Westmoreland Coal Company (WLB) Sees Large Growth in Short Interest
Westmoreland Coal Company (NASDAQ:WLB) was the target of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 949,786 shares, an increase of 38.2% from the August 15th total of 687,404 shares. Approximately 5.2% of the shares of the stock are short sold. Based on an average daily volume of 329,810 shares, the short-interest ratio is presently 2.9 days.
Westmoreland Coal (NASDAQ WLB) opened at 2.46 on Friday. The company has a 50-day moving average price of $2.61 and a 200-day moving average price of $7.49. The firm’s market capitalization is $46.11 million. Westmoreland Coal has a 12-month low of $1.88 and a 12-month high of $19.92.
Westmoreland Coal (NASDAQ:WLB) last posted its quarterly earnings data on Thursday, August 3rd. The coal producer reported ($2.69) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.58) by ($1.11). The company had revenue of $323.03 million for the quarter, compared to analyst estimates of $320.85 million. On average, analysts predict that Westmoreland Coal will post ($4.72) earnings per share for the current year.
WLB has been the topic of several recent research reports. Zacks Investment Research cut Westmoreland Coal from a “hold” rating to a “strong sell” rating in a report on Thursday, August 24th. FBR & Co boosted their target price on Westmoreland Coal from $8.00 to $17.00 and gave the stock an “outperform” rating in a report on Friday, June 23rd. BMO Capital Markets cut Westmoreland Coal from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $18.00 to $5.00 in a report on Thursday, August 3rd. Finally, ValuEngine cut Westmoreland Coal from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 6th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $10.67.
Institutional investors have recently modified their holdings of the business. Western Standard LLC bought a new stake in Westmoreland Coal in the 2nd quarter valued at $123,000. Alliancebernstein L.P. boosted its holdings in Westmoreland Coal by 35.6% in the 2nd quarter. Alliancebernstein L.P. now owns 27,400 shares of the coal producer’s stock valued at $133,000 after purchasing an additional 7,200 shares during the period. American International Group Inc. boosted its holdings in Westmoreland Coal by 7.1% in the 1st quarter. American International Group Inc. now owns 11,341 shares of the coal producer’s stock valued at $165,000 after purchasing an additional 751 shares during the period. Tudor Investment Corp ET AL boosted its holdings in Westmoreland Coal by 166.7% in the 2nd quarter. Tudor Investment Corp ET AL now owns 38,012 shares of the coal producer’s stock valued at $185,000 after purchasing an additional 23,758 shares during the period. Finally, OppenheimerFunds Inc. boosted its holdings in Westmoreland Coal by 4.3% in the 1st quarter. OppenheimerFunds Inc. now owns 13,899 shares of the coal producer’s stock valued at $202,000 after purchasing an additional 579 shares during the period. 78.25% of the stock is owned by hedge funds and other institutional investors.
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About Westmoreland Coal
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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