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Thu, Feb. 11, 12:49 PM
Thu, Feb. 11, 11:36 AM
- Peabody Energy (BTU -31.8%) plunges after reporting a bigger than expected Q4 loss ahead of a "challenging" outlook for 2016, and confirming an earlier report that it is drawing down the rest of its $1.65B revolver.
- BTU says Q4 adjusted EBITDA totaled $53M, below analyst consensus of $115M, as U.S. sales were hurt by lower energy demand and declining natural gas prices; high customer stockpiles resulted in ~4M tons of deferrals, with a significant portion of the deferrals occurring in December.
- BTU expects more pain in 2016, with an estimated decline of 40M-60M tons of coal used in U.S. utility consumption; the decline, combined with lower exports and utilities working from their stockpiles, are projected to drop U.S. coal shipments by 150M-170M tons, prompting BTU to cut its 2016 U.S. sales target by 13% at the midpoint.
Thu, Feb. 11, 9:13 AM
- Gainers: DDD +15%. AG +14%. FSM +13%. TRIP +12%. MUX +11%. AUY +11%. SBGL +11%. GFI +10%. AGI +10%. LC +10%. GG +10%. CDE +9%. EGO +9%. KGC +9%. HMY +9%. IAG +9%. EXPE +8%. ABX +8%. NEM +8%. SLW +8%. SSRI 8%. AU 7%. AEM 7%. HL 7%. NG 7%. CSCO 6%. SKX 5%.
- Losers: FLO -18%. INCY -15%. SFL -13%. MYL -13%. BTU -13%. ZNGA -13%. SNOW -11%. IFF -10%. ELMD -9%. AVP -8%. CS -7%. BCS -7%. SUNE -6%. CIG -5%. TWTR -6%.
Thu, Feb. 11, 7:19 AM
Wed, Feb. 10, 5:30 PM
- AAP, AB, ACOR, ALLE, ALU, AVP, AYR, BG, BTU, BWA, CCE, COR, CPLA, CVE, DBD, FAF, FLIR, GNC, GPI, GRA, HUN, INCY, INT, IVC, K, KKR, LC, LIOX, LPX, MANU, MFC, MGI, MOS, MWW, NCI, NICE, NILE, NLSN, NNN, NOK, NTWK, NWE, OZM, PAG, PDS, PEP, PNK, Q, RAI, SHPG, SON, STC, TAP, TCK, TEVA, TGH, THS, TIME, TRI, TRIP, TZOO, VG, WBC, WOOF, WSO, WWAV, WWE
Wed, Feb. 10, 9:49 AM
- 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
Wed, Feb. 10, 9:15 AM
Thu, Feb. 4, 11:19 AM
- Cloud Peak Energy (CLD +7.7%) is upgraded to Market Perform from Underperform while Peabody Energy (BTU +4.7%) is downgraded to Underperform from Market Perform at FBR Capital, as the firm adjusts its pricing outlook for all qualities of U.S. and seaborne met and thermal coals to reflect continuing market challenges.
- Although CLD continues to face major hurdles in competition from low-priced natural gas, regulatory pressures, elevated utility inventories, soft seaborned pricing against its logistics business, FBR believes the company's continued focus on restricting costs and capital outflows should pay off.
- The firm expects BTU’s pending asset sale to provide some liquidity relief, but that the company’s contemplated debt exchange could "push out the nearest maturities.”
- FBR cuts CLD's stock price target to $1.50 from $2.50 and BTU's target to $1 from $10.
Thu, Feb. 4, 9:16 AM
- The California State Teachers' Retirement System's (Calstrs) board yesterday voted to liquidate its holdings in four U.S. thermal coal companies: Cloud Peak Energy (NYSE:CLD), Hallador Energy (NASDAQ:HNRG), Peabody Energy (NYSE:BTU) and Westmoreland Coal (NASDAQ:WLB).
- Coal companies make up only ~$40M of the fund's $186B portfolio, but state lawmakers in Sacramento passed a law last year urging Calstrs to dump the investments on the basis that burning coal significantly contributes to global climate change.
Mon, Jan. 25, 9:04 AM
- Peabody Energy (NYSE:BTU) +7.2% premarket after disclosing that it continues to negotiate with lenders regarding $1.5B in notes due in 2018 with the dual financial objectives of "optimizing liquidity and deleveraging."
