UPDATE: Dahlman Rose Reiterates Buy Rating, Raises PT on CONSOL Energy

In a report published Friday, Dahlman Rose & Co. reiterated its Buy rating on CONSOL Energy

, and raised its price target from $35.00 to $38.00. Dahlman Rose noted, “We have become more positive on CNX's Gas Operations with stabilization in the natural gas markets over the past few months and some impressive results surfacing in the Southern Utica in the Wet Gas and Oil windows. Near-term cash flows are somewhat weak, but recent wells from nearby Gulfport Energy (GPOR, Not Covered) give us a positive bias toward the 5-10 wells we expect to hear results on from CNX and HES through the end of the year. We have also begun explicitly modeling the Utica in our NAV model and now are valuing the Gas Operations at roughly $3Bn, up from $2.1Bn previously.” CONSOL Energy closed on Thursday at $29.17.