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%.
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »
Source: BreitbartNews - 🏆 610. / 51 Read more »
Source: CNBC - 🏆 12. / 72 Read more »