UPDATE: BMO Capital Markets Upgrades Cloud Peak Energy to Outperform

BMO Capital Markets raises its rating on Cloud Peak Energy CLD to Outperform from Market Perform on increased long-term natural gas pricing. BMO Capital Markets notes, "BMO Research recommends contrarian energy investors look into Cloud Peak. Cloud Peak has an attractive coal contract position with 94% of FY2012 production priced at $13.47/t and approximately 60% of FY2013 production priced at US$14.27/t. In addition, Cloud expects to sell ~4.5Mt to the export market via Westshore Terminals in Vancouver; just 4% of volumes, but at very attractive margins given strong thermal coal pricing in the Pacific Basin." CLD closed at $16.83 a share on Thursday.