Tuesday, July 14, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Updating Estimates. We have increased our 2Q 2026 revenue, EBITDA, and EPU estimates to $553.5 million, $181.2 million, and $0.62, respectively, from $521.6 million, $164.8 million, and $0.54. We increased our 2Q coal sales estimate to 8.7 million tons from 8.3 million tons as we have recalibrated the cadence of sales for the remaining quarters of 2026 while keeping annual coal sales at 35.0 million tons. Other adjustments include modestly higher coal pricing and a recalibration in the quarterly cadence of Other Revenue. We have increased our FY 2026 revenue, EBITDA, and EPU estimates to $2.209 billion, $723.7 million, and $2.22, respectively, from $2.198 billion, $714.7 million, and $2.20.
AllDale Minerals Acquisition. Alliance Resource Partners (ARLP) recently completed its previously announced acquisition of the remaining ownership interests in AllDale Minerals III and IV for approximately $206.2 million, strengthening its Oil & Gas Royalties business. The transaction was funded through a combination of cash on hand, borrowings under the company’s revolving credit facility, and a new $150 million term loan maturing in January 2028.
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