Dallas, Texas 07/29/2013 (Financialstrend) – Arch Coal Inc (NYSE:ACI) closed in the previous trading session at $4.17 after going 3.99% (or +$0.16) in the northwards direction. The stock has hit day’s high at $4.21 and day’s low at $3.95.
The Board of Directors of the company, Arch Coal, recently declared a quarterly cash dividend of $0.03 per share on the common stock of the company. The shareholders, who are on the record until 30 August, 2013 will be paid this dividend on 13 September, 2013. This represents a dividend of $0.12 on an annual basis and a yield of 2.99%.
In a research note to the investors, analysts at Tudor Pickering lowered the shares of the company from a “buy” rating to an “accumulate” rating.
There has been news that the company, Arch Coal, had sold a group of thermal coal pits that are situated in the state of Utah to Bowie Resources, a private company. The deal is said to be valued around $435 billion.
The company said that in an effort to concentrate on affordable thermal procedures and to fabricate its metallurgical coal biz, it had sold its coal blocks.
Canyon Fuel Co., the completely possessed arm of Arch Coal, which comprises of Sufco, Skywall as well as Dugout Canyon thermal coal blocks in the state of Utah, will be caught held by a novel JV deal between a commodity dealer Galena, which is a hedge fund division of Trafigura and Bowie Resources. According to the reports, there are around 725 people working with Canyon Fuel.
PE Resources Fund of Galena will act as a minority investor and will invest about $104 million in the novel firm. Lucas Pipes, the Brean Capital forecaster stated in his report that this deal is a bit like a dual edged weapon for Arch Coal. He added up that this contract will enhance the liquidity of the stock of the company.
