Contrarian Capital Scales Back on Core Natural Resources as Coal Markets Normalize
Key Points
Contrarian Capital Management, L.L.C. sold 187,676 shares of Core Natural Resources; estimated transaction value ~$16.00 million (approximation based on average fourth-quarter pricing)
Quarter-end position value declined by approximately $15.51 million, reflecting both trading activity and share price changes
Trade represented 4.21% of 13F reportable assets under management (AUM)
Post-trade stake: 31,567 shares valued at $2.79 million (0.74% of AUM)
The position drops well outside the fund's top five holdings after the transaction
- 10 stocks we like better than Core Natural Resources ›
What happened
According to an SEC filing dated February 13, 2026, Contrarian Capital Management, L.L.C. reduced its stake in Core Natural Resources (NYSE:CNR) 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.
Should you buy stock in Core Natural Resources right now?
Before you buy stock in Core Natural Resources, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Core Natural Resources wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $456,188!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,133,413!*
Now, it’s worth noting Stock Advisor’s total average return is 916% — a market-crushing outperformance compared to 194% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of February 27, 2026.
HSBC Holdings is an advertising partner of Motley Fool Money. Eric Trie has no position in any of the stocks mentioned. The Motley Fool recommends Alibaba Group and HSBC Holdings. The Motley Fool has a disclosure policy.
Recommended Articles
