Shares in coal freight operator Aurizon Holdings Ltd (ASX: AZJ) are down in early trading on Wednesday, slipping 0.45% to $3.335.
It's been a difficult time these past 3 months for Aurizon shareholders who have seen their holdings collapse amid a bottom-heavy coal market.
Consequently, shares are trading around 52-week lows and investors have started leaving the Aurizon party.
What's going on with the Aurizon share price?
Aurizon's share price collapsed in late October amid a large pullback in the price of coal that began at the same time.
After an extended rally that started in late 2020, the price of coal has reversed sharply and now trades 44% off its record high of US$269.50/tonne in October.
As Beijing continues to regulate its domestic power market in an attempt to curb emissions and the impacts of soaring coal prices, those with exposure to coal have felt the brunt of these moves.
Aurizon has been front and centre of the massacre in ASX coal shares and has seen its share price slide 15% amid the plummet in the price of the black rock.
Adding to the downward pressure, renewed investor concerns surrounding the new Omicron COVID-19 variant have also been a negative catalyst for coal players, according to Trading Economics.
Aside from this, Aurizon's recent acquisition efforts in acquiring One Rail Australia hasn't been well received across the board.
Both UBS and RBC Capital Markets tip Aurizon to underperform, with the latter valuing the company at $3.30 per share.
Meanwhile, the team at Macquarie reckons the One Rail acquisition could be a net positive to the company, particularly due to the diversification benefits into new markets.
In light of this, sentiment appears mixed on Aurizon, particularly as its share price is failing to catch bids these past few weeks.
Aurizon share price snapshot
It's been a difficult one these past 12 months for the Aurizon share price, having lost almost 21% in that time.
This year to date, things aren't any better. The company's shares have given away more than 14% since January 1, and are down almost 2% in the last month.
