Consol Energy Raises Its 2011 Coal Production Target, Shares Up 3.5%
Apr 13, 2011
Consol Energy Inc (NYSE:CNX) reported its coal business had a "very good" Q1, leading to a boost in its 2011 production target to 60 to 62 million tons, up from its earlier target of 59 to 61 million tons.
Consol also said it had drilled 13 horizontal wells in the Marcellus shale in the first quarter, putting it ahead of schedule for a total of 70 wells for the year.
The first two wells it drilled on acreage acquired from Dominion "appear to be very substantial," the company said.
Consol Energy has a potential upside of 17.6% based on a current price of $50.70 and an average consensus analyst price target of $59.62.
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