NATURAL RESOURCE PARTNERS LP
boothcheck covers NATURAL RESOURCE PARTNERS LP (NRP) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed June 27, 2026.
• Natural Resource Partners owns the land and mineral rights and collects royalties when others mine coal on it, a model that runs a 65.6% operating margin because the partnership bears almost none of the mining cost or risk. • The defining risk is end-market demand: coal royalty volumes and the soda ash joint venture both depend on commodity cycles NRP does not control, and the soda ash partner has paid no distributions since the second quarter of 2025. • The next markers are the quarterly dist
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80 institutional managers reported holding NRP in 13F filings for the quarter ended 2026-03-31. Together they hold about 36% of the company; the top 10 hold 28%. 25 opened new positions that quarter. Held by Morgan Stanley, Goldman Sachs, UBS, among others. On the short side, 338k shares were sold short as of the 2026-06-15 count, about 3% of shares outstanding (4.1 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
Open-market insider buys at NRP over the trailing three years: 2023: 2 buys totaling $223k; 2026: 1 buy totaling $34k. 12 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
NRP's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-05 | +7.1% | +11.2% |
| 2023-11-04 | -3.1% | +41.6% |
| 2024-03-08 | -3.8% | -0.1% |
| 2024-05-08 | +0.2% | +5.4% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
NRP's latest 8-K filings: 2026-08-05 (items 2.02, 9.01); 2026-05-06 (items 2.02, 9.01); 2026-02-27 (items 2.02, 9.01); 2025-11-04 (items 2.02, 9.01); 2025-08-06 (items 2.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.