Thursday, January 20, 2011

Massey Energy (NYSE:MEE) Has Little Upside on Several Issues

Citing an overall breather in the coal sector, PPOV list of MEE mines, and availability of mountaintop permits, FBR sees Massey Energy (NYSE:MEE) as having little upside at the current time.

FBR says, "Yesterday, mid-afternoon, the MHSA provided a PowerPoint presentation and conference call update on the Massey Energy Upper Big Branch (UBB) investigation regarding the mine disaster and is trying to press closer toward criminal negligence. While the investigation is nearing completion, it is clear that the MHSA is moving closer toward negligence and pointing toward one or all of these issues: inadequate rock dusting, water suppression, ventilation, and quality examination. Massey's management does not believe this is the case, and its prior view was that a large amount of natural gas leaks was the cause. We remain with our rating on MEE and believe a takeout is still very possible. However, we continue to think there is little upside to the current stock price, given the combination of the current production profile (declining), PPOV list of MEE mines creating more production uncertainty, and overall mountaintop mining permit availability. Furthermore, the coal space is taking a breather for now, and the current buyer stock currency is declining."

FBR Capital reiterates a "Market Perform" rating on Massey Energy Co. (MEE), which was trading at $52.52, down $1.58, or 2.92 percent, as of 1:04 PM EST. FBR has a price target of $54 on Massey.

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