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CNX

CNX Resources

$11.83

-0.97 (-7.58%)

, CNXM

CNX Midstream Partners

$19.47

-0.22 (-1.12%)

16:33
02/07/18
02/07
16:33
02/07/18
16:33

CNX Resources sells West Virginia wet gas system to CNX Midstream Partners

CNX Resources (CNX) and CNX Midstream Partners (CNXM) have entered into a definitive agreement pursuant to which CNX will sell its 95% interest in the Shirley-Pennsboro gathering system to CNXM for total cash consideration of $265M. The Shirley-Pennsboro System gathers and transports gas in the core wet gas region of the Marcellus Shale in West Virginia across Doddridge, Tyler, Ritchie, and Pleasant counties and currently has approximately 180M cubic feet equivalent per day of flowing production. The transaction is substantially de-risked through the MVC, which covers approximately 70% of CNX's planned production in the Shirley-Pennsboro operating area, resulting in approximately $400M in revenue for CNXM through 2031. The transaction is expected to add $22M-$24M of 2018 EBITDA for CNXM on a full year pro forma basis, with substantial EBITDA growth expected beyond 2018. CNX expects a negligible impact to 2018 EBITDA guidance. At the closing, the Shirley-Pennsboro System will be transferred to CNXM's 100% owned subsidiary, CNX Midstream DevCo I. CNXM currently intends to finance the transaction with cash on hand and through debt financing. Following closing of the transaction, which is expected to occur prior to the end of Q1, CNX Resources will continue to own 95% interests in each of CNX Midstream DevCo II LP and CNX Midstream DevCo III LP, with CNXM owning the remaining 5% in each.

CNX

CNX Resources

$11.83

-0.97 (-7.58%)

CNXM

CNX Midstream Partners

$19.47

-0.22 (-1.12%)

CNX CNX Resources
$11.83

-0.97 (-7.58%)

12/19/17
BARD
12/19/17
INITIATION
Target $22
BARD
Outperform
CNX Resources initiated with an Outperform at Baird
Baird analyst Joseph Allman initiated CNX Resources with an Outperform rating and $22 price target.
12/08/17
RHCO
12/08/17
UPGRADE
Target $19
RHCO
Buy
Consol upgraded to Buy with $19 price target at SunTrust
SunTrust analyst Welles Fitzpatrick upgraded Consol Energy to Buy with a $19 price target after resuming coverage of the name. The analyst believes the company's corporate transformation creates a "value gap" that will close over the course of 2018. Negative 2018 hedges give the illusion of a more expensive stock, but if they are treated as the one-time item, Consol "begins to screen at the top of the group," Fitzpatrick tells investors in a research note.
12/07/17
RHCO
12/07/17
UPGRADE
RHCO
Buy
Consol upgraded to Buy from Hold at SunTrust
11/07/17
JEFF
11/07/17
NO CHANGE
Target $20
JEFF
Buy
Consol remains top pick for gas exposure at Jefferies
Jefferies analyst Zach Parham says Consol Energy remains his top pick for gas leverage within his Exploration & Production coverage universe. The analyst sees the standalone gas company as having a value of $20 per share, with additional upside of $3-$5 per share through the coal company shares that will be spun to holders in late November. Parham maintains a Buy rating on Consol with a $20 price target.
CNXM CNX Midstream Partners
$19.47

-0.22 (-1.12%)

01/17/18
STFL
01/17/18
INITIATION
Target $22
STFL
Buy
CNX Midstream Partners resumed with a Buy at Stifel
Stifel analyst Tim Howard resumed coverage of CNX Midstream Partners with a Buy rating and a $22 price target price. Howard has concerns around CNX Midstream's Q4 results given his analysis of third-party data, but he would use any near-term weakness as a buying opportunity given he believes in the partnership's long-term potential, he tells investors.
01/12/18
JPMS
01/12/18
UPGRADE
JPMS
Overweight
CNX Midstream Partners upgraded to Overweight from Neutral at JPMorgan

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BSX

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