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9 Coal Stocks With Upside

Stocks in this article: NRP ARLP PVR CNX WLT CLD JRCC

7. Penn Virginia Resource (PVR) engages in the management of coal and natural resource properties and the gathering and processing of natural gas in the U.S. Broadly, its operations are structured into three segments: coal and natural resource management contributing majority of the revenues, and natural gas midstream.

The company recorded total revenue of $253.5 million for the first quarter of 2011, up 22.8% from the year-ago period. Net income for the quarter was reported at $8.2 million, or 17 cents per share. During the quarter, coal royalty tons stood at 9.9 million as compared to 8.2 million, while average coal royalties were up 15.2% to $3.94 per ton. In the natural gas segment, daily throughput volumes surged 36.4% to 420 million cubic feet (MMcf/d).

The company recently announced the acquisition of a natural gas gathering system and processing facility in the Texas Panhandle area for $11.4 million. The acquired assets comprise of a 20 MMcf/d cryogenic processing facility and an approximate 15-mile gathering system in Lipscomb and Hemphill Counties, both connected to PVRs' existing Panhandle Systems and strategically located to supply active producers in the Granite Wash formation.

Quarterly cash distribution for the first quarter of 2011 was 48 cents per unit, representing a 2.1% increase from the first quarter of 2010 and fourth quarter of 2010. On an annual basis, cash distributed amounted to $1.92 per unit. The company has updated its 2011 guidance -- expects EBITDA to range from $230 to $240 million and distributable cash flow between $140 and $150 million.

Of the seven analysts covering the stock, 29% recommend a buy and 71% suggest a hold. A Bloomberg consensus projects an average 12-month price target of $30.50, about 25.2% higher than the stock's current price.

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