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Today's Top 3 Energy Stocks

Dan Dzombak
March 22, 2013

Oil prices were on the move today as the market overlooked the threat of Cyprus to Europe. At 4 p.m. on Tuesday, Brent crude was up 0.12% to $107.61 and WTI crude was up 1.51% to $93.84. U.S. natural gas was up 0.03% to $3.94.

Today's top 3 energy stocks
Among companies with market caps greater than $1 billion, today's energy stocks leader was Walter Energy (NYSE: WLT), which was up 3.51% to $29.45. Walter Energy is a pure-play metallurgical coal producer with mines around the U.S. and Canada.

Today, Walter Energy announced a $350 million private placement of debt due 2021, $250 million of which will go toward paying down debt. Walter Energy and other coal producers have been hit hard the past two years as low natural gas prices caused natural gas to steal market share from coal among utility companies. The company's stock has also been beaten down as investors fret over a high $2.4 billion debt load.

This past year, the company has faced criticism and a proxy challenge from Audley Capital, which is looking to replace five members of Walter Energy's board at the company's annual meeting next month. On March 11, th