- BTU says potential transactions being discussed with its lenders include the exchange of the 2018 notes for secured notes issued by a subsidiary that does not guarantee any of BTU's existing debt, two series of new notes issued by BTU, and the granting to lenders of BTU common stock.
- BTU says a potential non-guarantor subsidiary could include assets from BTU properties such as the Kayenta Mine in Arizona, the Francisco U/G Mine and Wild Boar Mine in Indiana, and the Gateway/Gateway North Mine in Illinois.
Fri, Jan. 15, 10:57 AM
- The Obama administration announces it will place a moratorium on new leases for coal mining on public lands, while the Interior Department studies the environmental impact and conducts a review of leases that could take three years.
- The moratorium is limited to new coal leasing, with exceptions for the metallurgical coal used in steel production, and companies that already hold federal coal leases such as Peabody Energy (BTU -9.2%) can continue to mine those reserves during and after the moratorium.
- Nearly 40% of U.S. coal now comes from federal land, much of it from the Powder River Basin in Wyoming and Montana.
- KOL -4.5%, CLD -7.6%, CNX -6.6%, CLF -6.6%, WLB -5.3%, ARLP -2.5%.
Tue, Jan. 12, 12:41 PM
Mon, Jan. 11, 2:49 PM
- Arch Coal (ACI -50.7%) is cut in half following news it has filed Chapter 11 bankruptcy and will be delisted from the NYSE, and the miner says its discussions with customers indicate that even after tumbling domestic coal demand the past eight years, "2016 pricing will remain weaker than previously anticipated."
- ACI's default on $3.2B of debt bring the metals and mining sector’s trailing 12-month default rate to 15% from 11% at the end of December and the default rate for the coal subsector an "unprecedented" 43%, according to Fitch Ratings.
- Analysts say investors should expect more such bankruptcies among commodity companies this year, as a strong dollar and slowing global demand growth should keep downward pressure on commodity prices.
- ACI's bankruptcy helps drag down other mining names today: BTU -19%, CNX -10.8%, YZC -2.3%, NRP -7.2%, CLD -11.4%, WLB -5.1%, ARLP +0.1%, KOL -2.6%.
Mon, Jan. 11, 12:43 PM
Tue, Jan. 5, 10:54 AM
- Peabody Energy (BTU -4.2%) agrees to pay $75M into a health care fund for Patriot Coal retirees affected by Patriot's 2013 bankruptcy.
- Patriot was spun off from BTU in 2007, and BTU had agreed in 2013 to pay $310M to help cover retiree benefits; Patriot filed for bankruptcy again in May 2015 and Peabody argued in court that the second bankruptcy case relieved it from future obligations to cover benefits.
- BTU says the new agreement improves its expected 2017 cash flow by $70M.
Dec. 28, 2015, 12:57 PM
- Much like oil/gas firms (hurt by fresh oil price declines), coal, gold, and silver miners are having a rough day. End-of-year tax and fund selling could be playing a role. Comex gold is down a moderate 0.6%, and Comex silver down 3.2%. The S&P is down 0.5%.
- Notable coal decliners: Peabody Energy (BTU -13.6%), Westmoreland Coal (WLB -6.4%), CONSOL Energy (CNX -9%), and Cloud Peak Energy (CLD -4%).
- Notable gold decliners: Goldcorp (GG -3.5%), Barrick Gold (ABX -3.1%), Newmont Mining (NEM -4%), Kinross Gold (KGC -3.8%), Gold Fields (GFI -6.7%), AngloGold Ashanti (AU -5%), Harmony Gold (HMY -6.5%), and Sibanye Gold (SBGL -4.2%).
- Notable silver decliners: Silver Wheaton (SLW -3.8%), Pan American Silver (PAAS -3.6%), First Majestic Silver (AG -6.9%), Tahoe Resources (TAHO -4.9%), and Coeur Mining (CDE -5.8%).
- ETFs: GLD, SLV, IAU, AGQ, PSLV, PHYS, USLV, SIVR, SGOL, ZSL, UGL, DGP, GTU, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, OUNZ, DGL, DBS, DGZ, DGLD, USV, GEUR, UBG, GYEN, TONS, QGLDX
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