Intrinsic value of Natural Resource Partners - NRP

Previous Close

$31.95

  Intrinsic Value

$98.78

stock screener

  Rating & Target

str. buy

+209%

Previous close

$31.95

 
Intrinsic value

$98.78

 
Up/down potential

+209%

 
Rating

str. buy

We calculate the intrinsic value of NRP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  386
  394
  405
  416
  429
  442
  457
  474
  491
  510
  530
  552
  575
  599
  625
  652
  681
  712
  744
  779
  815
  853
  893
  935
  980
  1,027
  1,076
  1,128
  1,182
  1,240
Variable operating expenses, $m
  201
  203
  206
  209
  213
  217
  221
  226
  230
  236
  148
  154
  160
  167
  174
  182
  190
  199
  208
  217
  227
  238
  249
  261
  274
  287
  300
  315
  330
  346
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  201
  203
  206
  209
  213
  217
  221
  226
  230
  236
  148
  154
  160
  167
  174
  182
  190
  199
  208
  217
  227
  238
  249
  261
  274
  287
  300
  315
  330
  346
Operating income, $m
  185
  191
  198
  207
  216
  226
  236
  248
  261
  274
  382
  398
  414
  432
  451
  470
  491
  513
  537
  561
  587
  615
  644
  674
  706
  740
  776
  813
  852
  894
EBITDA, $m
  382
  391
  401
  412
  425
  438
  453
  469
  487
  505
  525
  547
  569
  594
  619
  646
  675
  705
  738
  771
  807
  845
  885
  927
  971
  1,017
  1,066
  1,117
  1,172
  1,228
Interest expense (income), $m
  84
  69
  71
  73
  76
  79
  82
  85
  89
  93
  98
  103
  108
  113
  119
  126
  132
  139
  147
  155
  163
  172
  181
  191
  201
  212
  224
  236
  248
  262
  276
Earnings before tax, $m
  116
  120
  125
  131
  137
  144
  151
  159
  167
  177
  280
  290
  301
  313
  325
  338
  352
  366
  382
  398
  415
  434
  453
  473
  494
  516
  540
  565
  591
  618
Tax expense, $m
  31
  32
  34
  35
  37
  39
  41
  43
  45
  48
  75
  78
  81
  84
  88
  91
  95
  99
  103
  108
  112
  117
  122
  128
  133
  139
  146
  152
  160
  167
Net income, $m
  85
  88
  91
  96
  100
  105
  110
  116
  122
  129
  204
  212
  220
  228
  237
  247
  257
  268
  279
  291
  303
  317
  331
  345
  361
  377
  394
  412
  431
  451

