BMO Capital Markets Comments on Alpha Natural Resources

BMO Capital Markets provided color on Alpha Natural Resources ANR in a research report published today. BMO Capital Markets has previously given ANR Natural Resources an Outperform rating and $55 price target. In the report, BMO Capital Markets states, "Alpha announced a US$600M share repurchase authorization in effect through December 31, 2014. The new authorization is in addition to the existing US$125M authorization announced in May 2010, under which approximately US$108M or 3.2M shares have been repurchased at an average price of US$33.74/share through August 19, 2011. Between the two authorizations, Alpha could potentially purchase more than 21M shares or 10% of shares outstanding." BMO Capital Markets also notes, "Alpha remains one of BMO Research's top picks in the base and bulk commodities." Shares of Alpha Natural Resources closed today at $28.36, down 2% from Friday's market close.