Brean Murray Carret & Co. Cuts Price Target on Patriot Coal (PCX), Costs Continue to Rise
Tweet Send to a FriendGet Alerts PCX Hot Sheet
Price: $0.61 --0%
Rating Summary:
1 Buy, 14 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
1 Buy, 14 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade PCX Now!
Brean Murray Carret & Co. is maintaining its Buy rating on shares Patriot Coal (NYSE: PCX), but is cutting its price target from $37 to $31.
The company released its Q2 results with EPS loss of $0.10, well below the Street's estimate of a gain of $0.07. The firm notes that the miss was due to higher-than-expected costs per ton in Appalachia.
Management did highlight that they booked around 200 thousand Panther-type tons at roughly $150/short ton FOB mine, the firm was modeling just $115/short ton FOB mine.
Patriot Coal did announce that they are now anticipating Appalachian costs to be over $70/ton for the year, above its previous guidance of $63-$67/ton.
The firm is slashing its EPS estimates for 2011, Q3 went from $0.71 to ($0.03), Q4 went from $1.07 to $0.48, and FY11 went from $1.47 to $0.05. For 2012, Brean Murray Carret cut its EPS estimate from $3.54 to $2.66.
For more ratings news on Patriot Coal click here and for the rating history of Patriot Coal click here.
Shares of Patriot Coal closed at $21.04 yesterday, with a 52 week range of $9.76-$29.20.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
The company released its Q2 results with EPS loss of $0.10, well below the Street's estimate of a gain of $0.07. The firm notes that the miss was due to higher-than-expected costs per ton in Appalachia.
Management did highlight that they booked around 200 thousand Panther-type tons at roughly $150/short ton FOB mine, the firm was modeling just $115/short ton FOB mine.
Patriot Coal did announce that they are now anticipating Appalachian costs to be over $70/ton for the year, above its previous guidance of $63-$67/ton.
The firm is slashing its EPS estimates for 2011, Q3 went from $0.71 to ($0.03), Q4 went from $1.07 to $0.48, and FY11 went from $1.47 to $0.05. For 2012, Brean Murray Carret cut its EPS estimate from $3.54 to $2.66.
For more ratings news on Patriot Coal click here and for the rating history of Patriot Coal click here.
Shares of Patriot Coal closed at $21.04 yesterday, with a 52 week range of $9.76-$29.20.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Janney Capital Trims Numbers on Buckle (BKE), Margins Peaking
- UPDATE: MKM Partners Downgrades Alkermes (ALKS) to Sell
- Pandora (P) Posts 'Strong Quarter' - Needham & Company
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Brean Murray Carret & Co.
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
