Patriot Coal (PCX) NewsBite - PCX Upgraded By BMO Capital Markets

Posted: Friday, October 09, 2009 1:40 PM EDT

Patriot Coal (PCX) was upgraded today by analysts at BMO Capital Markets and the stock is now at $13.04, up $0.22 (1.68%) on volume of 2,949,627 shares traded. The brokerage upped PCX to Market Perform from Underperform. Over the last 52 weeks the stock has ranged from a low of $2.76 to a high of $21.70. Patriot Coal stock has been showing support around $12.39 and resistance in the $13.17 range. Technical indicators for the stock are bullish and S&P does not currently have a STARS rating for PCX. If you are looking for a hedged play on PCX the stock seems like it could be a candidate for a November out-of-the-money bull-put credit spread below the 10 range. [ABR-Seven Summits Strategic Investments NewsBite]

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