Patriot Coal (PCX) – Takeover Rumors Moving Stock
March 2, 2010 1:41 pm
Patriot Coal (PCX) is ramping higher again today as the rumors are making their way around the trading pits that Massey Energy (MEE) could be a suitor.
A takeover/merger could make a great deal of sense as the coal industry is in need of further consolidation. This is really nothing new here and we have been writing about this recently as we continue to own shares of Patriot (PCX) and Consol Energy (CNX)
Just last week we wrote a bullish commentary about 3 coal companies: Hot Coal Companies in A Cold Winter (PCX) (CNX) (BTU)
Click on the images below for our Tear Sheets for Consol and Patriot (in alpha stage for now)
Patriot Coal: Hearing MEE for PCX making the rounds
Patriot Coal Corporation is a leading producer and marketer of coal in the eastern United States, with 14 current mining complexes in Appalachia and the Illinois Basin. The company ships to domestic and international electric utilities, industrial users and metallurgical coal customers, and controls approximately 1.8 billion tons of proven and probable coal reserves.