Westmoreland Coal Company (WLB) Stock Rating Upgraded by 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 note 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. “
A number of other brokerages have also weighed in on WLB. FBR & Co restated a “buy” rating and issued a $7.00 price objective on shares of Westmoreland Coal in a report on Friday, September 1st. BMO Capital Markets lowered shares of Westmoreland Coal from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $18.00 to $5.00 in a report on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $10.67.
Westmoreland Coal (NASDAQ:WLB) last announced its quarterly earnings data on Thursday, August 3rd. The coal producer reported ($2.69) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.58) by ($1.11). The firm had revenue of $323.03 million for the quarter, compared to analyst estimates of $320.85 million.
A number of large investors have recently made changes to their positions in WLB. Russell Frank Co grew its position in Westmoreland Coal by 15.6% during the 4th quarter. Russell Frank Co now owns 299,606 shares of the coal producer’s stock worth $1,729,000 after purchasing an additional 40,542 shares during the last quarter. Federated Investors Inc. PA grew its position in Westmoreland Coal by 26.2% during the 4th quarter. Federated Investors Inc. PA now owns 18,300 shares of the coal producer’s stock worth $323,000 after purchasing an additional 3,804 shares during the last quarter. Martingale Asset Management L P purchased a new position in Westmoreland Coal during the 1st quarter worth $615,000. Gendell Jeffrey L grew its position in Westmoreland Coal by 1.3% during the 3rd quarter. Gendell Jeffrey L now owns 1,205,836 shares of the coal producer’s stock worth $10,683,000 after purchasing an additional 15,000 shares during the last quarter. Finally, Van ECK Associates Corp purchased a new position in Westmoreland Coal during the 4th quarter worth $1,102,000. Hedge funds and other institutional investors own 77.97% 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-(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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