Zacks Investment Research Downgrades Westmoreland Coal Co. (WLB) to Strong Sell
Westmoreland Coal Co. (NASDAQ:WLB) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday.
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 equities research analysts have also commented on the stock. BMO Capital Markets reaffirmed a “buy” rating and set a $8.00 price target on shares of Westmoreland Coal in a research report on Wednesday, August 3rd. FBR & Co reaffirmed a “buy” rating on shares of Westmoreland Coal in a research report on Thursday, August 4th.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/18/zacks-investment-research-downgrades-westmoreland-coal-co-wlb-to-strong-sell.html
Shares of Westmoreland Coal (NASDAQ:WLB) traded up 2.05% during mid-day trading on Tuesday, hitting $8.98. 8,812 shares of the stock traded hands. The company’s market capitalization is $166.75 million. Westmoreland Coal has a 1-year low of $3.44 and a 1-year high of $12.97. The company’s 50-day moving average price is $8.74 and its 200 day moving average price is $8.49.
Westmoreland Coal (NASDAQ:WLB) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported ($1.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by $1.11. The firm earned $356.20 million during the quarter, compared to analysts’ expectations of $352.90 million. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. Equities research analysts forecast that Westmoreland Coal will post $1.66 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in WLB. American International Group Inc. increased its position in shares of Westmoreland Coal by 1.1% in the second quarter. American International Group Inc. now owns 10,602 shares of the company’s stock worth $101,000 after buying an additional 114 shares during the period. State Board of Administration of Florida Retirement System increased its position in shares of Westmoreland Coal by 4.7% in the second quarter. State Board of Administration of Florida Retirement System now owns 18,103 shares of the company’s stock worth $172,000 after buying an additional 806 shares during the period. Geode Capital Management LLC increased its position in shares of Westmoreland Coal by 1.1% in the first quarter. Geode Capital Management LLC now owns 113,649 shares of the company’s stock worth $819,000 after buying an additional 1,291 shares during the period. Monarch Partners Asset Management LLC increased its position in shares of Westmoreland Coal by 11.1% in the second quarter. Monarch Partners Asset Management LLC now owns 20,990 shares of the company’s stock worth $200,000 after buying an additional 2,090 shares during the period. Finally, Menta Capital LLC increased its position in shares of Westmoreland Coal by 16.0% in the second quarter. Menta Capital LLC now owns 42,474 shares of the company’s stock worth $404,000 after buying an additional 5,874 shares during the period. Institutional investors own 66.65% of the company’s stock.
Westmoreland Coal Company Profile
Westmoreland Coal Company is an energy company. The Company operates through six segments: Coal – U.S., Coal – Canada, Coal – Westmoreland Resource Partners, LP (WMLP), Power, Heritage and Corporate. Coal – U.S. segment includes the operations of coal mines located in Montana, North Dakota, Ohio, Texas and New Mexico.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Westmoreland Coal Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westmoreland Coal Co. and related companies with MarketBeat.com's FREE daily email newsletter.