Texas Capital Begins Coverage of Core Natural Resources with a Buy Rating
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 24 2025
0mins
Should l Buy CNR?
- Coverage Initiation: Texas Capital has started coverage of Core Natural Resources.
- Investment Rating and Target: The firm has assigned a Buy rating with a price target of $105.
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Analyst Views on CNR
Wall Street analysts forecast CNR stock price to rise
5 Analyst Rating
5 Buy
0 Hold
0 Sell
Strong Buy
Current: 90.050
Low
100.00
Averages
117.40
High
158.00
Current: 90.050
Low
100.00
Averages
117.40
High
158.00
About CNR
Core Natural Resources, Inc. is a producer of metallurgical and high calorific value thermal coals for the global marketplace. The Company has a logistical network that is anchored by ownership positions in two East Coast marine export terminals, providing access to seaborne markets. Its segments include High CV Thermal, Metallurgical, PRB and Baltimore Marine Terminal. The High CV Thermal segment consists of its Pennsylvania Mining Complex and the West Elk mine located in Colorado. The Metallurgical segment consists of the Company's Leer, Leer South, Beckley, Mountain Laurel and Itmann coal mines in West Virginia. The PRB segment consists of its Black Thunder and Coal Creek surface mining complexes located in Wyoming. The Baltimore Marine Terminal segment provides coal export terminal services through the Port of Baltimore. It has served various industries and markets, including steel & construction, industrial applications & power generation, and aerospace & advanced materials.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Core Natural Resources Declares Quarterly Dividend
- Quarterly Dividend Announcement: Core Natural Resources has declared a quarterly dividend of $0.10 per share, consistent with previous distributions, indicating the company's ongoing ability to maintain stable cash flow despite market challenges.
- Yield Analysis: The forward yield of 0.43% reflects the company's capacity to provide returns to shareholders in the current economic environment, thereby enhancing investor confidence.
- Payment Schedule: The dividend will be payable on March 16, with a record date of March 2 and an ex-dividend date also set for March 2, ensuring shareholders receive timely returns and increasing the attractiveness of holding shares.
- Financial Performance Overview: Although Core Natural Resources reported mixed results in Q4, the continued dividend payments demonstrate the company's commitment to shareholder returns while navigating increased leverage and margin pressures post-merger.
See More
Core Natural Resources Reports Q4 2025 Financial Results and 2026 Outlook
- Financial Overview: Core Natural Resources reported a net loss of $79 million in Q4 2025, translating to a diluted loss per share of $1.54, while adjusted EBITDA stood at $103.1 million, indicating challenges in financial recovery due to fire and idle mine costs.
- Cash Flow and Shareholder Returns: The company generated net cash from operating activities of $107.3 million and free cash flow of $27 million in Q4, returning a total of $245.1 million to shareholders in 2025, demonstrating a commitment to capital returns despite the losses.
- Market Dynamics and Sales Growth: In 2025, Core's high calorific value thermal coal sales reached 7.8 million tons, a 9% increase from Q3, achieving realized coal revenue of $58.11 per ton, although revenues slightly declined due to weaker seaborne pricing, reflecting intensified market competition.
- Future Outlook and Strategic Plans: Looking ahead to 2026, Core anticipates strong free cash flow generation supported by improved cost performance and increased sales volumes, planning to continue capital returns to shareholders through stock buybacks and dividends, showcasing the company's potential in a recovering market.
See More
Core Natural Resources Q4 Earnings Report Analysis
- Earnings Performance: Core Natural Resources reported a Q4 GAAP EPS of -$1.54, missing expectations by $0.95, indicating challenges in profitability, while revenue reached $1.04 billion, up 81.3% year-over-year, exceeding estimates by $43.46 million, reflecting strong sales growth.
- Adjusted EBITDA: The company reported an adjusted EBITDA of $103.1 million, which included $36.4 million in fire extinguishment and idle mine cash costs at Leer South, along with $23.9 million in insurance proceeds related to the Baltimore bridge collapse, significantly impacting overall profitability.
