Coal Stocks Soared in September While the Market Slid

Shares of Alpha Metallurgical Resources , Warrior Met Coal , and Arch Resources , producers of metallurgical coal, which is primarily used for steel production, soared 28%, 29%, and 31%, respectively, in September. Consol Energy and Peabody Energy , producers of both met coal and thermal coal, used for electrical generation, saw shares gain 22% and 20% the same month.

read more Investors couldn’t fault VanEck. Institutional pledges in the name of environmental, social, and governance goals to cut investments in companies that produced carbon emissions have worn down the sector. The Trump administration had pledged to revive coal as an energy source, but it couldn’t fight falling demand and cheaper alternatives in the form of natural gas and renewables. More than a dozen U.S. coal companies filed bankruptcy during Trump’s presidency.

The next year was a doozy for stocks in general, but three of the coal stocks nearly tripled, while Warrior Met Coal and Arch Coal shares logged respective 2022 gains of 35% and 56%. That year saw 19% wiped away from the S&P 500, while the Nasdaq dove 33%. Madrid-based azValor Asset Management had owned Consol stock a few years ago but exited the investment “a notch under $85″ after a run-up from $3.50 to $3.60, according to an email from Álvaro Guzmán de Lázaro, founding partner, CEO, and co-chief investment officer. He added, “We do own Arch and we’re one of the biggest holders there.” An August filing with the Securities and Exchange Commission shows azValor owns more than 900,000 Arch shares, a stake of just over 5%.

Indonesia Berita Terbaru, Indonesia Berita utama

Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.

Stocks Had a Great September. Coal Stocks, Anyway.Shares of coal miners Alpha Metallurgical, Warrior Met Coal, Arch Resources, Consol Energy, and Peabody Energy logged double-digit-percentage gains in...
Sumber: MarketWatch - 🏆 3. / 97 Baca lebih lajut »

Stocks making the biggest moves midday: Sunnova Energy, Cal-Maine Foods, Marathon Petroleum and moreThese are the stocks posting the largest moves in midday trading.
Sumber: NBCPhiladelphia - 🏆 569. / 51 Baca lebih lajut »

Breitbart Business Digest: Why Job Openings Mysteriously Soared in AugustThe August job vacancy data is the latest evidence that the economy accelerated in the second half of the year, defying expectations that interest rate hikes would be a drag on growth.
Sumber: BreitbartNews - 🏆 610. / 51 Baca lebih lajut »

'Fertile ground': Goldman names stocks to tap a $6 trillion renewables market, gives one 58% upsideThe share of electrification as an energy source is set to rise, and it's time to revisit some major clean energy stocks, the investment bank says.
Sumber: CNBC - 🏆 12. / 72 Baca lebih lajut »