in 2015 with a 28% drop to $52/ton in 2016, and cutting its met coke view 12% in 2015 to $110/ton and 18% in 2016 to $115/ton.
    • In lowering BTU's stock price target to $5 from $7, the firm cuts its FY 2015 EPS estimate to a $1.40 loss from its earlier view of a $0.90 loss, and slashes its FY 2016 EPS estimate to a $0.90 loss from a loss of $0.05.
    • BofA sees CNX as "the less bad option" for investors, but still lowers its price target to $26 from $33 as consensus earnings estimates for the company "needs to drop with the new market reality."
  • Tue, Feb. 24, 11:26 AM
    • Consol Energy (CNX +1.2%) is tabbed as the top energy pick at FBR Capital, based on the company’s ability to grow its gas output and to monetize non-core assets, including an upcoming MLP for its thermal coal division.
    • FBR raises its target price by $2 to $43, highlighting the stock’s ongoing asset sales in Q4 as well as the planned IPO of its thermal coal MLP and met coal subsidiary.
    • The moves put CNX “firmly on the path to achieve its annual $100M-$300M target," and the firm estimates the thermal coal MLP “could potentially provide about $3-$9/share in valuation uplift.”
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  • Mon, Feb. 23, 12:07 PM
    • Among the additions to the index (which fuels the IBLN ETF) are EMC, Google (GOOG, GOOGL), Goodyear (NASDAQ:GT), Mohawk Industries (NYSE:MHK), PVH, Time Warner (NYSE:TWX), and Yahoo (NASDAQ:YHOO). There are three health care additions as well: Allergan (NYSE:AGN), Amgen (NASDAQ:AMGN), and HCA. The lone energy name added is Consol Energy (NYSE:CNX).
    • Exiting the index are energy names Halliburton (NYSE:HAL) and National-Oilwell Varco (NYSE:NOV), along with healthcare companies AbbVie (NYSE:ABBV), Aetna (NYSE:AET), Humana (NYSE:HUM), and Tenet Healthcare (NYSE:THC). Citigroup (NYSE:C), CBS, Crown Castle (NYSE:CCI), and Michael Kors (NYSE:KORS) round out those subtracted.
    • IBLN tracks the highest-conviction S&P 500 picks by hot-handed billionaires who built their fortunes through hedge funds and investing. The list of billionaires tracked is updated each October, and the equity components are rebalanced each quarter after sifting through regulatory filings.
    • IBillionaire Index Rebalance
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  • Thu, Feb. 12, 11:33 AM
    • Pennsylvania Gov. Tom Wolf is proposing a new 5% severance tax on natural gas extraction in the state, saying the measure could generate $1B or more.
    • The measure could face some pushback in the state's Republican-controlled legislature, but some kind of fracking tax could pass, as lawmakers from both parties already have proposed taxes from 3.2% to 8%.
    • Like other major natural gas producing states, Pennsylvania already has a severance tax on the value of the gas extracted at the wellhead.
    • Top Marcellus Shale producers include CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN, AR.
  • Wed, Feb. 4, 12:59 PM
    • Consol Energy (CNX -1.3%) raises the amount of its proved gas reserves to 6.8T cfe, a 1.1T cfe increase (19% Y/Y), which is more than quintuple the amount of gas the company produced in 2014.
    • CNX says much of the increase in extension and discoveries result from its Marcellus Shale program, where it brought 53 new Marcellus wells into production during 2014.
    • CNX says 2014 was a milestone, as its shale production grew to the point that it outstripped its coalbed methane production, long the primary source of its natural gas production.
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  • Tue, Feb. 3, 10:46 AM
    • Arch Coal (ACI +8.9%) opens sharply higher after reporting a smaller than expected Q4 loss as it cut costs to $16.46/ton from $18.10/ton in the prior-year quarter.
    • ACI says it is suspending its annual dividend to preserve current levels of liquidity, although Cowen analysts say the suspension will save only ~$2M/year.
    • ACI says it had available liquidity of ~$1.2B at year-end 2014.
    • Expects costs in the Powder River Basin and Appalachian region, which account for most of its coal production, to fall in 2015, reflecting an improved rail performance, the impact of lower diesel prices and a full year of steady production at its low-cost Leer mine in West Virginia.
    • ACI also says it expects capital spending of $145M-$160M in 2015, roughly flat vs. 2014's $147M in capex.
    • Forecasts FY 2015 coal sales of 130M-143M tons after selling 134.4M tons in 2014 and 35.2M tons in Q4 (+9% Y/Y).
    • Other coal names also are higher: ANR +7.8%, BTU +5.6%, CLD +2.3%, WLB +2.6%, WLT +9.4%, CNX +1.7%, RNO +4.3%.
  • Mon, Feb. 2, 4:52 PM
    • CONSOL Energy (NYSE:CNX) declares $0.0625/share quarterly dividend, in line with previous.
    • Forward yield 0.83%
    • Payable March 5; for shareholders of record Feb. 17; ex-div Feb. 12.
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Company Description
Consol Energy Inc is an energy company. The Company is engaged in oil & gas exploration & production and coal mining.