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Coal company stocks rise on bullish article
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USA: March 3, 2004
NEW YORK - Coal company stocks got a lift Monday morning after an article in Barron's said the industry was benefiting from soaring natural gas prices and the advent of new power plants that emit less pollution.
Shares of Peabody Energy Corp. (BTU.N: Quote, Profile, Research) , Arch Coal Inc. (ACI.N: Quote, Profile, Research) , Massey Energy Co. (MEE.N: Quote, Profile, Research) and CONSOL Energy Inc. (CNX.N: Quote, Profile, Research) all rose. As natural gas is not as readily available and the price of it rises, U.S. power companies have increasingly turned to coal to fuel their plants. Given "the likelihood that gas supplies are apt to be tight for the next several years, while global demand for coal is likely to be firm, the longer-term outlook for these stocks is bright," Barron's said. In addition, the article pointed out that coal-fired equipment has become cleaner and crackdowns on emissions in some areas have somewhat assuaged environmental concerns. "The changed energy landscape - with natural gas and oil much more costly than they were a few years ago - has led to a rise in plans to build coal-fired generating plants," the article said, noting that nearly 20 new coal-fired plants are in the planning stages. Shares of both Peabody and Massey hit new 52-week highs on New York Stock Exchange. Peabody shares were up $3.30, or 7.7 percent, at $46.10, after hitting a 52-week high of $46.20. Massey shares were up $1.40, or 6.6 percent, at $22.47, after hitting a 52-week high of $22.87 earlier in the session. Arch shares were up $1.84, or 6.3 percent, at $31.12, after hitting a high of $31.20. Shares of CONSOL were up $1.52, or 6 percent, at $26.75 after hitting a high of $27.20.
REUTERS NEWS SERVICE
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