Patriot Coal Corporation (PCX), a Indiana.producer of thermal coal, engages in the mining, production, and sale of thermal coal primarily to electricity generators in the eastern United States, with operations and coal reserves in the Appalachia and the Illinois Basin coal regions.
Patriot Coal must be one of the habitual losers over the past year, and saw its share price declining from $22.44 to the current level of $2.19, an accumulative loss of 90.24%. Over the past 52 weeks, PCX stock traded between $1.02 and $24.99.
But the stock has experienced two big days this week. PCX stock price rose more than 32% on Tuesday, partially because Bloomberg News story on June 5 pointed out coal use in Europe is at its highest levels since the mid-2000s because of rising imports and steep price cuts.
On Tursday, PCX stock price soared more than 35% without catalyst behind. It can be guessed that this might be due to the short covering: Over 28% of the PCX float was sold short as of mid-June, with the big gain on Tuesday, these short seller might be nervous, this might have pushed them over the edge, causing a melt-up.
As of Friday’s closing bell, PCX has accumulatively surged totally 79.51% since the beginning of this week, winning the champion of best stock this week.
On the basis of the latest closing price, Patriot Coal has a market cap of $203.38 million. PCX stock price is currently below the 50-day moving average and the 200-day moving average of $7.13.