Why Consol Energy Stock Is Plunging Today
Shares of Consol Energy (NYSE: CEIX) had tumbled more than 18% by 10:45 a.m. EDT on Tuesday. Weighing on the coal mining stock was its third-quarter report.
Consol Energy ran into some operational issues during the third quarter, which affected results. The company noted that it's typically a seasonally weak period due to planned maintenance shutdowns. On top of that, its Pennsylvania Mining Complex (PAMC) ran into some operational issues and transportation delays. These factors limited its production to 5.3 million tons in the quarter. Because of that, management lowered the top end of its 2021 targeted coal sales volume by a half-million tons. It also raised the average cash cost per ton sold from a range of $27 to $28 to a range of $27.50 to $28.50.
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Source Fool.com
