Dec. 9, 2014, 2:48 PM
- Westmoreland Coal (WLB +9%) is sharply higher on news it priced a private offering of ~$350M of 8.75% senior secured notes due 2022, a refinancing that analysts say will lower cash interest costs by nearly $18M/year going forward.
- In lowering WLB's stock price target to $52 from $60, Brean Capital sees the pricing in the difficult market environment as a notable step toward completing the acquisition of Oxford Resource Partners (NYSE:OXF) by year-end, but it also believes energy market volatility led to the debt being priced above prior estimates from the time of Q3 results (Briefing.com).
Dec. 3, 2014, 6:21 PM
- Oxford Resource Partners (NYSE:OXF) +19% AH after disclosing that it was notified by the NYSE that it regained compliance with the exchange's share price continued listing standard.
- Both the closing price of OXF’s common units and the average closing price over the preceding 30 consecutive trading days were in excess of the $1 minimum threshold required by the NYSE.
Oct. 8, 2014, 12:24 PM
- Morgan Stanley analysts are the latest to dump on coal stocks (NYSEARCA:KOL), as it lowers its price forecast for hard coking coal to $125/ton next year and says 2015 appears likely to bring a more gradual price recovery than previously expected.
- The firm downgrades Walter Energy (WLT -10.3%) to Equal Weight from Overweight with a $4 price target, down from $16, noting that WLT likely has sufficient liquidity through 2015 but citing the uncertain timing and magnitude of a price recovery as leaving an insufficient margin of safety.
- Peabody Energy (BTU -1.2%) is the firm's preferred play in coal because it is less liquidity constrained than other coal producers; BTU "offers multiple ways to win, with diversified met, domestic thermal and seaborne thermal exposure."
- Also: ACI -6.4%, CLF -5.6%, CLD -5.2%, ANR -3.4%, OXF -2.3%.
Sep. 18, 2014, 10:21 AM| 8 Comments
Jul. 21, 2014, 3:09 PM
- Oxford Resource Partners (OXF +27.4%) soars after winning a $19.5M settlement against Kentucky utility Big Rivers Electric in a dispute over a coal contract.
- Today's big gain in OXF is a rare move for a stock that has lost most of its value in the past two years because of mounting debt and doubts about future coal demand.
Apr. 8, 2014, 10:42 AM
- Consol Energy's (CNX +3.6%) upgraded coal outlook is lifting coal names higher across the board: ANR +9.2%, WLT +7.4%, ACI +5.6%, YZC +5.2%, BTU +3.8%, WLB +3.1%, OXF +3%, CLD +2%, KOL +1.9%.
- Stifel raises its CNX target price to $46 from $45, reflecting the strong market for northern Appalachian thermal coal, offsetting a weaker pricing and volume outlook for met coal (Briefing.com).
Mar. 7, 2014, 12:39 PM
- Alpha Natural Resources (ANR -9.4%) is hit hard after Goldman Sachs last night cut its rating on the shares to Sell and lowered its price estimates for coal; other sector names are following suit.
- Goldman also cut its price estimate for met coal this year to $141/metric ton from $150 and lowered projections for next year and 2016 following increased Australian output, an expected slowdown in the growth of Chinese imports, and “limited U.S. supply rationalization."
- The firm maintains a Neutral rating on Walter Energy (WLT -5.6%) but cuts its price target to $10 from $12.
- Also: BTU -4.2%, ACI -4%, CNX -1.5%, OXF -1.6%, JRCC -1.5%, CLD -0.7%, KOL -2.1%.
Feb. 3, 2014, 5:39 PM
- James River Coal (JRCC) -6.7% AH after plunging nearly 20% in the final half-hour of regular trading on a Bloomberg report that it hired Perella Weinberg Partners to advise on the restructuring of its debt and restructuring advisers including Blackstone have been pitching creditors.
- JRCC, which has closed mines and hasn’t posted an annual net profit since 2010, is among U.S. producers hurt by a decline in coal prices and the natural gas boom; for metallurgical coal used in steelmaking, rising Australian output has helped create a global surplus.
- Other coal producers also fell sharply today: ANR -8.1%, WLT -7.1%, ACI -5.4%, OXF -3.1%, BTU -2.7%, RNO -1.4%, CNX -1.2%.
Aug. 22, 2013, 12:59 PM
- Peabody Energy (BTU +5.3%) and Consol (CNX +4.2%) help push the coal sector (KOL +4.5%) to the top of today's gainers, buoyed by signs of a manufacturing recovery in China.
- Other coal names: PCXCQ.OB +11.2%, YZC +7.7%, WLT +6.5%, ACI +6%, JRCC +5.6%, ANR +5.2%, CLD +3.9%, WLB +2.2%, NRP +1.6%, OXF +0.8%.
Jul. 31, 2013, 10:41 AM
- Oxford Resource Partners (OXF +3.2%) continues higher after yesterday's 21% rise stemming from a positive Seeking Alpha article by GuruFundPicks which says a recent debt refinancing leaves OXF free to execute on a turnaround plan.
- Operations are turning around, according to the article, and OXF should enjoy improved production at its Appalachian mines, which does not seem to have been modeled into analyst projections.
- As coal reaches a positive inflection point, shares could have 50-150% upside.
Jul. 30, 2013, 10:36 AM
- Idenix Pharmaceuticals (IDIX +7.4%) and Oxford Resource Partners (OXF +15.6%) are sharply higher in early trade after bullish SA Pro articles (embargoed until tomorrow morning)
- McDuck capital calls Idenix a potential multi-bagger recently made cheap by the market's falling out of love with Hepatitis C's most promising treatment
- Oxford Resources - virtually unknown and operating in the heavily out-of-favor coal industry - is a turnaround play also with multi-bagger potential, says GuruFundPicks
Jun. 25, 2013, 12:45 PM
Jun. 25, 2013, 9:55 AMOxford Resource Partners (OXF +35.7%) says it closed on $175M of new credit facilities to replace its previous term loan and revolving credit facility, extending its debt maturity profile and increasing availability. OXF says the refinancing "significantly enhances [its] financial flexibility and puts it in a stronger position to participate in a coal market rebound." | Comment!
Jun. 14, 2013, 1:34 PM
May 30, 2013, 10:37 AM
Jan. 29, 2013, 12:45 PM
OXF vs. ETF Alternatives
Oxford Resource Partners LP is a low-cost producer of high value thermal coal and surface mined coal in Ohio. Its reserves and operations are located in Northern Appalachia and the Illinois Basin.
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