StockIceMan's Weekly Stock Pick
Week of
July 10, 2006
| Stock: |
CNX Gas Corporation
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| Ticker Symbol: |
CXG - NYSE - Basic Oil and Gas
Exploration |
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| Buy: |
27.00 to 28.00 |
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| Sell: |
35.00 |
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Info: |
CNX Gas Corporation
engages in the exploration, development, and
production of natural gas in the Appalachian
Basin, the United States. The company also
develops coal-bed methane (CBM). It holds rights
associated with CBM for 4.5 billion tons of
proved coal reserves in northern Appalachia,
central Appalachia, the Illinois Basin, and
other western basins. As of December 31, 2005,
the company had the development rights to
approximately 704,000 net CBM acres throughout
the Appalachian Basin. In addition to its CBM
operations, the company participates in two
joint ventures that involve in conventional
development opportunities on approximately
399,000 gross acres throughout the Appalachian
Basin. As of December 31, 2005, the company had
1,130.4 billion cubic feet equivalent of net
proved reserves. As of the above date, it
operated 1,862 net wells, 952 miles of gathering
lines, and various compression stations. CNX Gas
markets its gas to third party gas marketers and
various other counterparties. The company’s
production partners include Columbia Natural
Resources, LLC; New River Energy, LLC; Kelly Oil
and Gas, Inc.; Excelsior Exploration
Corporation; KWR Ventures, LLC; and Ceja
Corporation. It also owns a 50% interest in an
88-megawatt, gas-fired electric generating
facility in Virginia near its gas production
facilities, through a joint venture with
Allegheny Energy Supply Company, LLC. The
company is based in South Park, Pennsylvania.
CNX Gas Corporation is a subsidiary of CONSOL
Energy, Inc |
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| Financial Info: |
For the three months ended
3/31/2006, revenues rose 40% to $148.2 million.
Net income rose 73% to $45.9 million. |
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| Key Ratios: |
Current
Ratio: 1.62, Total Debt/Equity: N/A, Trailing
P/E: 32.74x, Forward P/E: 18.42x, Price/Book:
5.80, Price/Sales: 6.69. |
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| Share Info: |
There are 150.83
million shares outstanding with 27.80
million shares in the trading
float. Institutions own
approximately 10.90% of the shares outstanding.
There have been 3 insider purchases totaling
8,200 shares and no insider sales in the last six months.
Real-Time SEC
Filings
As of 6/12/2006, there were 1.61 million shares short.
Net Institutional Buying: 16.20
million shares prior to latest
quarter. |
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| Articles: |
CNX Gas upgraded by BMO
Nesbitt Burns |
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