Coal ETF rebounds
After dropping 1.3% on April 21, the VanEck Vectors Coal ETF (KOL), the representative of the global coal industry, gained 0.6% on April 22. Stocks of US coal producers account for around 33% of the ETF’s total holdings. The broad based SPDR S&P 500 (SPY) gained 0.5%.
- Arch Coal (ACI) rebounded 2% to $1.02 after losing 5.7% on April 21 with a market capitalization of $216.9 million.
- Consol Energy (CNX) gained 1.8% to $30.02 with a market capitalization of $6.9 billion.
- Peabody Energy (BTU) gained 1.2% to end at $4.87 with a market capitalization of $1.4 billion.
- Cloud Peak Energy (CLD) gained 1.2% to end at $6.0 with a market capitalization of $366.2 million.
- Natural Resource Partners (NRP), a coal MLP, dropped 19.9% on April 22 to end at $5.54. The drop came in after the company’s announcement of cutting quarterly distributions. The company lowered its quarterly dividend to $0.09 a share from $0.35 a share to strengthen its balance sheet and improve its liquidity position. Coal producers are undertaking various measures to sail through the difficult time.
- Westmoreland Coal Company (WLB) dropped 1.9% to $27.70 with a market capitalization of $496 million.
- Walter Energy (WLT) dropped 1.6% to end at $0.57 after being the only gainer in the industry the previous day.
- Alpha Natural Resources (ANR) lost 1.1% to end at $0.84.