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CONSOL Energy (CEIX) Moves 10.5% Higher: Will This Strength Last?

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CONSOL Energy (CEIX) shares ended the last trading session 10.5% higher at $47.20. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 36.6% gain over the past four weeks.

CONSOL Energy benefits from hike in coal prices,  strong production volumes, effective cost management and higher demand for coal from domestic and international customers. Demand for its products continues to improve and the company was able to penetrate several new markets internationally.

Courtesy of strong performance, the company continued with debt repurchases and strengthened its balance sheet. With the new authorization from its board of directors, after some share buyback in first half of 2021, CONSOL Energy now has $127 million under the program to repurchase outstanding notes and shares.    

This coal company is expected to post quarterly earnings of $1.90 per share in its upcoming report, which represents a year-over-year change of +153.3%. Revenues are expected to be $354.1 million, up 3.5% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For CONSOL Energy, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CEIX going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

CONSOL Energy is part of the Zacks Coal industry. SunCoke Energy (SXC), another stock in the same industry, closed the last trading session 3.9% higher at $9.51. SXC has returned 10.2% in the past month.

For SunCoke , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.21. This represents a change of +5% from what the company reported a year ago. SunCoke currently has a Zacks Rank of #3 (Hold).

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