Intrinsic value of Cloud Peak Energy - CLD

Previous Close

$3.27

  Intrinsic Value

$3.16

stock screener

  Rating & Target

hold

-3%

Previous close

$3.27

 
Intrinsic value

$3.16

 
Up/down potential

-3%

 
Rating

hold

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CLD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Cloud Peak Energy (CLD) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -28.83
  14.70
  13.73
  12.86
  12.07
  11.36
  10.73
  10.15
  9.64
  9.18
  8.76
  8.38
  8.04
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
Revenue, $m
  800
  918
  1,044
  1,178
  1,320
  1,470
  1,628
  1,793
  1,966
  2,146
  2,334
  2,530
  2,733
  2,945
  3,165
  3,393
  3,630
  3,877
  4,134
  4,401
  4,678
  4,967
  5,269
  5,582
  5,909
  6,251
  6,607
  6,978
  7,367
  7,772
  8,197
Variable operating expenses, $m
 
  985
  1,120
  1,264
  1,416
  1,577
  1,746
  1,924
  2,109
  2,302
  2,504
  2,714
  2,932
  3,159
  3,395
  3,640
  3,895
  4,159
  4,435
  4,721
  5,019
  5,329
  5,652
  5,988
  6,339
  6,705
  7,087
  7,486
  7,903
  8,338
  8,793
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  733
  985
  1,120
  1,264
  1,416
  1,577
  1,746
  1,924
  2,109
  2,302
  2,504
  2,714
  2,932
  3,159
  3,395
  3,640
  3,895
  4,159
  4,435
  4,721
  5,019
  5,329
  5,652
  5,988
  6,339
  6,705
  7,087
  7,486
  7,903
  8,338
  8,793
Operating income, $m
  67
  -67
  -76
  -86
  -96
  -107
  -119
  -131
  -143
  -156
  -170
  -184
  -199
  -214
  -230
  -247
  -264
  -282
  -301
  -320
  -340
  -361
  -383
  -406
  -430
  -455
  -481
  -508
  -536
  -565
  -596
EBITDA, $m
  94
  -11
  -12
  -14
  -16
  -18
  -19
  -21
  -23
  -26
  -28
  -30
  -33
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -70
  -74
  -79
  -83
  -88
  -93
  -98
Interest expense (income), $m
  40
  39
  49
  59
  69
  81
  93
  105
  118
  132
  146
  161
  177
  193
  210
  227
  245
  264
  283
  304
  325
  347
  370
  394
  419
  445
  472
  500
  529
  560
  592
Earnings before tax, $m
  19
  -106
  -125
  -145
  -166
  -188
  -211
  -236
  -261
  -288
  -316
  -345
  -375
  -407
  -440
  -474
  -509
  -546
  -584
  -624
  -665
  -708
  -753
  -800
  -849
  -899
  -952
  -1,008
  -1,065
  -1,126
  -1,189
Tax expense, $m
  -2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  22
  -106
  -125
  -145
  -166
  -188
  -211
  -236
  -261
  -288
  -316
  -345
  -375
  -407
  -440
  -474
  -509
  -546
  -584
  -624
  -665
  -708
  -753
  -800
  -849
  -899
  -952
  -1,008
  -1,065
  -1,126
  -1,189

