Natural Resource Partners LP (NRP) Raised to “Buy” at Zacks Investment Research
Natural Resource Partners LP (NYSE:NRP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $32.00 target price on the stock. Zacks Investment Research’s price objective points to a potential upside of 10.38% from the company’s previous close.
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.”
Natural Resource Partners (NYSE:NRP) traded up 0.93% during trading on Tuesday, reaching $29.26. 19,240 shares of the company’s stock were exchanged. Natural Resource Partners has a 52 week low of $5.00 and a 52 week high of $31.29. The company’s 50 day moving average price is $26.06 and its 200-day moving average price is $18.25. The stock’s market capitalization is $357.91 million.
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Natural Resource Partners (NYSE:NRP) last announced its quarterly earnings data on Thursday, August 4th. The company reported $3.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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. The business’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.28 EPS. On average, equities analysts expect that Natural Resource Partners will post $6.52 EPS for the current year.
Institutional investors have recently made changes to their positions in the company. UBS Group AG increased its position in Natural Resource Partners by 180.8% in the first quarter. UBS Group AG now owns 126,978 shares of the company’s stock valued at $952,000 after buying an additional 81,757 shares during the period. Centerbridge Partners L.P. purchased a new position in Natural Resource Partners during the second quarter valued at $444,000. Arrow Investment Advisors LLC increased 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. Wedbush Securities Inc. purchased a new position in Natural Resource Partners during the second quarter valued at $299,000. Finally, Acrospire Investment Management LLC increased 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.
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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