Did Consol Energy Inc Really Signal a Bottom in Coal Stocks?
Consol Energy (NYSE: CNX ) released first quarter updates for the gas operations and coal mines that sent coal stocks soaring. No surprise that the Marcellus producer saw strong growth in the gas operations, but the market sent the coal sector higher with the forecast for higher coal production for the year.
Consol Energy was traditionally a coal miner that is quickly shifting toward a natural gas focus with the fast growth in Marcellus Shale production. The news comes on an interesting day, with James River Coal Co. filing for bankruptcy at the same time.
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