0200 GMT - Coronado Global Resources' final dividend missed expectations, dragging the stock 5.4% lower to A$1.40. "A tax gain has affected the quality of the result, and the dividend is a minor miss," Jefferies analysts say of the coal miner's FY earnings report in a note. They say they expected a US$0.016 dividend and the consensus estimate was for US$0.02, versus the miner's declared payout of US$0.005 per CDI. "After a weak second half of 2023 with a number of issues across both the U.S. and Australia negatively affecting production, CRN is aiming for a modest 6% improvement in production in 2024 with a more material 10% unit cost improvement," say the analysts. "Delivering to this would go a long way toward boosting market confidence in the name." Jefferies has a buy rating and A$2.20 target on the stock. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
February 19, 2024 21:01 ET (02:01 GMT)
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