Market Overview

Foresight Energy Opens Higher As Analysts Launch Coverage

Share:
Related FELP
Mid-Morning Market Update: Markets Mixed; Nike Tops Q3 Expectations
Earnings Scheduled For March 7, 2018

Foresight Energy LP (NYSE: FELP) gained 1.5 percent early in Monday's session after at least five investment analysts initiated coverage on the newly public company.

The Midwestern coal mining company expects to use $210 million of proceeds from its recent public offering to pay off debt, with the remaining $113 million going to its reserves and to a member of management it didn't identify, according to filings.

Stifel analyst Paul Forward initiated with a Buy rating and a $20.20 price target. Despite of a weak overall outlook for U.S. thermal coal, "Foresight Energy is built to grow," Forward said in a note.

Foresight is focused on the Illinois Basin coal-producing region centered on southern Illinois and Indiana, and Forward expects that region will gain market share as a result of ongoing installations of scrubbers to control sulpher emissions.

JP Morgan's John Bridges, however, initiated coverage with a Neutral rating and a $23 target.

Others initiating coverage on Foresight Monday include Cowen at Outperform with a $24 target, Morgan Stanley at Overweight and Goldman Sachs at Neutral.

Shares traded recently at $20.31, up 0.54 percent.

Latest Ratings for FELP

DateFirmActionFromTo
Aug 2017Stifel NicolausMaintainsHold
Aug 2017FBR CapitalMaintainsNeutral
Jan 2016Morgan StanleyDowngradesOverweightEqual-Weight

View More Analyst Ratings for FELP
View the Latest Analyst Ratings

Posted-In: John Bridges JP Morgan Paul Forward StifelAnalyst Color Price Target Initiation Analyst Ratings

 

Related Articles (FELP)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
MDRXKeyBancUpgrades0.0
ANETNomuraUpgrades260.0
CNPRBC CapitalUpgrades34.0
FISVOppenheimerUpgrades88.0
FNDUBSUpgrades37.0
View the Latest Analytics Ratings
Don't Miss Out!
Join Our Newsletter
Subscribe to:
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
Your weekly roundup of hot topics in the exciting world of fintech.
Thank You
for registering for Benzinga’s newsletters and alerts.
• The Daily Analysts Ratings email will be received daily between 7am and 10am.
• The Market in 5 Minutes email will be received daily between 7am and 8am.
• The Fintech Focus email will be received every Friday between 2pm and 5pm.

Wells Fargo Down On Analyst Cut; Rest Of Sector Trending Upward

Kandi Technologies Up 12% On Strong Q2 Sales Report