Core Natural Earnings Outlook Improving Into 2026-2027 on Rising Coal Prices, UBS Says

MT Newswires Live
Mar 25

Core Natural Resources (CNR) could see stronger earnings momentum in 2026 and 2027 as disruptions in global energy markets support coal prices, even after operational challenges weighed on results in 2025, UBS Securities said in a Tuesday note.

The brokerage said the company's high-calorific-value segment could see roughly $150 million in EBITDA upside versus 2027 consensus if European spot coal prices hold near $130 per metric ton.

UBS expects earnings to rebound year over year, with EPS projection of roughly $5.72 in 2026 and $9.96 in 2027. The firm said core benefits from higher realized pricing and increased sales from its Pennsylvania mining operations.

The company's metallurgical coal segment could see improved profitability, though UBS noted prices remain pressured by oversupply and uneven steel demand in Asia.

The brokerage added that tighter gas supplies and gas-to-coal switching in Europe and Asia could support coal demand and prices but higher diesel costs may weigh on Powder River Basin margins in 2026

UBS has a buy rating on the stock and raised its price target to $115 from $109.

Shares of Core Natural Resources were up 8.6% in Tuesday trading.

Price: 111.97, Change: +8.82, Percent Change: +8.55

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