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| TOP PICK | | Consoldiated Energy Inc | CNX-N | 29.960 | Cash flow per ton margin is currently about $6 per ton. Last year they were $3. Thinks the ultimate margin will be $12/15. Best position and assets. | 2004-04-23 | |
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| TOP PICK | | Peabody Energy Corp | BTU-N | 49.270 | Cash flow per ton margin is currently about $6 per ton. Last year they were $3. Thinks the ultimate margin will be $12/15. Great assets in the West. | 2004-04-23 | |
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| TOP PICK | | Massey Energy Company | MEE-N | 25.590 | Cash flow per ton margin is currently about $6 per ton. Last year they were $3. Thinks the ultimate margin will be $12/15. Heavily involved in steel coal. Very cheap. | 2004-04-23 | |
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| TOP PICK | | Arch Coal Inc. | ACI-N | 33.060 | Cash flow per ton margin is currently about $6 per ton. Last year they were $3. Thinks the ultimate margin will be $12/15. Cheap. | 2004-04-23 | |
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| TOP PICK | | Newfield Exploration Co | NFX-N | 52.540 | A play on a shortage of coal. Energy companies will have to use more natural gas. One of the cheapest. Great exploration potential. | 2004-04-23 | |
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| TOP PICK | | Western Gas Resources Inc. | WGR-N | 55.200 | A superbly positioned company. Could be a takeout. | 2004-04-23 | |
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