Coal Stocks Selling Off as Prices Fall
Analysts at Tudor Pickering Holt are of the view that coal stocks such as Alpha Natural Resources (NYSE:ANR) and Patriot Coal (NYSE:PCX) could see a downturn in their stock prices owing to the falling prices of metallurgical coke.
Optimistic guidance from CONSOL Energy (NYSE:CNX) and confident comments by CN Rail (NYSE:CNI) yesterday failed to stem the sell-off, and coal stocks continue to fall. According to Tudor, metallurgical coal prices had been on a roll these past recent months, but are now showing a reversal of trend.
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Alpha Natural Resources is trading at $19.42 today, down 1.92%. Shares are down 51.24% year to date. The stock’s trading range for the year is between $19.02 and $68.05.
Stocks to Watch: Market Vectors Coal ETF (NYSE:KOL), Peabody Energy Corporation (NYSE:BTU), Cliffs Natural Resources Inc. (NYSE:CLF), Arch Coal Inc (NYSE:ACI) and James River Coal Company (NASDAQ:JRCC).