Nomura Reaffirms Reduce Rating on Patriot Coal Corp (PCX)
PCX has been the subject of a number of other recent research reports. Analysts at FBR Capital (NASDAQ: FBCM) downgraded shares of Patriot Coal Corp from an “outperform” rating to a “market perform” rating in a research note to investors on Wednesday. They now have a $4.00 price target on the stock, down previously from $9.00. Separately, analysts at Imperial Capital initiated coverage on shares of Patriot Coal Corp in a research note to investors on Tuesday. They set an “underperform” rating and a $2.50 price target on the stock. Finally, analysts at Citigroup (NYSE: C) cut their price target on shares of Patriot Coal Corp from $7.00 to $6.00 in a research note to investors on Tuesday.
Shares of Patriot Coal Corp opened at 3.74 on Wednesday. Patriot Coal Corp has a 52 week low of $3.65 and a 52 week high of $27.12. The company’s market cap is $343.5 million.
Patriot Coal Corp last announced its earnings results on Tuesday, May 8th. The company reported ($0.82) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.40) by $0.42. The company’s quarterly revenue was down 12.9% on a year-over-year basis. On average, analysts predict that Patriot Coal Corp will post $-0.54 earnings per share next quarter.
Patriot Coal Corporation (Patriot) is a producer of coal in the eastern United States, with operations and coal reserves in Appalachia and the Illinois Basin.