What smart money is saying about Core Natural Resources
4 funds in our archive have pitched Core Natural Resources, most recently Black Bear Value Fund in September 2026.
Core Natural Resources, Inc., which rebranded from CONSOL Energy Inc. in January 2025, specializes in the global production and sale of bituminous coal. The company's business is primarily organized into two key segments. The Pennsylvania Mining Complex (PAMC) segment manages the mining, preparation, and marketing of bituminous coal, serving power generation facilities, industrial consumers, and metallurgical industries. Key assets within this segment include the Bailey, Enlow Fork, and Harvey Mines, alongside a central preparation facility. The second segment, the CONSOL Marine Terminal, offers crucial coal export terminal services through the Port of Baltimore. Beyond these core operations, the company is developing and operating the Itmann Mining Complex in Wyoming County, West Virginia, and also possesses substantial Greenfield Reserves and Resources spread across the Northern Appalachian, Central Appalachian, and Illinois basins. Tracing its origins to 1864, Core Natural Resources, Inc. maintains its headquarters in Canonsburg, Pennsylvania.
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Position history
Between Q1 2025 and Q3 2026, 7 fund letters reported a position in Core Natural Resources, with 1 buy (opened or added).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 3 | 0 | 0 | 1 |
| Q2 2026 | 3 | 1 | 0 | 1 |
| Q1 2026 | 1 | 0 | 0 | 0 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 7 positions · 1 move
- September 2026
“Our top contributors this quarter were Core Natural Resources (CNR) and Scully Royalty (SRL).”
Core Natural Resources - HoldsGreenlight CapitalSeptember 2026
“At quarter-end, the largest disclosed long positions in the Partnerships were Acadia Healthcare, Brighthouse Financial, Core Natural Resources, Fluor and Green Brick Partners.”
Core Natural Resources - September 2026
“Core Natural Resources (CNR) CNR appreciated approximately 8% during the third quarter and was down roughly 2% year to date, including dividends.”
Core Natural Resources - June 2026
“Core Natural Resources (CNR) CNR declined approximately 23% during the second quarter and is down roughly 9% year-to-date, including dividends.”
Core Natural Resources - June 2026
“Core Natural Resources (CNR) also reentered the portfolio after previously being a top holding in 2022 under the Arch Resources banner.”
Core Natural Resources - June 2026
“Similarly, we had losses on several shorts in areas exposed to the most hyped parts of the market as well as a loss in Core Natural Resources, which reversed its gain from the first quarter.”
Core Natural Resources - HoldsGreenlight CapitalMarch 2026
“CNR stock went from $88.51 to $104.73 during the quarter.”
Core Natural Resources
Fund coverage · 4 theses
- Black Bear Value FundSeptember 2026
Core Natural Resources benefits from constrained coal supply, durable energy demand, and valuable assets that could generate substantial long-term cash flow.
Read the full thesis - Black Bear Value Fund, LPJune 2026
Core Natural Resources is a leading coal producer with long-lived assets and undervalued cash generation, supported by constrained supply and long-term demand growth for thermal and metallurgical coal.
Read the full thesis - Black BearJune 2025
Core Natural Resources is a leading producer of metallurgical and thermal coal, benefiting from strong demand in Asia and strategic mergers, with significant potential for free cash flow despite current market challenges.
Read the full thesis - Black Bear VPMarch 2025
Core Natural Resources (CNR) is a leading metallurgical and thermal coal producer benefiting from rising demand in Asia and a strong balance sheet, despite facing challenges from exports and ESG concerns.
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