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  84
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,715
  1,873
  2,130
  2,404
  2,694
  3,000
  3,322
  3,659
  4,012
  4,380
  4,763
  5,163
  5,578
  6,010
  6,458
  6,925
  7,409
  7,913
  8,436
  8,981
  9,548
  10,138
  10,752
  11,392
  12,060
  12,756
  13,483
  14,242
  15,034
  15,862
  16,728
Adjusted assets (=assets-cash), $m
  1,631
  1,873
  2,130
  2,404
  2,694
  3,000
  3,322
  3,659
  4,012
  4,380
  4,763
  5,163
  5,578
  6,010
  6,458
  6,925
  7,409
  7,913
  8,436
  8,981
  9,548
  10,138
  10,752
  11,392
  12,060
  12,756
  13,483
  14,242
  15,034
  15,862
  16,728
Revenue / Adjusted assets
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
Average production assets, $m
  1,460
  1,675
  1,905
  2,149
  2,409
  2,683
  2,970
  3,272
  3,587
  3,917
  4,260
  4,617
  4,988
  5,374
  5,775
  6,192
  6,626
  7,076
  7,544
  8,031
  8,538
  9,066
  9,615
  10,188
  10,785
  11,407
  12,057
  12,736
  13,444
  14,185
  14,959
Working capital, $m
  96
  14
  16
  18
  20
  22
  24
  27
  29
  32
  35
  38
  41
  44
  47
  51
  54
  58
  62
  66
  70
  75
  79
  84
  89
  94
  99
  105
  111
  117
  123
Total debt, $m
  475
  588
  709
  837
  973
  1,116
  1,267
  1,424
  1,589
  1,762
  1,941
  2,128
  2,322
  2,525
  2,734
  2,953
  3,179
  3,415
  3,660
  3,915
  4,180
  4,456
  4,744
  5,044
  5,356
  5,682
  6,022
  6,377
  6,748
  7,135
  7,541
Total liabilities, $m
  763
  876
  997
  1,125
  1,261
  1,404
  1,555
  1,712
  1,877
  2,050
  2,229
  2,416
  2,610
  2,813
  3,022
  3,241
  3,467
  3,703
  3,948
  4,203
  4,468
  4,744
  5,032
  5,332
  5,644
  5,970
  6,310
  6,665
  7,036
  7,423
  7,829
Total equity, $m
  952
  996
  1,133
  1,279
  1,433
  1,596
  1,767
  1,947
  2,134
  2,330
  2,534
  2,747
  2,967
  3,197
  3,436
  3,684
  3,942
  4,210
  4,488
  4,778
  5,079
  5,393
  5,720
  6,061
  6,416
  6,786
  7,173
  7,577
  7,998
  8,439
  8,899
Total liabilities and equity, $m
  1,715
  1,872
  2,130
  2,404
  2,694
  3,000
  3,322
  3,659
  4,011
  4,380
  4,763
  5,163
  5,577
  6,010
  6,458
  6,925
  7,409
  7,913
  8,436
  8,981
  9,547
  10,137
  10,752
  11,393
  12,060
  12,756
  13,483
  14,242
  15,034
  15,862
  16,728
Debt-to-equity ratio
  0.499
  0.590
  0.630
  0.650
  0.680
  0.700
  0.720
  0.730
  0.740
  0.760
  0.770
  0.770
  0.780
  0.790
  0.800
  0.800
  0.810
  0.810
  0.820
  0.820
  0.820
  0.830
  0.830
  0.830
  0.830
  0.840
  0.840
  0.840
  0.840
  0.850
  0.850
Adjusted equity ratio
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  22
  -106
  -125
  -145
  -166
  -188
  -211
  -236
  -261
  -288
  -316
  -345
  -375
  -407
  -440
  -474
  -509
  -546
  -584
  -624
  -665
  -708
  -753
  -800
  -849
  -899
  -952
  -1,008
  -1,065
  -1,126
  -1,189
Depreciation, amort., depletion, $m
  27
  56
  64
  72
  80
  90