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,418
  1,450
  1,487
  1,529
  1,576
  1,626
  1,682
  1,742
  1,806
  1,876
  1,950
  2,029
  2,113
  2,203
  2,298
  2,399
  2,505
  2,618
  2,737
  2,863
  2,995
  3,135
  3,283
  3,438
  3,602
  3,774
  3,956
  4,147
  4,347
  4,559
Adjusted assets (=assets-cash), $m
  1,418
  1,450
  1,487
  1,529
  1,576
  1,626
  1,682
  1,742
  1,806
  1,876
  1,950
  2,029
  2,113
  2,203
  2,298
  2,399
  2,505
  2,618
  2,737
  2,863
  2,995
  3,135
  3,283
  3,438
  3,602
  3,774
  3,956
  4,147
  4,347
  4,559
Revenue / Adjusted assets
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
Average production assets, $m
  1,041
  1,065
  1,092
  1,123
  1,157
  1,194
  1,235
  1,279
  1,326
  1,377
  1,431
  1,490
  1,551
  1,617
  1,687
  1,761
  1,839
  1,922
  2,009
  2,102
  2,199
  2,302
  2,410
  2,524
  2,644
  2,771
  2,904
  3,044
  3,192
  3,347
Working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total debt, $m
  832
  859
  889
  924
  962
  1,004
  1,049
  1,099
  1,152
  1,209
  1,270
  1,335
  1,404
  1,478
  1,556
  1,639
  1,727
  1,820
  1,918
  2,021
  2,130
  2,246
  2,367
  2,495
  2,630
  2,771
  2,921
  3,078
  3,243
  3,417
Total liabilities, $m
  1,167
  1,193
  1,224
  1,259
  1,297
  1,339
  1,384
  1,433
  1,487
  1,544
  1,605
  1,670
  1,739
  1,813
  1,891
  1,974
  2,062
  2,154
  2,253
  2,356
  2,465
  2,580
  2,702
  2,830
  2,964
  3,106
  3,256
  3,413
  3,578
  3,752
Total equity, $m
  251
  257
  263
  271
  279
  288
  298
  308
  320
  332
  345
  359
  374
  390
  407
  425
  443
  463
  484
  507
  530
  555
  581
  609
  638
  668
  700
  734
  769
  807
Total liabilities and equity, $m
  1,418
  1,450
  1,487
  1,530
  1,576
  1,627
  1,682
  1,741
  1,807
  1,876
  1,950
  2,029
  2,113
  2,203
  2,298
  2,399
  2,505
  2,617
  2,737
  2,863
  2,995
  3,135
  3,283
  3,439
  3,602
  3,774
  3,956
  4,147
  4,347
  4,559
Debt-to-equity ratio
  3.320
  3.350
  3.380
  3.410
  3.450
  3.490
  3.520
  3.560
  3.600
  3.640
  3.680
  3.720
  3.750
  3.790
  3.830
  3.860
  3.890
  3.930
  3.960
  3.990
  4.020
  4.050
  4.070
  4.100
  4.120
  4.150
  4.170
  4.190
  4.210
  4.230
Adjusted equity ratio
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  85
  88
  91
  96
  100
  105
  110
  116
  122
  129
  204
  212
  220
  228
  237
  247
  257
  268
  279
  291
  303
  317
  331
  345
  361
  377
  394
  412
  431
  451
Depreciation, amort., depletion, $m
  197
  200
  202
  206
  209
  213
  217
  221
  226
  231
  143
  149
  155
  162
  169
  176
  184
  192
  201
  210
  220
  230
  241
  252
  264
  277
  290
  304
  319
  335
Funds from operations, $m
  282
  288
  294
  301
  309
  318
  327
  337
  348
  360
  347
  361
  375
  390
  406
  423
  441
  460
  480
  501
  523
  547
  572
  598
  625
  654
  685
  717
  750
  786
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  282
  288
  294
  301
  309
  318
  327
  337
  348
  360
  347
  361
  375
  390
  406
  423
  441
  460
  480
  501
  523
  547
  572
  598
  625
  654
  685
  717
  750
  786
Maintenance CAPEX, $m
  -102
  -104
  -106
  -109
  -112
  -116
  -119
  -123
  -128
  -133
  -138
  -143
  -149
  -155
  -162
  -169
  -176
  -184
  -192
  -201
  -210
  -220
  -230
  -241
  -252
  -264
  -277
  -290
  -304
  -319
New CAPEX, $m
  -20
  -24
  -27
  -31
  -34
  -37
  -41
  -44
  -47
  -51
  -54
  -58
  -62
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -127
  -133
  -140
  -147
  -155
Cash from investing activities, $m
  -122
  -128
  -133
  -140
  -146
  -153
  -160
  -167
  -175
  -184
  -192
  -201
  -211
  -221
  -232
  -243
  -254
  -267
  -279
  -293
  -307
  -323
  -338
  -355
  -372
  -391
  -410
  -430
  -451
  -474
Free cash flow, $m
  160
  160
  160
  161
  163
  165
  167
  170
  173
  176
  155
  159
  164
  169
  174
  180
  186
  193
  200
  208
  216
  224
  233
  243
  253
  263
  274
  286
  299
  312
Issuance/(repayment) of debt, $m
  22
  27
  31
  34
  38
  42
  46
  49
  53
  57
  61
  65
  69
  74
  78
  83
  88
  93
  98
  103
  109
  115
  121
  128
  135
  142
  149
  157
  165
  174
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  22
  27
  31
  34
  38
  42
  46
  49
  53
  57
  61
  65
  69
  74
  78
  83
  88
  93
  98
  103
  109
  115
  121
  128
  135
  142
  149
  157
  165
  174
Total cash flow (excl. dividends), $m
  182
  186
  191
  196
  201
  207
  213
  219
  226
  233
  216
  224
  233
  243
  253
  263
  274
  286
  298
  311
  325
  339
  354
  370
  387
  405
  424
  443
  464
  486
Retained Cash Flow (-), $m
  -6
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -37
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  176
  181
  184
  188
  193
  198
  203
  208
  215
  221
  203
  210
  218
  227
  236
  245
  255
  266
  277
  289
  301
  315
  328
  343
  358
  375
  392
  409
  428
  448
Discount rate, %
  10.30
  10.82
  11.36
  11.92
  12.52
  13.15
  13.80
  14.49
  15.22
  15.98
  16.78
  17.62
  18.50
  19.42
  20.39
  21.41
  22.48
  23.61
  24.79
  26.03
  27.33
  28.70
  30.13
  31.64
  33.22
  34.88
  36.62
  38.45
  40.38
  42.40
PV of cash for distribution, $m
  160
  147
  133
  120
  107
  94
  82
  71
  60
  50
  37
  30
  24
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

