Peabody Energy (BTU) Jumps 9% on Coal Overmining Crackdown
We recently published 10 Stocks with Surprising Gains. Peabody Energy Corporation (NYSE:BTU) is one of Tuesday’s top performers.
Peabody Energy grew its share prices for a second day on Tuesday, adding 8.99 percent to close at $17.34 apiece, as investors cheered the Chinese government’s move to crack down on coal companies producing coal above permitted levels as part of its move to regulate the market.
The effort forms part of a broader initiative to stabilize the coal market and reduce oversupply—a move that could unlock higher global coal prices.
While Peabody Energy Corporation (NYSE:BTU) does not have direct mining operations in China, the supply tightening would help support in boosting demand for seaborne coal globally.
A coal miner in a thick protective suit and helmet drilling for coal under bright lights.
Peabody Energy Corporation (NYSE:BTU) is a US-based company that operates an extensive number of mining sites in Australia and the United States.
In a note on its website, Peabody Energy Corporation (NYSE:BTU) said it is scheduled to announce the results of its earnings performance for the second quarter of the year next week, July 31.
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