  99
  109
  120
  131
  142
  154
  166
  179
  193
  206
  221
  236
  251
  268
  285
  302
  321
  340
  359
  380
  402
  425
  448
  473
  499
Funds from operations, $m
  23
  -50
  -61
  -73
  -85
  -98
  -112
  -126
  -142
  -158
  -174
  -191
  -209
  -228
  -247
  -267
  -288
  -310
  -333
  -356
  -381
  -406
  -433
  -460
  -489
  -519
  -550
  -583
  -617
  -653
  -690
Change in working capital, $m
  -26
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
Cash from operations, $m
  49
  -52
  -63
  -75
  -87
  -100
  -114
  -129
  -144
  -160
  -177
  -194
  -212
  -231
  -251
  -271
  -292
  -314
  -337
  -360
  -385
  -410
  -437
  -465
  -494
  -524
  -556
  -589
  -623
  -659
  -696
Maintenance CAPEX, $m
  0
  -49
  -56
  -63
  -72
  -80
  -89
  -99
  -109
  -120
  -131
  -142
  -154
  -166
  -179
  -193
  -206
  -221
  -236
  -251
  -268
  -285
  -302
  -321
  -340
  -359
  -380
  -402
  -425
  -448
  -473
New CAPEX, $m
  -34
  -215
  -230
  -245
  -259
  -274
  -288
  -302
  -315
  -329
  -343
  -357
  -371
  -386
  -401
  -417
  -433
  -450
  -468
  -487
  -507
  -528
  -549
  -573
  -597
  -623
  -650
  -678
  -709
  -740
  -774
Cash from investing activities, $m
  -25
  -264
  -286
  -308
  -331
  -354
  -377
  -401
  -424
  -449
  -474
  -499
  -525
  -552
  -580
  -610
  -639
  -671
  -704
  -738
  -775
  -813
  -851
  -894
  -937
  -982
  -1,030
  -1,080
  -1,134
  -1,188
  -1,247
Free cash flow, $m
  24
  -315
  -349
  -383
  -418
  -455
  -492
  -530
  -569
  -609
  -650
  -693
  -738
  -783
  -831
  -880
  -932
  -985
  -1,041
  -1,099
  -1,159
  -1,223
  -1,289
  -1,358
  -1,431
  -1,506
  -1,586
  -1,669
  -1,756
  -1,847
  -1,943
Issuance/(repayment) of debt, $m
  -23
  113
  120
  128
  136
  143
  151
  158
  165
  172
  180
  187
  194
  202
  210
  218
  227
  236
  245
  255
  265
  276
  288
  300
  312
  326
  340
  355
  371
  388
  405
Issuance/(repurchase) of shares, $m
  0
  235
  262
  290
  320
  351
  382
  415
  449
  484
  520
  558
  596
  637
  678
  722
  767
  814
  863
  914
  967
  1,022
  1,080
  1,141
  1,204
  1,270
  1,339
  1,411
  1,487
  1,566
  1,649
Cash from financing (excl. dividends), $m  
  -29
  348
  382
  418
  456
  494
  533
  573
  614
  656
  700
  745
  790
  839
  888
  940
  994
  1,050
  1,108
  1,169
  1,232
  1,298
  1,368
  1,441
  1,516
  1,596
  1,679
  1,766
  1,858
  1,954
  2,054
Total cash flow (excl. dividends), $m
  -6
  33
  33
  35
  37
  39
  41
  43
  45
  47
  49
  51
  53
  55
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
  89
  93
  97
  102
  106
  111
Retained Cash Flow (-), $m
  -64
  -235
  -262
  -290
  -320
  -351
  -382
  -415
  -449
  -484
  -520
  -558
  -596
  -637
  -678
  -722
  -767
  -814
  -863
  -914
  -967
  -1,022
  -1,080
  -1,141
  -1,204
  -1,270
  -1,339
  -1,411
  -1,487
  -1,566
  -1,649
Prev. year cash balance distribution, $m
 
