Citigroup Inc. has recently increased its stake in CONSOL Energy Inc. by 26.3%, according to the company’s Form 13F filing with the Securities and Exchange Commission (SEC). This indicates a further push into the energy sector, as Citigroup continues to strengthen its holdings in this area.
Consol Energy, a leading producer of bituminous coal and other natural resources, has been in focus for some time now due to an ongoing shift towards more sustainable forms of energy production. However, Citigroup’s decision to invest heavily in the firm shows that traditional energy sources are still valued by investors.
At the close of Q4, Citigroup’s portfolio included 19,883 shares of CONSOL Energy with a total value of $1,292,000. This amount represents 0.06% of CONSOL’s total market cap at this point in time.
In more recent news, chief accounting officer John Rothka sold 2,000 shares of CONSOL Energy stock on Friday, March 3rd for a total transaction value of $128,680. His remaining shares in the company have a current valuation of around $916k. These figures were reported to the SEC via Type A form, available online for public viewing.
Finally, CONSOL Energy paid out a quarterly dividend on Tuesday May 23rd. The dividend was $1.10 per share for shareholders who held at least one share on Monday May 15th; these shareholders went ex-dividend on Friday May 12th. With an annualized payout ratio of just over 22%, investors are set up to receive dividends yielding nearly 8%.
Citigroup’s interest in CONSOL Energy provides evidence that solid returns can still be achieved from traditional energy production methods despite increasing support for renewable forms of energy throughout the financial sector. As such, it is crucial for investors considering their portfolios to take note of growing non-renewable energy investments.
CONSOL Energy Sees Surge in Institutional Investor Interest with Reiterated ‘Buy’ Rating
CONSOL Energy Attracts Institutional Investors as Benchmark Reiterates “Buy” Rating
The energy sector remains highly attractive to institutional investors, who are moving their assets towards companies with solid fundamentals and a promising outlook. CONSOL Energy (CEIX), which recently published impressive financial results for Q4 2020, has caught the eye of several asset managers, who have increased their holdings in the company.
HighTower Advisors LLC led the way by increasing its shares in CONSOL Energy by 4.2% during the fourth quarter. The firm now holds 10,035 shares valued at $653,000 after purchasing an additional 405 shares during the period. Belpointe Asset Management LLC also bought a new position in CEIX worth $113,000 during the same quarter.
In addition, Arizona State Retirement System increased its stake in CEIX by 4.0%, bringing its total holdings to 9,346 shares valued at $607,000 after acquiring an additional 358 shares during the last quarter. Bleakley Financial Group LLC also made a significant investment of $1,942,000 in CEIX.
Finally, Envestnet Asset Management Inc. added to its portfolio with a new position in CEIX valued at $3,286,000 during Q4 2020. All these institutional investors combined own over 84% of the company’s stock.
Despite market volatility caused by macroeconomic factors such as COVID-19 and geopolitical tensions, CEIX opened at $57.16 on Monday. The fifty day simple moving average is currently set at $59.04 with a higher figure of $60.89 for its 200 day equivalent. With a quick ratio of 1.17 and current ratio of 1.38 CEIX appears well positioned for continued growth.
The company has maintained steady revenue streams despite challenges in carbon emissions regulations that have adversely affected other companies operating within this sector. Its Debt-to-equity ratio of 0.21 indicates that CEIX is in a relatively good position to manage its liabilities and grow going forward.
Benchmark has also reiterated its “buy” rating on shares of CONSOL Energy placing a target price of $80, with the company currently valued at $1.99 billion, along with a beta score of 1.85 and a PE ratio of 2.90.
CONSOL Energy’s reputable reputation as an efficient provider both nationally and internationally has put it in good stead for institutional investment growth in the energy sector despite uncertainties within the market.
Source: beststocks.com