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, construction aggregates and other natural resources. Coal Royalty and Other segment consists primarily of coal royalty and coal related transportation and processing assets. As of December 31, 2016, Soda Ash segment included the Company's 49% non-controlling equity interest in Ciner Wyoming, a trona ore mining operation and soda ash refinery in the Green River Basin, Wyoming. VantaCore's operating businesses include Laurel Aggregates, located in Lake Lynn, Pennsylvania; Winn Materials/McIntosh Construction, located in Clarksville, Tennessee; Grand Rivers, located in Grand Rivers, Kentucky, and Southern Aggregates, located near Baton Rouge, Louisiana.

FINANCIAL RATIOS  of  Natural Resource Partners (NRP)

Valuation Ratios
P/E Ratio 4
Price to Sales 1.1
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 3.6
Price to Free Cash Flow 3.8
Growth Rates
Sales Growth Rate -14.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -90.2%
Cap. Spend. - 3 Yr. Gr. Rate -41.3%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 651.3%
Total Debt to Equity 743.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 11.6%
Ret/ On Assets - 3 Yr. Avg. -1.2%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. -6.4%
Return On Equity 85.1%
Return On Equity - 3 Yr. Avg. -14%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 60.6%
EBITDA Margin - 3 Yr. Avg. 38.8%
Operating Margin 50.1%
Oper. Margin - 3 Yr. Avg. 20.5%
Pre-Tax Margin 25.6%
Pre-Tax Margin - 3 Yr. Avg. -2.2%
Net Profit Margin 26.1%
Net Profit Margin - 3 Yr. Avg. -24.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 22.7%

NRP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NRP stock intrinsic value calculation we used $378 million for the last fiscal year's total revenue generated by Natural Resource Partners. The default revenue input number comes from 2017 income statement of Natural Resource Partners. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NRP stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.3%, whose default value for NRP is calculated based on our internal credit rating of Natural Resource Partners, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Natural Resource Partners.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NRP stock the variable cost ratio is equal to 52.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NRP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 8.5% for Natural Resource Partners.

