Westmoreland Coal Company (WLB) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Westmoreland Coal Company (NASDAQ:WLB) from a strong sell rating to a hold rating in a research note released 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. “

Several other brokerages also recently issued reports on WLB. BMO Capital Markets downgraded shares of Westmoreland Coal from an outperform rating to a market perform rating and reduced their price target for the stock from $18.00 to $5.00 in a research report on Thursday, August 3rd. FBR & Co reiterated a buy rating and set a $7.00 price target on shares of Westmoreland Coal in a research report on Friday, September 1st.

Shares of Westmoreland Coal (NASDAQ WLB) traded down $0.10 during midday trading on Thursday, reaching $1.69. 179,159 shares of the company traded hands, compared to its average volume of 263,639. The company has a debt-to-equity ratio of -1.32, a quick ratio of 0.66 and a current ratio of 1.04. Westmoreland Coal has a 1-year low of $1.65 and a 1-year high of $19.92.

Westmoreland Coal (NASDAQ:WLB) last issued its quarterly earnings results 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. sell-side analysts forecast that Westmoreland Coal will post -4.76 earnings per share for the current fiscal year.

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A number of institutional investors have recently added to or reduced their stakes in WLB. Bank of New York Mellon Corp lifted its position in Westmoreland Coal by 28.0% during the 1st quarter. Bank of New York Mellon Corp now owns 223,948 shares of the coal producer’s stock valued at $3,252,000 after purchasing an additional 49,021 shares during the period. Ameriprise Financial Inc. acquired a new position in Westmoreland Coal during the 1st quarter valued at about $2,589,000. Parametric Portfolio Associates LLC lifted its position in Westmoreland Coal by 10.5% during the 1st quarter. Parametric Portfolio Associates LLC now owns 118,075 shares of the coal producer’s stock valued at $1,714,000 after purchasing an additional 11,172 shares during the period. American International Group Inc. lifted its position in Westmoreland Coal by 7.1% during 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. Finally, OppenheimerFunds Inc. lifted its position in Westmoreland Coal by 4.3% during 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. Institutional investors own 77.97% of the company’s stock.

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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