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Coal sector gains on Supreme Court delay on proposed regulations

  • Coal stocks open with strong gains after yesterday's decision by the U.S. Supreme Court to block proposed regulations of coal fired power plants, likely pushing out a potential hearing after the presidential election: BTU +12.7%, CLD +19.7%, CNX +2.2%, CNXC +5.2%.
  • The court’s order is temporary and is not a ruling on the merits, but it indicates the court’s conservative majority has misgivings about the emissions plan, and signals the rules could run into trouble in the courts, which could hurt the Obama administration’s ability to follow through on U.S. commitments in the Paris climate deal.
  • FBR Capital says that while it does not foresee any near-term change to its outlook for coal companies, the delay could improve the long-term perception toward coal producers in maintaining meaningful market share as a fuel for domestic electricity generation (Briefing.com).
  • FBR believes Westmoreland Coal (WLB -4.4%) and Alliance Resource Partners (ARLP -1.4%) could receive the most sustainable valuation benefit and investor interest following the Supreme Court action.
  • ETFs: KOL

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