Peabody Energy Corporation (NYSE:BTU) Elects 12 Members Of Board

Peabody Energy Corporation (NYSE:BTU) announced that all twelve members of its Board were elected at the annual meeting of the shareholders. The Board includes Gregory H. Boyce who is the executive Chairman of the company. Glenn L. Kellow, the President and CEO is also included in twelve member board.

The other members

The other ten members of Peabody Energy Board of Directors are Robert A. Malone, William A. Coley, William E. James, Robert B. Karn III, Henry E. Lentz, William C. Rusnack, Michael W. Sutherlin, John F. Turner, Sandra A. Van Trease, and Heather A. Wilson. Boyce commented that the company’s board as whole as well as individual directors brings extensive experienced and varied skill set that will offer excellent governance and counsel as they manage through existing markets and enhances long-term shareholder value.

The highlights

Peabody Energy Corporation (NYSE:BTU) was recognized as Energy Company of the Year at Platts Global Energy 2014 Awards. The company was recently downgraded to rating of ‘Underperform’ from in-line with a price target of $3.50 per share. The change in rating was announced by Imperial Capital, which previously had a price target of $6.50 on the stock.

The reasons

Imperial Capital stated that it is bearish on Peabody Energy’s cap structure. It expects all company’s securities other than the term loan to decline in coming months. It is due to strong negative headwinds existing in coal market like lower prices of natural gas, oversupplied seaborne met coal, and coal retirements. However, the research firm believes Peabody Energy probably will last multiple phases in the coming volatility in coal.

The expectations

The company can reduce cash outflow and increase liquidity as upcoming maturities moves into first or second lien debt. The analysts stated that they are tracking company for any settlement deal with Patriot Energy, where almost $270 million of contingent liabilities could materialize.

About the Author

Stinson is US Markets Daily’s Senior Producer for News & Public Affairs.

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