UPDATE: Pritchard Capital Raising Price Target On CONSOL Energy

Pritchard Capital is out with a research report on CONSOL Energy Inc. CNX and is raising its price target to $65 from $60. In a note to clients, Pritchard Capital writes, "We believe that CNX is largely receiving credit for both its coal segment and its 2010 proven gas reserves, valued at $50/share assuming a $5/Mcf mid-cycle Henry Hub (our NAV assumes $6/Mcf). What remains somewhat of a question is the upside of its 750,000 prospective net acres for the Marcellus. If anything can be learned from BHP's ($91.08-NR) acquisition of HK is that major operators are looking for large tracks of acreage that can provide meaningful reserves for years to come. If CNX can demonstrate the quality of its Marcellus position by derisking it, this should help to narrow the gap between our $65 price target and where it is currently trading. We do not yet even include the Ohio Utica in our valuation. Our $65 price target is 85% of our $76 NAV. It reflects a $5 mid-cycle Henry Hub while our NAV reflects a $6/Mcf Henry Hub." Shares of CNX gained $1.45 on Friday to close at $52.34.