Corporate tax rate of 27% is the nominal tax rate for Natural Resource Partners. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NRP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NRP are equal to 269.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Natural Resource Partners operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NRP is equal to 0%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $245 million for Natural Resource Partners - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 12 million for Natural Resource Partners is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Natural Resource Partners at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
AHGP Alliance Holdi 28.37 53.96  str.buy
ARLP Alliance Resou 19.10 32.99  str.buy
HNRG Hallador Energ 6.58 2.08  str.sell

COMPANY NEWS

▶ Cheap Energy Stocks This Week   [Jun-26-18 09:02AM  Simply Wall St.]
▶ June Energy Dividend Stock Picks   [Jun-05-18 09:02AM  Simply Wall St.]
▶ Best Undervalued Energy Stocks in May   [May-15-18 09:02AM  Simply Wall St.]
▶ Small Stocks, Big Dividends   [12:47PM  InvestorPlace]
▶ Best NYSE Energy Dividend Payers   [May-01-18 09:02AM  Simply Wall St.]
▶ April Undervalued Energy Stocks To Look Out For   [Apr-03-18 09:02AM  Simply Wall St.]
▶ Best NYSE Energy Dividend Picks For The Day   [09:02AM  Simply Wall St.]
▶ Natural Resource Partners 2017 Form 10-K Now Available   [Mar-01-18 04:50PM  Business Wire]
▶ Energy Dividend Stocks Investors Love   [Feb-20-18 08:02AM  Simply Wall St.]
▶ 4 Best Stocks to Counter First Government Shutdown Since 13   [Jan-22-18 11:25AM  InvestorPlace]
▶ NYSE Top Energy Dividend Paying Stocks   [Jan-16-18 08:02AM  Simply Wall St.]
▶ Coal Prices Have Been Constant Week-over-Week   [Dec-15-17 09:02AM  Market Realist]
▶ Coal Prices Have Been Steady Week-over-Week   [Dec-07-17 09:02AM  Market Realist]
▶ Natural Gas Prices Fall despite Higher Demand   [Nov-22-17 10:41AM  Market Realist]
▶ Spot Coal Prices Remained Flat in the Week Ending November 3   [Nov-09-17 09:01AM  Market Realist]
▶ Why Westmoreland Coals Shipments Fell in 3Q17   [Nov-07-17 01:45PM  Market Realist]
▶ A Closer Look at Westmoreland Coals 2017 Guidance   [Oct-30-17 04:40PM  Market Realist]
▶ Natural Gas Inventory Falls below 5-Year Average   [Oct-25-17 03:40PM  Market Realist]
▶ Coal Prices Remained Steady in the Week Ended October 13   [Oct-19-17 09:08AM  Market Realist]
▶ Could a Rise in Natural Gas Inventory Affect Coal?   [Oct-18-17 07:44AM  Market Realist]
▶ PRB Coal Price Rose in the Week Ended October 6   [Oct-13-17 09:06AM  Market Realist]
▶ How Natural Gas Inventory Affected Coal on September 29   [Oct-12-17 07:41AM  Market Realist]
▶ Appalachian Coal Price Rose in the Last Week of September   [Oct-05-17 09:09AM  Market Realist]
▶ Can Natural Gas Inventory Rebalancing Affect Coal?   [Oct-04-17 01:06PM  Market Realist]
▶ What Happened to Coal Prices as of September 22?   [Sep-29-17 07:40AM  Market Realist]
▶ Are Coal Mines Affected by Higher Crude Oil Prices?   [Sep-28-17 09:10AM  Market Realist]
▶ How Harvey and Irma Affected Natural Gas Prices   [Sep-20-17 09:36AM  Market Realist]
▶ Coal Prices Remain Constant in Week Ended September 8   [Sep-13-17 09:07AM  Market Realist]
▶ Have the Hurricanes Affected Natural Gas Prices?   [Sep-12-17 01:36PM  Market Realist]
▶ Why Natural Resource Partners L.P. Units Lost 11% in May   [Jun-06-17 01:13PM  Motley Fool]
▶ 3 Top Mineral Mining Stocks to Buy in 2017   [May-23-17 11:09AM  Motley Fool]
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.