The Board of Directors for Peabody Energy (NYSE:BTU) declared a quarterly dividend on common stock of the company of $0.07 a share, or $0.28 on an annual basis.
It will be offered to shareholders of record as of August 6, 2010, and will be payable on August 27, 2010. The yield on the dividend is 0.6 percent.
Peabody, which is the largest private-sector coal company in the world, also had analysts at FBR Capital reiterate an "Outperform/Top Pick" rating on their shares recently, and retain a price target of $55.00 a share.
They said in a note to clients Thursday, “Yesterday, BTU reported solid 2Q10 estimates, raised its midpoint of 2010 guidance, and reiterated its view on the coal super-cycle (we call it “COALbalization”). We were positioned near the top end of guidance and are trimming estimates slightly to account for 4Q10 met coal price risk and modest U.S. steam volumes. Specifically, we are lowering our 2010–12 EBITDA estimates for BTU by an average 2% and reducing our EPS estimates by an average 8%, reflecting lower U.S. steam volumes and slight, below-expectations contracting…We are lowering our 2010 EPS/ EBITDA estimates to $3.00/$1,844M from $3.12/$1,847M…We are also lowering our 2011 EPS/ EBITDA estimates to $3.85/$2,138M from $4.29.$2,218M to reflect about 5 MT lower U.S. volumes and slightly lower pricing for Colorado coal, which got contracted during the current quarter.”
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