Gabelli Initiates Coverage of CNX With Buy

Gabelli has initated coverage of Consol Energy

with a Buy Rating. According to Gabelli, "Consol has a unique position as a leading coal and gas producer allowing them to hedge between the two commodities. Although the initial market reaction to the Dominion acquisition was negative, we believe CNX's diversification strategy has been validated by BHP's acquisition of Chesapeake's Fayetteville shale assets. Given the recent turmoil in the Middle East, politically safe domestic hydrocarbons such as coal and gas should benefit." CNX is currently trading at $54.03.