  84
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -118
  -229
  -255
  -283
  -311
  -341
  -372
  -404
  -437
  -471
  -506
  -543
  -581
  -621
  -662
  -705
  -749
  -796
  -844
  -894
  -947
  -1,001
  -1,058
  -1,118
  -1,180
  -1,246
  -1,314
  -1,385
  -1,460
  -1,538
Discount rate, %
 
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
 
  -111
  -201
  -208
  -212
  -214
  -213
  -209
  -202
  -194
  -183
  -170
  -156
  -141
  -126
  -111
  -96
  -81
  -68
  -55
  -45
  -35
  -27
  -20
  -15
  -11
  -8
  -5
  -3
  -2
  -1
Current shareholders' claim on cash, %
  100
  72.1
  52.5
  38.4
  28.3
  21.0
  15.6
  11.7
  8.8
  6.6
  5.0
  3.8
  2.9
  2.2
  1.7
  1.3
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0

Cloud Peak Energy Inc. is a producer of coal in the United States of America and the Powder River Basin (PRB). In the PRB, the Company owns and operates three surface coal mines: the Antelope Mine, the Cordero Rojo Mine and the Spring Creek Mine. Its segments include Owned and Operated Mines, and Logistics and Related Activities. Its Owned and Operated Mines segment includes its Antelope Mine, Cordero Rojo Mine, and Spring Creek Mine. The Logistics and Related Activities segment includes the services it provides to its international and certain of its domestic customers where it delivers coal to the customer at a terminal or the customer's plant or other delivery point, remote from its mine site. As of December 31, 2016, the Company also operated two development projects, both located in the Northern PRB: Youngs Creek Project and Big Metal Project. The Company's Antelope Mine and Cordero Rojo Mine are located in Wyoming and its Spring Creek Mine is located in Montana.

FINANCIAL RATIOS  of  Cloud Peak Energy (CLD)

Valuation Ratios
P/E Ratio 9.1
Price to Sales 0.3
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 4.1
Price to Free Cash Flow 13.4
Growth Rates
Sales Growth Rate -28.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10.5%
Cap. Spend. - 3 Yr. Gr. Rate -6.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 49.9%
Total Debt to Equity 49.9%
Interest Coverage 1
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 0.7%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. -2.4%
Return On Equity 2.4%
Return On Equity - 3 Yr. Avg. -3.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 19.3%
Gross Margin - 3 Yr. Avg. 17.4%
EBITDA Margin 10.8%
EBITDA Margin - 3 Yr. Avg. 10%
Operating Margin 8.4%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin 2.4%
Pre-Tax Margin - 3 Yr. Avg. -0.2%
Net Profit Margin 2.8%
Net Profit Margin - 3 Yr. Avg. -3.2%
Effective Tax Rate -10.5%
Eff/ Tax Rate - 3 Yr. Avg. -13.1%
Payout Ratio 0%

CLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLD stock intrinsic value calculation we used $800 million for the last fiscal year's total revenue generated by Cloud Peak Energy. The default revenue input number comes from 2016 income statement of Cloud Peak Energy. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CLD stock valuation model: a) initial revenue growth rate of 14.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.4%, whose default value for CLD is calculated based on our internal credit rating of Cloud Peak Energy, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cloud Peak Energy.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CLD stock the variable cost ratio is equal to 107.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CLD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 8.3% for Cloud Peak Energy.

Corporate tax rate of 27% is the nominal tax rate for Cloud Peak Energy. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CLD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CLD are equal to 182.5%.

