Consol Energy: S&P Intraday Laggard

NEW YORK ( TheStreet) -- Coal and natural gas company Consol Energy ( CNX) was the worst performer in the S&P 500 intraday Tuesday.

The S&P 500 was down 18.42 points, or 1.35%, to 1,345.91.

Shares of Consol Energy fell 3.72% midday Tuesday to $32.11. The company announced Tuesday that it is going to temporarily idle the Viriginia Buchanan longwall mining unit and cut its operation schedule down to five days a week. The length of time for the idling wasn't known; the reduction in production should be about 295,000 tons a month.

Consol Energy is idling the unit because of reduced international demand for metallurgical coal and higher inventories.

Shares of Consol Energy hit a 52-week low Tuesday of $29.85. The stock's 52-week high of $56.32 was set on March 18.

Consol Energy has an estimated price-to-earnings ratio for next year of 10.12 times; the average for coal companies is 10.96. For comparison, Peabody Energy ( BTU) has a lower forward P/E of 6.69; Alpha Natural Resources' ( ANR) forward P/E is 20.34.

Twenty-seven of the 31 analysts who cover Consol Energy rated it buy; four analysts gave the stock a hold rating.

TheStreet Ratings gives Consol a B- grade with a buy rating and $40.73 price target. The stock has fallen 12.45% year to date.

-- Written by Alexandra Zendrian

>To contact the writer of this article, click here: Alexandra Zendrian

>To submit a news tip, send an email to: tips@thestreet.com.

>To follow the writer on Twitter, go to Alexandra Zendrian.

More from Investing

Dow Futures Tank as Trade War Fears Grip Wall Street

Dow Futures Tank as Trade War Fears Grip Wall Street

Why GE's Stock Has Fallen 9% in the Last 30 Days

Why GE's Stock Has Fallen 9% in the Last 30 Days

Billionaire Investor Tim Draper Explains Why Bitcoin Will Hit $250,000 in 2022

Billionaire Investor Tim Draper Explains Why Bitcoin Will Hit $250,000 in 2022

Worries About a Trade War Could Throw Wrench Into the Tech Stock Rally

Worries About a Trade War Could Throw Wrench Into the Tech Stock Rally

5 Stock Picks Under $10 for Millennials

5 Stock Picks Under $10 for Millennials