UPDATE: J.P. Morgan Raising Price Target On CONSOL Energy

J.P. Morgan Chase & Co. is out with a research report on CONSOL Energy

and is raising its price target to $79 from $76, and keeping its Overweight rating. In a note to clients, J.P. Morgan Chase & Co. writes, "Consol has delivered on its promise to accelerate development of its vast shale gas assets via a JV partnership with Noble Energy. This covers about half of Consol's Marcellus acreage. Remarkably, due to its enhanced growth, even after sharing half of the Marcellus gas, Consol is reiterating its 350bcf 2015 production target. And Noble brings its technologies to the “party.” Noble will focus on the “wet gas”; previously Consol had contracted with a third party to handle separation and marketing of this sometimes more difficult product. Consol paid $3.5bn 15 months ago to buy the Dominion gas assets and has been able to sell a half share in just the Marcellus shales for $3.4bn while it retains 100% of the Utica and other prospective shale plays. This valuation upside is what continues to attract us to Consol. While the weak global macro makes absolute target prices difficult to forecast, Consol remains our top pick." Shares of CNX gained 17 cents yesterday to close at $42.59.