Nomura Securities on Coal: Highlights From Day 1 at McCloskey Coal USA Conference
Tweet Send to a FriendGet Alerts ACI Hot Sheet
Price: $4.25 +3.91%
Rating Summary:
14 Buy, 12 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
14 Buy, 12 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Trade ACI Now!
Nomura Securities on Coal: Highlights from day 1 at McCloskey Coal USA conference.
Analyst, Curt Woodworth, said, "Key takeaway is continued weakness in the U.S. steam coal market as inventories build to near 220mt and export demand weakens from oversupplied seaborne markets. Additional production cuts are likely as producers seek to base load more efficient mines and right size operations as volume contracts start to roll off and utilities become more aggressive with inventory reduction plans. On met coal, volumes appear to be softening somewhat into Europe. We believe that earnings estimates for the sector likely have another leg down post second-quarter results and we think Street assumptions for thermal coal prices for 2013 are still too high."
"We reiterate our Reduce ratings on Arch Coal (NYSE: ACI) and Patriot Coal (NYSE: PCX), and would look to add to our only Buy-rated coal stocks Alpha Natural (NYSE: ANR) and CONSOL Energy (NYSE: CNX) at current levels."
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
Analyst, Curt Woodworth, said, "Key takeaway is continued weakness in the U.S. steam coal market as inventories build to near 220mt and export demand weakens from oversupplied seaborne markets. Additional production cuts are likely as producers seek to base load more efficient mines and right size operations as volume contracts start to roll off and utilities become more aggressive with inventory reduction plans. On met coal, volumes appear to be softening somewhat into Europe. We believe that earnings estimates for the sector likely have another leg down post second-quarter results and we think Street assumptions for thermal coal prices for 2013 are still too high."
"We reiterate our Reduce ratings on Arch Coal (NYSE: ACI) and Patriot Coal (NYSE: PCX), and would look to add to our only Buy-rated coal stocks Alpha Natural (NYSE: ANR) and CONSOL Energy (NYSE: CNX) at current levels."
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
- Morgan Stanley Maintains Bullish Stance on Walter Energy (WLT)
- UPDATE: Global Equities Starts Tesla Motors (TSLA) at Overweight
- Goldman Sachs Downgrades Palo Alto Networks (PANW) to Buy
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Nomura, Earnings
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!
