Westmoreland Coal Company (WLB) Lifted to Hold at Zacks Investment Research
Westmoreland Coal Company (NASDAQ:WLB) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “Westmoreland Coal Company’s principal activities are: the production and sale of coal from the Powder River Basin in eastern Montana; the ownership of interests in cogeneration and other non-regulated independent power plants; and the leasing of capacity at Dominion Terminal Associates, a coal storage and vessel loading facility. “
Several other research firms also recently commented on WLB. BMO Capital Markets downgraded shares of Westmoreland Coal from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $18.00 to $5.00 in a research note on Thursday, August 3rd. FBR & Co reissued a “buy” rating and set a $7.00 price target on shares of Westmoreland Coal in a research note on Friday, September 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $10.67.
Westmoreland Coal (NASDAQ:WLB) last posted its quarterly earnings results on Thursday, August 3rd. The coal producer reported ($2.69) EPS for the quarter, missing the consensus estimate of ($1.58) by ($1.11). The business had revenue of $323.03 million for the quarter, compared to analysts’ expectations of $320.85 million.
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Hedge funds have recently bought and sold shares of the business. Western Standard LLC purchased a new position in shares of Westmoreland Coal during the second quarter worth approximately $123,000. Edge Wealth Management LLC purchased a new position in shares of Westmoreland Coal during the third quarter worth approximately $128,000. Alliancebernstein L.P. raised its stake in shares of Westmoreland Coal by 35.6% during the second quarter. Alliancebernstein L.P. now owns 27,400 shares of the coal producer’s stock worth $133,000 after acquiring an additional 7,200 shares in the last quarter. American International Group Inc. raised its stake in shares of Westmoreland Coal by 7.1% during the first quarter. American International Group Inc. now owns 11,341 shares of the coal producer’s stock worth $165,000 after acquiring an additional 751 shares in the last quarter. Finally, Tudor Investment Corp ET AL raised its stake in shares of Westmoreland Coal by 166.7% during the second quarter. Tudor Investment Corp ET AL now owns 38,012 shares of the coal producer’s stock worth $185,000 after acquiring an additional 23,758 shares in the last quarter. 77.97% of the stock is currently owned by hedge funds and other institutional investors.
Westmoreland Coal Company Profile
Westmoreland Coal Company is an energy company. The Company operates through six segments: Coal-U.S., Coal-Canada, Coal-(WMLP), Power, Heritage and Corporate. The Coal-U.S. segment includes the operations of coal mines located in Montana, North Dakota, Ohio, Texas and New Mexico. The Coal-Canada segment includes the operations of coal mines located in Alberta and Saskatchewan.
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