Peabody Energy Corporation (BTU) Debt Trading 1.8% Higher Earnings

An issue of Peabody Energy Corporation (NYSE:BTU) debt rose 1.8% against its face value during trading on Tuesday following a weaker than expected earnings announcement. The debt issue has a 6.375% coupon and is set to mature on March 31, 2025. The bonds in the issue are now trading at $102.75 and were trading at $101.25 last week. Price moves in a company’s debt in credit markets often predict parallel moves in its stock price. The coal producer reported ($0.18) earnings per share for the quarter, missing the consensus estimate of $0.89 by $1.07. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.25 billion. Peabody Energy Corporation’s revenue was up 21.0% compared to the same quarter last year.

Several equities research analysts have issued reports on BTU shares. FBR & Co reaffirmed an “outperform” rating and set a $34.00 price target (up previously from $33.00) on shares of Peabody Energy Corporation in a report on Tuesday, April 18th. Stifel Nicolaus reaffirmed a “hold” rating and set a $29.00 price target on shares of Peabody Energy Corporation in a report on Wednesday, April 19th. Seaport Global Securities raised Peabody Energy Corporation from a “neutral” rating to a “buy” rating and set a $31.00 price target for the company in a report on Monday, April 24th. J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $35.00 price target on shares of Peabody Energy Corporation in a report on Wednesday, April 26th. Finally, MKM Partners started coverage on Peabody Energy Corporation in a report on Thursday, April 27th. They set a “buy” rating and a $53.00 price target for the company. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $35.57.

In other news, insider Glenn L. Kellow bought 8,520 shares of the company’s stock in a transaction dated Monday, May 22nd. The stock was bought at an average price of $23.49 per share, with a total value of $200,134.80. Following the completion of the acquisition, the insider now owns 689,410 shares of the company’s stock, valued at $16,194,240.90. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Associates L.P. Elliott bought 24,045 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were purchased at an average cost of $23.49 per share, with a total value of $564,817.05. The disclosure for this purchase can be found here. Insiders have bought 191,010 shares of company stock valued at $4,702,051 in the last three months. Insiders own 1.27% of the company’s stock.

Several large investors have recently bought and sold shares of BTU. FNY Partners Fund LP bought a new position in shares of Peabody Energy Corporation during the second quarter worth approximately $146,000. BNP Paribas Arbitrage SA bought a new position in shares of Peabody Energy Corporation during the second quarter worth approximately $162,000. Pacific Heights Asset Management LLC bought a new position in shares of Peabody Energy Corporation during the second quarter worth approximately $295,000. Martingale Asset Management L P bought a new position in shares of Peabody Energy Corporation during the second quarter worth approximately $301,000. Finally, Legal & General Group Plc bought a new position in shares of Peabody Energy Corporation during the second quarter worth approximately $310,000. 0.63% of the stock is owned by institutional investors.

The company has a 50-day moving average price of $25.76 and a 200 day moving average price of $25.25. The company’s market cap is $2.73 billion.

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About Peabody Energy Corporation

Peabody Energy Corporation is a coal company. The Company’s segments include Powder River Basin Mining, Midwestern U.S. Mining, Western U.S. Mining, Australian Metallurgical Mining, Australian Thermal Mining, Trading and Brokerage, and Corporate and Other. Its Powder River Basin Mining operations consist of its mines in Wyoming.

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