BMO Capital Markets upgraded Patriot Coal (NYSE:PCX) today from “under-perform” to “market perform”. BMO also upgraded Walter Energy (NYSE:WLT), a producer and exporter of metallurgical coal, from “market perform” to “outperform”. The news has pushed Walter Energy shares up 1.22% today and Patriot shares up 6.18%.
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While Patriot Coal and Walter Energy are partly responsible for the boost to the coal (NYSE:KOL) sector today, Argus‘ positive industry report might have more to do with today’s skyrocketing coal stocks. Shares in L&L Energy (NASDAQ:LLEN) are already up 2.72%, Consol Energy (NYSE:CNX) shares are up 2.42%, Arch Coal Inc. (NYSE:ACI) is up 2.31%, Peabody Energy Corp. (NYSE:BTU) shares are up 2.17%, and Alpha Natural Resources (NYSE:ANR) shares are up 2.21%.