The Manufacturers Life Insurance Company Acquires 59,683 Shares of Core Natural Resources, Inc. $CNR

Key Points

• The Manufacturers Life Insurance Company increased its Core Natural Resources stake by 228.8% in the first quarter, acquiring 59,683 additional shares and bringing its holdings to 85,770 shares worth approximately $8.98 million.
• Institutional investors own 86.54% of Core Natural Resources, with several other funds also expanding their positions, including Goehring & Rozencwajg Associates and State Street.
• Core Natural Resources reported quarterly EPS of $0.41, exceeding estimates of $0.28, while revenue rose 94.7% year over year to $899.48 million. Analysts maintain a “Moderate Buy” consensus rating with a $112.50 price target, despite mixed recent recommendations.

The Manufacturers Life Insurance Company raised its holdings in shares of Core Natural Resources, Inc. (NYSE:CNR - Free Report) by 228.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 85,770 shares of the energy company's stock after acquiring an additional 59,683 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.17% of Core Natural Resources worth $8,979,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Adage Capital Partners GP L.L.C. bought a new position in Core Natural Resources in the 4th quarter worth $86,297,000. Goehring & Rozencwajg Associates LLC grew its holdings in Core Natural Resources by 134.0% during the first quarter. Goehring & Rozencwajg Associates LLC now owns 708,225 shares of the energy company's stock valued at $74,172,000 after purchasing an additional 405,505 shares during the period. State Street Corp increased its position in Core Natural Resources by 10.2% in the second quarter. State Street Corp now owns 3,169,543 shares of the energy company's stock worth $221,044,000 after buying an additional 294,312 shares in the last quarter. Balyasny Asset Management L.P. increased its position in Core Natural Resources by 10,023.9% in the second quarter. Balyasny Asset Management L.P. now owns 295,720 shares of the energy company's stock worth $20,624,000 after buying an additional 292,799 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA bought a new position in shares of Core Natural Resources in the fourth quarter worth about $22,741,000. Institutional investors own 86.54% of the company's stock.

Core Natural Resources Price Performance

Shares of Core Natural Resources stock opened at $81.02 on Wednesday. The stock's 50-day simple moving average is $85.05 and its 200-day simple moving average is $90.05. Core Natural Resources, Inc. has a 52 week low of $68.78 and a 52 week high of $114.80. The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of -66.41 and a beta of 0.14. The company has a quick ratio of 1.21, a current ratio of 1.70 and a debt-to-equity ratio of 0.11.

Core Natural Resources (NYSE:CNR - Get Free Report) last released its earnings results on Thursday, May 7th. The energy company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.13. The firm had revenue of $899.48 million during the quarter, compared to analysts' expectations of $1.06 billion. Core Natural Resources had a negative return on equity of 1.69% and a negative net margin of 1.49%.The firm's revenue was up 94.7% on a year-over-year basis. During the same quarter last year, the business posted $3.39 earnings per share. As a group, analysts expect that Core Natural Resources, Inc. will post 2.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on CNR shares. Zacks Research raised Core Natural Resources from a "strong sell" rating to a "hold" rating in a research report on Wednesday, June 24th. UBS Group reduced their target price on shares of Core Natural Resources from $107.00 to $100.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Weiss Ratings cut shares of Core Natural Resources from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, June 23rd. Wall Street Zen raised shares of Core Natural Resources from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Finally, B. Riley Financial reiterated a "buy" rating on shares of Core Natural Resources in a research report on Thursday, April 30th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $112.50.

Core Natural Resources Profile

Core Natural Resources, Inc, together with its subsidiaries, produces and sells bituminous coal in the United States and internationally. It operates through two segments, Pennsylvania Mining Complex (PAMC) and CONSOL Marine Terminal. The company's PAMC segment engages in the mining, preparing, and marketing of bituminous coal to power generators, industrial end-users, and metallurgical end-users. This segment includes the Bailey Mine, the Enlow Fork Mine, the Harvey Mine, and the central preparation plant.

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