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NRP - Natural Resource Partners Appears To Be Approaching Fair Value
Natural Resource Partners LP Limited Partnership
2024-04-14 23:32:55 ET
Summary
Natural Resource Partners owns mineral rights to both steam and met coal assets, as well as a stake in a Wyoming soda ash plant.
2023 results were strong, leading to a rally in the units, but the cyclical nature of the coal and soda ash markets may start to limit further upside.
The soda ash business performed well in 2023, with the highest annual distribution ever received by NRP, while management has shown robust capital allocation and incentives.
Carbon-neutral projects have performed less well than I had hoped.