- 2026 Guidance: The company anticipates sales volumes for 2026 to range from 8.56 million to 9.14 million tons, with committed coking coal sales of 670,000 tons, indicating a positive outlook for future market demand despite coal sales costs reaching up to $94 per ton.
- Capital Expenditure Plans: Projected capital expenditures for 2026 are between $325 million and $375 million, demonstrating the company's strategic intent for future growth and expansion, despite facing high depreciation and administrative costs.
See More
Core Natural Resources Set to Announce Q4 Earnings
- Earnings Announcement: Core Natural Resources is set to release its Q4 earnings on February 12 before market open, with consensus EPS estimates at -$0.35 and revenue expectations at $996.54 million, reflecting a 67.4% year-over-year increase.
- Earnings Estimate Changes: Over the past three months, EPS estimates have seen no upward revisions and one downward revision, while revenue estimates have faced three downward adjustments, indicating market concerns regarding the company's profitability.
- Merger Impact: The recent merger has raised the company's leverage, putting pressure on margins, which may affect investor confidence in the company's future financial health.
- Rating Analysis: Seeking Alpha's quantitative rating on Core Natural Resources indicates a cautious market outlook regarding its future performance, reflecting investor concerns about the company's financial situation.
See More
Core Natural Resources to Release Q4 2025 Financial Results
- Earnings Call Schedule: Core Natural Resources will hold an investor conference call on February 12, 2026, at 10:00 a.m. Eastern Time to discuss its Q4 2025 financial results, with the earnings release expected to be distributed via PR Newswire before market open, enhancing investor transparency.
- Call Access Information: Participants can dial 800-836-8184 five to ten minutes before the start time, with international callers using +1 646-357-8785, requiring no passcode, ensuring global investor participation and improving company-investor engagement.
- Webcast Availability: The call will be webcast on the Core website's investor section, with a replay available post-event, further enhancing information accessibility and company transparency, thereby fostering investor relations.
- Company Background: Core Natural Resources was formed in January 2025 through the merger of CONSOL Energy and Arch Resources, focusing on producing high-quality metallurgical and thermal coals to meet global steel and energy demands, showcasing strong market competitiveness and strategic significance.
See More
Core Natural Resources to Discuss Q4 2025 Financial Results on February 12, 2026
- Earnings Call Schedule: Core Natural Resources will hold an investor conference call on February 12, 2026, at 10:00 a.m. Eastern Time to discuss its fourth quarter 2025 financial results, which is expected to draw investor interest and provide insights into the company's financial health.
- Participation Details: Interested participants can dial 800-836-8184 approximately five to ten minutes before the call starts, with international callers using +1 646-357-8785, ensuring easy access for global investors without the need for a passcode.
- Webcast and Replay: The call will be webcast via the
See More
Core Natural Resources Declares Quarterly Dividend
- Quarterly Dividend Announcement: Core Natural Resources has declared a quarterly dividend of $0.10 per share, consistent with previous distributions, indicating the company's ongoing ability to maintain stable cash flow despite market challenges.
- Yield Analysis: The forward yield of 0.43% reflects the company's capacity to provide returns to shareholders in the current economic environment, thereby enhancing investor confidence.
- Payment Schedule: The dividend will be payable on March 16, with a record date of March 2 and an ex-dividend date also set for March 2, ensuring shareholders receive timely returns and increasing the attractiveness of holding shares.
- Financial Performance Overview: Although Core Natural Resources reported mixed results in Q4, the continued dividend payments demonstrate the company's commitment to shareholder returns while navigating increased leverage and margin pressures post-merger.
See More
Core Natural Resources Reports Q4 2025 Financial Results and 2026 Outlook
- Financial Overview: Core Natural Resources reported a net loss of $79 million in Q4 2025, translating to a diluted loss per share of $1.54, while adjusted EBITDA stood at $103.1 million, indicating challenges in financial recovery due to fire and idle mine costs.
- Cash Flow and Shareholder Returns: The company generated net cash from operating activities of $107.3 million and free cash flow of $27 million in Q4, returning a total of $245.1 million to shareholders in 2025, demonstrating a commitment to capital returns despite the losses.
