SunCoke Energy Inc (SXC) Stock Price Up 20.5% Following Strong Earnings
Shares of SunCoke Energy Inc (NYSE:SXC) rose 20.5% on Thursday following a stronger than expected earnings report. The company traded as high as $10.07 and last traded at $10.01, with a volume of 2,235,948 shares. The stock had previously closed at $8.31.
The energy company reported $0.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.12. SunCoke Energy had a return on equity of 3.51% and a net margin of 1.18%. The firm had revenue of $309.70 million for the quarter, compared to analyst estimates of $410.60 million. During the same quarter in the prior year, the company posted ($0.06) earnings per share. SunCoke Energy’s quarterly revenue was down .5% on a year-over-year basis.
Separately, Zacks Investment Research lowered SunCoke Energy from a “hold” rating to a “sell” rating in a report on Wednesday, January 25th.
In related news, major shareholder Mangrove Partners Fund (Cayman acquired 7,893 shares of SunCoke Energy stock in a transaction dated Friday, March 24th. The shares were acquired at an average cost of $8.25 per share, for a total transaction of $65,117.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 665,868 shares of company stock worth $6,701,121 in the last three months. 3.27% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of the stock. Mangrove Partners increased its stake in shares of SunCoke Energy by 6.6% in the third quarter. Mangrove Partners now owns 8,134,491 shares of the energy company’s stock valued at $65,239,000 after buying an additional 506,995 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of SunCoke Energy by 5.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,012,159 shares of the energy company’s stock valued at $56,839,000 after buying an additional 279,430 shares in the last quarter. BlackRock Fund Advisors increased its stake in shares of SunCoke Energy by 8.1% in the third quarter. BlackRock Fund Advisors now owns 4,724,053 shares of the energy company’s stock valued at $37,887,000 after buying an additional 352,619 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of SunCoke Energy by 24.2% in the fourth quarter. Renaissance Technologies LLC now owns 2,855,000 shares of the energy company’s stock valued at $32,376,000 after buying an additional 555,689 shares in the last quarter. Finally, State Street Corp increased its stake in shares of SunCoke Energy by 1.4% in the fourth quarter. State Street Corp now owns 2,618,907 shares of the energy company’s stock valued at $29,702,000 after buying an additional 37,072 shares in the last quarter. Institutional investors and hedge funds own 86.04% of the company’s stock.
The stock’s 50 day moving average is $9.03 and its 200 day moving average is $10.10. The company has a market cap of $642.93 million, a price-to-earnings ratio of 45.50 and a beta of 1.22.
About SunCoke Energy
SunCoke Energy, Inc is a producer of coke in the Americas. The Company’s segments include Domestic Coke, Brazil Coke, Coal Logistics, and Corporate and Other. The Domestic Coke segment consists of its Jewell Coke Company, L.P. (Jewell), Indiana Harbor Coke Company (Indiana Harbor), Haverhill Coke Company LLC (Haverhill), Gateway Energy and Coke Company, LLC (Granite City) and Middletown Coke Company, LLC (Middletown) cokemaking and heat recovery operations.
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