Massey raises coal price, stock soars
- April 7, 2008
Shares of Massey Energy Co. jumped 18 percent Friday after it announced higher than expected coal prices this year.
The Richmond-based company says it expects to sell coal for between $61 and $63 per ton in 2008. That’s well above the $54 to $56 range it originally expected.
The stock price closed Friday at $27.15, up $7.27 that day.
Massey CEO Don Blankenship is meeting with investors today at the Howard Weil Energy Conference in New Orleans to discuss its outlook and capital projects.