Maybe the nicest thing I can say about Natural Resources Partners LP (NYSE:NRP) since the last time I wrote on this partnership is that it hasn't done as badly as other companies with substantial Appalachian coal assets like Arch Coal (ACI) or Alpha Natural Resources (ANR). An unexpected distribution cut took a lot out of the units in mid-January and the market seems relatively disinclined to put much value on the partnership's efforts to diversify away from coal.
I think that's a mistake; the company's heavy reliance on App coal is a risk, but a known risk. At the same time, the company is reducing leverage and has made good strides in adding quality assets like its stake...
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