Contrarian Capital Scales Back on Core Natural Resources as Coal Markets Normalize

2026-02-27 20:14:30

What happened

According to an SEC filing dated February 13, 2026, Contrarian Capital Management, L.L.C. reduced its stake in Core Natural Resources (CNR 2.71%) by 187,676 shares during the fourth quarter. The quarter-end value of the position declined by approximately $15.51 million, a figure that reflects both share sales and market price movements.

What else to know

This was a significant sell, leaving Core Natural Resources at 0.7359% of the fund’s 13F assets under management

Top holdings after the filing:

NYSE:HSBC: $99,569,158 (26.2% of AUM)
NASDAQ:RJET: $81,676,878 (21.5% of AUM)
NYSE:GGB: $70,365,023 (18.5% of AUM)
NYSE:TX: $37,900,252 (10.0% of AUM)
NYSE:BABA: $24,301,058 (6.4% of AUM)

As of February 13, 2026, shares were priced at $91.51, up 8.03% over the past year but underperformed the S&P 500 by 3.76 percentage points

Company/Etf overview

Metric	Value
Revenue (TTM)	$4.16 billion
Net Income (TTM)	$-153.22 million
Dividend Yield	0.47%
Price (as of market close 2/13/26)	$91.51

Company/Etf snapshot

Core Natural Resources, Inc. is a leading U.S.-based energy company specializing in the production and sale of bituminous coal, with a diversified portfolio of mining assets and export infrastructure. The company operates major mining complexes in Pennsylvania and West Virginia, alongside its CONSOL Marine Terminal, enabling access to both domestic and international markets.

Core Natural Resources, Inc. generates revenue from coal sales to power generators, industrial and metallurgical end-users, and from terminal service fees.The company’s primary customers include domestic and international utilities, industrial users, and steel producers.

With a legacy dating back to 1864, Core Natural Resources leverages integrated operations and established customer relationships to maintain a competitive position in the coal industry.

What this transaction means for investors

Coal markets have stabilized following the volatility caused by the global energy shock. Prices are now influenced by consistent trade flows and slower industrial demand, rather than emergency shortages. As a result, producers like Core Natural Resources face a changed capital environment.

Core generates revenue from thermal coal sold to utilities and metallurgical coal used in steel production, with export infrastructure that extends its reach beyond domestic buyers. Once mining operations begin, most costs are fixed, so realized pricing drives margin expansion or contraction. Strong export met coal prices can produce meaningful free cash flow. Weaker steel output or fuel substitution in power markets can quickly compress spreads because expenses do not fall at the same pace.

For investors, Core’s outlook will depend on whether coal prices stay well above what it costs to produce. This gap will show if the company’s recent strong cash flow is a sign of lasting earnings or just a temporary result of earlier supply problems.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.