Life of production assets of 54.1 years is the average useful life of capital assets used in Cloud Peak Energy operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CLD is equal to 1.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $952 million for Cloud Peak Energy - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 75.142 million for Cloud Peak Energy is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cloud Peak Energy at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Cloud Peak misses Street 4Q forecasts   [Feb-15-18 06:11PM  Associated Press]
▶ Why Coal Energy's Recent Comeback Will Be Short Lived   [Feb-10-18 10:48AM  Motley Fool]
▶ Top 4 Coal-Mining Stocks as of February 2018   [Feb-09-18 11:16AM  Investopedia]
▶ Factors Keeping the Coal Industry Alive   [Jan-30-18 04:09PM  Zacks]
▶ Coal Industry Outlook - January 2018   [Jan-29-18 05:59PM  Zacks]
▶ [$$] Cloud Peak in Deal to Supply Coal to Japan   [12:25AM  The Wall Street Journal]
▶ [$$] Cloud Peak in Deal to Supply Coal to Japan   [Jan-16-18 06:19PM  The Wall Street Journal]
▶ 5 Breakout Stocks Offering Terrific Returns   [Jan-03-18 09:07AM  Zacks]
▶ Coal Spot Prices Remain Steady for the Second Month   [Dec-28-17 09:02AM  Market Realist]
▶ Crude Oil Prices Rise: Will It Impact Coal Miners?   [Dec-27-17 02:50PM  Market Realist]
▶ Natural Gas Prices Continue to Fall   [01:20PM  Market Realist]
▶ Coal Prices Stay Put in Winter 2017   [Dec-21-17 09:01AM  Market Realist]
▶ Analyzing Coal Productions Recent Fall   [07:32AM  Market Realist]
▶ Will the Marginal Drop in Crude Oil Prices Hit Coal Miners?   [Dec-20-17 05:20PM  Market Realist]
▶ 3 Stocks I Never Plan to Buy   [08:06AM  Motley Fool]
▶ Coal Production Rebounded in the Week Ended December 2   [Dec-15-17 07:32AM  Market Realist]
▶ Why Coal Production Declined in Week Ended November 25   [Dec-07-17 07:33AM  Market Realist]
▶ Are Coal Miners Impacted by Volatility in Crude Oil Prices?   [Dec-06-17 04:35PM  Market Realist]
▶ Coal Production Rises Marginally in Week Ended November 18   [Nov-29-17 03:00PM  Market Realist]
▶ Coal Production Falls in the Week Ended November 10   [Nov-22-17 01:46PM  Market Realist]
▶ Coal Production Rebounded in Week Ended November 4   [Nov-16-17 10:31AM  Market Realist]
▶ Natural Gas Prices Rose in the Wake of Winter   [07:33AM  Market Realist]
▶ How Natural Gas Inventories Are Affecting Coal   [Nov-15-17 05:39PM  Market Realist]
▶ 5 Breakout Stocks Offering Admirable Returns   [Nov-14-17 09:16AM  Zacks]
▶ Top 4 Coal-Mining Stocks as of November 2017   [Nov-10-17 10:24AM  Investopedia]
▶ Coal Production Fell during the Week Ending October 28   [Nov-09-17 07:32AM  Market Realist]
▶ Winter Is Coming: How Will Natural Gas Prices React?   [Nov-08-17 02:55PM  Market Realist]
▶ How Arch Coals Leverage and Liquidity Compare   [09:02AM  Market Realist]
▶ Could Arch Coals Margins Improve in 3Q17?   [07:33AM  Market Realist]
▶ What to Expect for Arch Coals 3Q17 Earnings   [Oct-30-17 12:45PM  Market Realist]
▶ Cloud Peak tops 3Q profit forecasts   [Oct-26-17 06:27PM  Associated Press]
▶ Coal Production Fell Marginally Last Week   [09:10AM  Market Realist]
▶ Natural Gas Inventory Falls below 5-Year Average   [Oct-25-17 03:40PM  Market Realist]
▶ Coal Prices Remained Steady in the Week Ended October 13   [Oct-19-17 09:08AM  Market Realist]
▶ PRB Coal Price Rose in the Week Ended October 6   [Oct-13-17 09:06AM  Market Realist]
▶ Appalachian Coal Price Rose in the Last Week of September   [Oct-05-17 09:09AM  Market Realist]
▶ Coal Production Tumbles Week-after-Week   [07:41AM  Market Realist]
▶ How Crude Oil Indirectly Impacts Coal Prices   [Oct-04-17 04:06PM  Market Realist]
▶ Is Weather Affecting Natural Gas Prices?   [02:37PM  Market Realist]
Financial statements of CLD
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