06 MAY 2013Dailypolitical.com
Century Aluminum Company rating increased to Buy at Cowen
Edited by : AL CIRCLE
2 min read
Cowen upgraded shares of Century Aluminum Company from a hold rating to a buy rating in a report released on Tuesday. Cowen currently has $13.00 target price on the stock.
“Century Aluminum announced a tentative agreement with Kenergy Corp and Big Rivers Electric Corp on the framework of a new power contract that would provide the company’s Hawesville smelter with market-priced power. Should the agreement be finalized, the new contract would become effective on Aug 20. Management estimates that the delta between the old rate and market pricing is roughly $225/mt (which equates to roughly $56 MM annually), and that the implied savings would make the facility profitable on an operating basis even at currently depressed LME levels.,” the firm’s analyst commented.
Century Aluminum Company traded up 1.00% on Tuesday, hitting $8.12. Century Aluminum Company has a 1-year low of $5.52 and a 1-year high of $9.70. The stock’s 50-day moving average is currently $7.60. The company’s market cap is $719.4 million.
Other equities research analysts have also recently issued reports about the stock. Analysts at Credit Suisse cut their price target on shares of Century Aluminum Company from $7.00 to $6.00 in a research note to investors on Monday. They now have an underperform rating on the stock. Separately, analysts at Davenport upgraded shares of Century Aluminum Company from a neutral rating to a buy rating in a research note to investors on Monday. They now have a $14.00 price target on the stock. Finally, analysts at Barclays Capital cut their price target on shares of Century Aluminum Company from $11.00 to $9.00 in a research note to investors on Friday, April 26th. They now have an overweight rating on the stock.
Four investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Century Aluminum Company has a consensus rating of Hold and an average target price of $9.00.
“Century Aluminum announced a tentative agreement with Kenergy Corp and Big Rivers Electric Corp on the framework of a new power contract that would provide the company’s Hawesville smelter with market-priced power. Should the agreement be finalized, the new contract would become effective on Aug 20. Management estimates that the delta between the old rate and market pricing is roughly $225/mt (which equates to roughly $56 MM annually), and that the implied savings would make the facility profitable on an operating basis even at currently depressed LME levels.,” the firm’s analyst commented.
Century Aluminum Company traded up 1.00% on Tuesday, hitting $8.12. Century Aluminum Company has a 1-year low of $5.52 and a 1-year high of $9.70. The stock’s 50-day moving average is currently $7.60. The company’s market cap is $719.4 million.
Other equities research analysts have also recently issued reports about the stock. Analysts at Credit Suisse cut their price target on shares of Century Aluminum Company from $7.00 to $6.00 in a research note to investors on Monday. They now have an underperform rating on the stock. Separately, analysts at Davenport upgraded shares of Century Aluminum Company from a neutral rating to a buy rating in a research note to investors on Monday. They now have a $14.00 price target on the stock. Finally, analysts at Barclays Capital cut their price target on shares of Century Aluminum Company from $11.00 to $9.00 in a research note to investors on Friday, April 26th. They now have an overweight rating on the stock.
Four investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Century Aluminum Company has a consensus rating of Hold and an average target price of $9.00.
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