Natural Resource Partners LP (NYSE:NRP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “Natural Resource Partners is witnessing a steady erosion in coal royalty revenues given the weak fundamentals in the thermal and metallurgical coal markets. We believe coal-related companies like Natural Resource Partners will increasingly find the going tough due to the continuous decline in coal demand for electricity generation. Coal is being replaced by cheap natural gas and other alternate sources in the power sector. However, coal demand is expected to improve in 2017, as a warmer-than-normal summer in 2016 has led to heavy drawdowns of inventories at the utilities. As part of its strategy to focus on core operations, Natural Resource sold off its non-operated oil and gas working-interest assets. The partnership is also well placed to reap the benefits of the aggregates market from its VantaCore business.”
Natural Resource Partners (NYSE:NRP) opened at 29.20 on Wednesday. The stock has a 50 day moving average of $24.11 and a 200 day moving average of $17.14. Natural Resource Partners has a 12-month low of $5.00 and a 12-month high of $31.29. The firm’s market capitalization is $357.17 million.
Natural Resource Partners (NYSE:NRP) last posted its earnings results on Thursday, August 4th. The company reported $3.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.19 by $3.53. The business earned $70.15 million during the quarter, compared to analyst estimates of $88.10 million. Natural Resource Partners’s revenue was down 4.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.28 earnings per share. Equities research analysts anticipate that Natural Resource Partners will post $6.52 earnings per share for the current year.
Several hedge funds have recently modified their holdings of NRP. Centerbridge Partners L.P. purchased a new stake in shares of Natural Resource Partners during the second quarter worth $444,000. KCG Holdings Inc. boosted its stake in shares of Natural Resource Partners by 51.6% in the second quarter. KCG Holdings Inc. now owns 24,222 shares of the company’s stock worth $348,000 after buying an additional 8,249 shares during the last quarter. Acrospire Investment Management LLC boosted its stake in shares of Natural Resource Partners by 5,572.6% in the second quarter. Acrospire Investment Management LLC now owns 12,196 shares of the company’s stock worth $175,000 after buying an additional 11,981 shares during the last quarter. Wedbush Securities Inc. purchased a new stake in shares of Natural Resource Partners during the second quarter worth $299,000. Finally, Arrow Investment Advisors LLC boosted its stake in shares of Natural Resource Partners by 44.1% in the second quarter. Arrow Investment Advisors LLC now owns 73,129 shares of the company’s stock worth $1,049,000 after buying an additional 22,376 shares during the last quarter.
Natural Resource Partners Company Profile
Natural Resource Partners L.P. owns, operates, manages and leases a portfolio of mineral properties in the United States, including interests in coal, trona and soda ash, crude oil and natural gas, construction aggregates, frac sand and other natural resources. The Company’s Coal, Hard Mineral Royalty and Other segment consists primarily of coal royalty, coal related transportation and processing assets, aggregate and industrial minerals royalty assets and timber.