Zacks Investment Research upgraded shares of Natural Resource Partners LP (NYSE:NRP) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. They currently have $32.00 price objective on the stock.
According to Zacks, “Natural Resource Partners’ is working on a strategic plan to strengthen its balance sheet and improve its liquidity. The partnership exited the second quarter with cash of $21.4 million and repaid debts worth $108.5 million in the first half of 2016. 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. However, 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.”
Shares of Natural Resource Partners (NYSE:NRP) traded up 1.5818% during trading on Tuesday, hitting $30.6574. 6,935 shares of the stock were exchanged. The company’s market cap is $375.00 million. The firm has a 50 day moving average of $26.39 and a 200-day moving average of $18.41. Natural Resource Partners has a 12-month low of $5.00 and a 12-month high of $31.29.
Natural Resource Partners (NYSE:NRP) last issued its quarterly earnings data on Thursday, August 4th. The company reported $3.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $3.53. The firm earned $70.15 million during the quarter, compared to analyst estimates of $88.10 million. During the same period last year, the business earned $0.28 EPS. The firm’s revenue was down 4.4% compared to the same quarter last year. On average, analysts forecast that Natural Resource Partners will post $6.52 earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in the stock. Wedbush Securities Inc. acquired a new position in Natural Resource Partners during the second quarter valued at approximately $299,000. Arrow Investment Advisors LLC boosted its position in Natural Resource Partners by 44.1% in the second quarter. Arrow Investment Advisors LLC now owns 73,129 shares of the company’s stock valued at $1,049,000 after buying an additional 22,376 shares during the period. Acrospire Investment Management LLC boosted its position in 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 valued at $175,000 after buying an additional 11,981 shares during the period. Centerbridge Partners L.P. acquired a new position in Natural Resource Partners during the second quarter valued at approximately $444,000. Finally, KCG Holdings Inc. boosted its position in Natural Resource Partners by 51.6% in the second quarter. KCG Holdings Inc. now owns 24,222 shares of the company’s stock valued at $348,000 after buying an additional 8,249 shares during the period.
About Natural Resource Partners
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.
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