BTU · Peabody Energy
Peabody Energy in 2022: coal prices, a quarterly loss and debt repaid
2022 · +162% in the calendar year
For scale: buying every US stock breakout from 2018 to 2026 with no selection returned a median −22.6% a year later, measured on the 14,674 with a full twelve months of data. How it was measured
Peabody Energy, a coal miner, ended 2021 with $1.18 billion of debt and a modest short interest: MarketBeat recorded 6.27 million shares at the end of December, or 1.1 days to cover. After Russia's invasion of Ukraine lifted seaborne thermal coal prices, short sellers added positions as the stock rose, reaching 12.85 million shares by 15 March 2022 and 17.94 million by 15 November.
The first quarter of 2022 produced a net loss of $119.5 million; Peabody then earned $2.54 and $2.33 a share in the second and third quarters. Tender offers in October and November retired about $81.6 million of senior secured notes and $114.6 million of term loan. Year-end debt was $361.6 million, though the share count rose from 133.61 million to 144.24 million. The stock's return was +162% in calendar 2022. Earnings then shrank, from $3.90 a share in the fourth quarter of 2022 to $0.82 in the third quarter of 2023.
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Sources: stockanalysis.com, BTU quarterly income statements · stockanalysis.com, BTU quarterly balance sheet · MarketBeat, BTU short interest · Peabody press releases, 2022 (Oct-Nov tender offers). Price figures are split-adjusted, not dividend-adjusted.
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