Patriot Coal Corporation (NYSE:PCX) on Monday filed for bankruptcy filing in United States Bankruptcy Court in Manhattan after milder winters and a shift to natural gas sent coal demand to a twenty four year low.
The corporation’s Chapter 11 appeal listed $3.57 billion in assets and $3.07 billion in debts. In the filing the company reported dozens of the corporation’s units would link in the filing.
Chief Executive Officer of Patriot Irl F. Engelhardt stated by mention lower thermal coal prices, canceled clients deals and booting costs for environmental liabilities for hiking pressure on the corporation in recent months that the coal industry was undergoing a key transformation and Patriot’s present capital structure prevents it from making the necessary adjustments to achieve lasting success.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Arch Coal Inc (NYSE:ACI) fell -6.71% to settle at $6.67, Peabody Energy Corporation (NYSE:BTU) moved down -6.23% to end at $23.31 while Alpha Natural Resources, Inc. (NYSE:ANR) plunged -7.50% to finish on Monday at $8.02.
Patriot Coal Corporation (NYSE:PCX) began the last trading session with a price of $2.06 and throughout the session climbed at a high of $2.09 but when day-trade ended the stock finally declined -72.10% to $0.61.
PCX had a trade volume of 38.37 million shares was higher as compared to average trading capacity of 11.06 million shares.
The stock is down its 52 week low with -40.10% and lagging behind from its 52 week high price with -97.56%. PCX last month stock price volatility remained 31.69%. In its share capital PCX has 92.87 million outstanding shares among them 91.08 million shares have been floated in market exchange. PCX stock institutional ownership remained 65.36% while insider ownership included 0.58%.
Shares price of PCX moved down from its 20 days moving average with -57.99% and remote negatively from 50 days moving average with –79.09%. PCX current year earnings per share experienced an addition with -139.38% while its current quarter performance remained -89.24%. Company’s beta coefficient included 2.86. Beta factors measures the amount of market risk associated with market trade.
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