5 Best Coal Mining Stocks to Buy

3. Peabody Energy Corporation (NYSE:BTU)

Number of Hedge Fund Holders: 39

Peabody Energy Corporation (NYSE:BTU) is a Missouri-based coal mining firm. It has interests in 17 coal mining operations. These are based in the United States and Australia primarily. The operations have 2.5 billion tons of proven and probable coal reserves and almost 450,000 acres of surface property.The firm recently announced that it had temporarily closed the Shoal Creek Mine in Alabama due to a fire incident. The exact reopening date has not been determined yet. This mine is the only source of metallurgical coal production for export within the US. The underground mine produced approximately 800,000 tons of coal last year, accounting for around 10% of Peabody Energy’s total metallurgical coal exports.

On May 1, B. Riley analyst Lucas Pipes maintained a Buy rating on Peabody Energy Corporation (NYSE:BTU) stock and lowered the price target to $29 from $39, noting the updated target reflects a lower thermal coal price deck.

At the end of the first quarter of 2023, 39 hedge funds in the database of Insider Monkey held stakes worth $955 million in Peabody Energy Corporation (NYSE:BTU), compared to 40 in the preceding quarter worth $1 billion. 

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Elliott Management is a leading shareholder in Peabody Energy Corporation (NYSE:BTU) with 21 million shares worth more than $540 million.