Natural Resource Partners LP (NRP) Upgraded to “Buy” by 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 note issued to investors on Tuesday. The brokerage presently has a $32.00 target price on the stock. Zacks Investment Research’s target price points to a potential upside of 6.03% from the stock’s current price.
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 4.10% during mid-day trading on Tuesday, reaching $30.18. The company’s stock had a trading volume of 61,913 shares. The firm’s market cap is $369.16 million. The company’s 50-day moving average is $26.06 and its 200 day moving average is $18.25. Natural Resource Partners has a 12 month low of $5.00 and a 12 month high of $31.29.
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Natural Resource Partners (NYSE:NRP) last posted its quarterly earnings data on Thursday, August 4th. The company reported $3.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $3.53. The company had revenue of $70.15 million for the quarter, compared to the consensus estimate of $88.10 million. During the same period in the prior year, the firm posted $0.28 earnings per share. The business’s revenue was down 4.4% on a year-over-year basis. On average, equities analysts anticipate that Natural Resource Partners will post $6.52 EPS for the current year.
Several hedge funds have recently bought and sold shares of the company. Centerbridge Partners L.P. bought a new stake in Natural Resource Partners during the second quarter worth about $444,000. KCG Holdings Inc. increased its stake in 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 in the last quarter. Acrospire Investment Management LLC increased its stake 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 worth $175,000 after buying an additional 11,981 shares in the last quarter. Wedbush Securities Inc. bought a new stake in Natural Resource Partners during the second quarter worth about $299,000. Finally, Arrow Investment Advisors LLC increased its stake 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 worth $1,049,000 after buying an additional 22,376 shares in the last quarter.
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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