UPDATE: Goldman Sachs Rating Changes

Shares of CONSOL Energy CNX and Peabody Energy BTU are slightly down following a rating change from Goldman Sachs.

CONSOL Energy - down 0.21 percent
In a note dated June 5, Goldman upgraded shares of CONSOL Energy from Neutral to Buy and increase the price target from $49 to $55.

The upgrade comes amid strong E&P production growth and improving free cash flows.

Looking forward, Goldman analysts forecast a significant decrease in CONSOL's Capital Expenditure. Moreover, they are estimating a net debt/tangible capital ratio of 32 percent for 2014 compared to an industry average 45 percent.

Peabody Energy - down 1.39 percent
Also in the note, the team at Goldman downgraded Peabody Energy from Buy to Neutral and reduced the price target from $21 to $16.

The downgrade was made to reflect a reduction in international thermal coal prices and a lowered met price used in the firms valuation model (from $165/MT to $160/MT). Additionally, the firm says slowing Chinese met imports growth and a strong Australian supply represent downside risk to their 2015 $152/MT estimate.