US coal company stocks rise on results, energy prices

NEW YORK, May 6 (Reuters) - Shares in U.S. coal companies rose on Wednesday as oil and gas prices rose and investors reacted to a series of strong quarterly earnings reports from miners.

"Gas and oil was up, which never hurts," said analyst Jeremy Sussman of Natixis Bleichroeder. "Also, Alpha's results were great. They knocked the cover off the ball."

Earlier on Wednesday, Alpha Natural Resources Inc (ANR.N) reported a 61 percent rise in first-quarter profit, beating market estimates.

"Investors are more comfortable that the doom-and-gloom scenario, with widespread bankruptcies, doesn't look like happening," said Sussman.

The price of oil, meanwhile, rose above $56 per barrel and natural gas was 5 percent higher.

In afternoon trading on the New York Stock Exchange, Alpha's stock was up $5.02, or 19.8 percent, at $30.34.

The Big Four coal producers benefited too. Arch Coal (ACI.N) was up 6.5 percent at $18.39, Consol Energy (CNX.N) rose 4.7 percent to $38.56, Massey Energy (MEE.N) was 3.8 percent higher at $22.42 and Peabody Energy (BTU.N) was up 2.5 percent at $33.02.