- Market Dynamics and Sales Growth: In 2025, Core's high calorific value thermal coal sales reached 7.8 million tons, a 9% increase from Q3, achieving realized coal revenue of $58.11 per ton, although revenues slightly declined due to weaker seaborne pricing, reflecting intensified market competition.
- Future Outlook and Strategic Plans: Looking ahead to 2026, Core anticipates strong free cash flow generation supported by improved cost performance and increased sales volumes, planning to continue capital returns to shareholders through stock buybacks and dividends, showcasing the company's potential in a recovering market.
See More
Core Natural Resources Q4 Earnings Report Analysis
- Earnings Performance: Core Natural Resources reported a Q4 GAAP EPS of -$1.54, missing expectations by $0.95, indicating challenges in profitability, while revenue reached $1.04 billion, up 81.3% year-over-year, exceeding estimates by $43.46 million, reflecting strong sales growth.
- Adjusted EBITDA: The company reported an adjusted EBITDA of $103.1 million, which included $36.4 million in fire extinguishment and idle mine cash costs at Leer South, along with $23.9 million in insurance proceeds related to the Baltimore bridge collapse, significantly impacting overall profitability.
- 2026 Guidance: The company anticipates sales volumes for 2026 to range from 8.56 million to 9.14 million tons, with committed coking coal sales of 670,000 tons, indicating a positive outlook for future market demand despite coal sales costs reaching up to $94 per ton.
- Capital Expenditure Plans: Projected capital expenditures for 2026 are between $325 million and $375 million, demonstrating the company's strategic intent for future growth and expansion, despite facing high depreciation and administrative costs.
See More
Core Natural Resources Set to Announce Q4 Earnings
- Earnings Announcement: Core Natural Resources is set to release its Q4 earnings on February 12 before market open, with consensus EPS estimates at -$0.35 and revenue expectations at $996.54 million, reflecting a 67.4% year-over-year increase.
- Earnings Estimate Changes: Over the past three months, EPS estimates have seen no upward revisions and one downward revision, while revenue estimates have faced three downward adjustments, indicating market concerns regarding the company's profitability.
- Merger Impact: The recent merger has raised the company's leverage, putting pressure on margins, which may affect investor confidence in the company's future financial health.
- Rating Analysis: Seeking Alpha's quantitative rating on Core Natural Resources indicates a cautious market outlook regarding its future performance, reflecting investor concerns about the company's financial situation.
See More
Core Natural Resources to Release Q4 2025 Financial Results
- Earnings Call Schedule: Core Natural Resources will hold an investor conference call on February 12, 2026, at 10:00 a.m. Eastern Time to discuss its Q4 2025 financial results, with the earnings release expected to be distributed via PR Newswire before market open, enhancing investor transparency.
- Call Access Information: Participants can dial 800-836-8184 five to ten minutes before the start time, with international callers using +1 646-357-8785, requiring no passcode, ensuring global investor participation and improving company-investor engagement.
- Webcast Availability: The call will be webcast on the Core website's investor section, with a replay available post-event, further enhancing information accessibility and company transparency, thereby fostering investor relations.
- Company Background: Core Natural Resources was formed in January 2025 through the merger of CONSOL Energy and Arch Resources, focusing on producing high-quality metallurgical and thermal coals to meet global steel and energy demands, showcasing strong market competitiveness and strategic significance.
See More
Core Natural Resources to Discuss Q4 2025 Financial Results on February 12, 2026
- Earnings Call Schedule: Core Natural Resources will hold an investor conference call on February 12, 2026, at 10:00 a.m. Eastern Time to discuss its fourth quarter 2025 financial results, which is expected to draw investor interest and provide insights into the company's financial health.
- Participation Details: Interested participants can dial 800-836-8184 approximately five to ten minutes before the call starts, with international callers using +1 646-357-8785, ensuring easy access for global investors without the need for a passcode.
- Webcast and Replay: The call will be webcast via the
See More
