Apparently it seems that getting coal in your Christmas stockings is now a good thing. FBR Capital Markets has a research report this morning that is highlighting some select coal names and the impact is enough to influence the sector as well.
FBR Capital Markets raised the rating on Patriot Coal Corporation (NYSE: PCX), CONSOL Energy Inc. (NYSE: CNX), and Cloud Peak Energy Inc. (NYSE: CLD). All were raised to Outperform, but the standout call is how much some of these price targets are being increased.
Cloud Peak Energy Inc. (NYSE: CLD) was taken to Outperform from Market Perform, and the target was raised to $28.00 from $23.00. Shares are trading up 1.6% at $20.95 and the 52-week trading range is $12.82 to $23.56.
CONSOL Energy Inc. (NYSE: CNX) was taken to Outperform from Market Perform, and the target was raised to $61.00 from $48.00. Shares are trading up 2% at $43.79 and the 52-week trading range is $31.08 to $58.00.
Patriot Coal Corporation (NYSE: PCX) was taken to Outperform from Market Perform, and the target was raised to $21.00 from $16.00. Shares are trading up 3.1% at $16.85 and the 52-week trading range is $9.76 to $24.25.
The move has the coal ETF via the Market Vectors Coal ETF (NYSE: KOL) trading up 1.1% as well at $44.91 and its 52-week range is $28.35 to $46.30.
JON C. OGG
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