PCX - Patriot Coal Corp. (NYSE Stock) - Page 3 - Stock Market Forum, Penny Stocks, FOREX, NASDAQ, AMEX, NYSE, Live Chat

thegreatgate · #21 05-12-2009, 05:45 PM

Not the reaction I was hoping for based on pre-market but still closed above $9. The 6.22 million volume is about 1 and a quarter million more than average but off from the record volume last week. IMHO this still has some room to move. I'm crossing my fingers for a good 15% one-day jump this week and kissing single digits goodbye.

Kramer today on coal

thegreatgate · #22 05-18-2009, 12:01 PM

Current pps: $8.80

Quote:

BANGALORE, May 18 (Reuters) - Patriot Coal Corp (PCX.N) has been striving to allay investor concerns over a potential covenant breach and contract deferrals in the wake of dwindling demand that sent its stock crashing to a life-low in March. However, the third largest eastern U.S. coal producer appears to have turned the tide, with its stock almost doubling to $10.28 after the company swung to a first-quarter net profit and fears of a liquidity crunch were partially mitigated. The company has announced a slew of cost-cutting measures, which included curtailing production and reducing salary. Nonetheless, Patriot has not overruled the risk of future contract deferrals. Should investors take a long position on the stock while it is in recovery mode, or is it time to sell?

PRICING CONCERNS GAIN

"The stock has run significantly and I expect the near term performance to be moderate. I don't expect to see the same move again until a pricing recovery is confirmed," Shneur Gershuni, an analyst at UBS, said by phone.

"Infact, earnings are going to be down in 2010, versus 2009, with acceleration in 2011," he added.

"What we need to see is production get to a level that is below the decline in generation. Despite updating for all the production costs, we just don't see that inflection point until the third quarter," Gershuni said.

"We remain 'sell'-rated primarily due to its weak earnings power relative to peers. Patriot's earnings remain constrained by low contracted prices relative to Appalachian producers," Goldman Sachs analyst Brian Singer wrote in a note to clients.

LIQUIDITY CONCERNS EASE

"Major credit and liquidity concerns are now mostly behind the company," Citigroup analyst Brian Yu said in a recent note.

"The improved liquidity position has to do with the company scaling back their capex budget by approximately $25 million... they ended the first quarter with available credit of $92 million under their revolver versus prior guidance of $26 million to $51 million," he said in a reply to an email seeking details.

"While we expect Patriot Coal to post a steep operating loss of $1.83 in 2009, earnings should improve in 2010 to positive $0.45 as older (lower priced) thermal contracts expire," he said.

Barclays analyst Peter Ward agrees. "We expect the company's liquidity position to improve through the year," he wrote in a note. "While we believe that Patriot's shares are high-risk, the potential upside makes the risk/reward attractive," he added. Shares of the company, spun off by Peabody Energy Corp (BTU.N) in October 2007, were trading up 6 percent at $8.75 on the New York Stock Exchange. (Editing by Jarshad Kakkrakandy)
LINK

**BadThad** · #23 05-18-2009, 01:40 PM

Thanks for the article gate. Looks like this would be a long hold. Who knows how long, but it could make for a nice return considering this was a $70-80 stock last year at this time.

thegreatgate · #24 06-16-2009, 01:30 PM

Back to $8.00 range, if it drops another buck I'll back the truck up!

Patriot Coal Corporation Announces Public Offering of Common Stock
June 16: 8:07am EDT

Patriot Coal Corporation announced that it plans to offer approximately 12.0 million shares of its common stock in a registered public offering. The Company also expects to grant the managing underwriters a 30-day option to purchase up to an additional 1.8 million shares to cover any over-allotments. The Company intends to use the net proceeds from this offering to repay the outstanding balance on its revolving credit facility and for general corporate purposes. Morgan Stanley & Co., Incorporated and UBS Investment Bank are the joint book-running managers for this offering.

thegreatgate · #25 06-16-2009, 07:14 PM

Patriot Coal Corporation Announces Pricing of Common Stock Offering
Patriot Coal Corporation announced that it has priced a public offering of 12.0 million shares of its common stock in a registered public offering at $7.90 per share.

**BadThad** · #26 06-17-2009, 10:53 AM

Arrrgggg.....all these companies are diluting. At this pace the market may never return to previous levels. I'm done with any company diluting shares, it's just disgusting, I don't care what they're using the money for.

thegreatgate · #27 06-17-2009, 03:42 PM

Current PPS: $7.07
Volume over 16 million which might be a record, I haven't checked.

Anyone have a good entry price in mind? I am thinking mid-$6s will be great...

thegreatgate · #28 06-18-2009, 09:50 AM

Current PPS: $6.71

**BadThad** · #29 06-18-2009, 03:21 PM

Here comes the dilution....arrrrgggggg.

thegreatgate · #30 06-22-2009, 05:59 PM

Look who made it to the top of the list! Energy stocks have been getting killed in the past week or so...

Worst Performing Stocks Since June 12th

June 12th was the short-term peak for equity markets, and the average stock in the Russell 1,000 is now down 6.64% since then. Below we highlight the 30 worst performing stocks in the Russell 1,000 over the same time period. Half of the 30 worst performing stocks are in the Energy sector, so that is a good sign as to where the biggest declines have come. Patriot Coal (PCX) and Hercules Offshore (HERO) are down the most since 6/12 with declines of more than 37%. ETFC is down the third most with a decline of 36.55%, followed by LIZ, MEE, WTI, WLL, and VHI.

Eighty-six percent of stocks in the Russell 1,000 are down since June 12th, so breadth has been undeniably ugly.

6-Month Daily: