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CNX getting the coal shoulder

CNX Coal Resources has not had the best start in life. Brought into the market by Consol Energy amid a real turnoff for US thermal coal stocks, its shares have not yet found favour. As a recent initiation note described, though, CNX has more going for it than most coal-flavoured companies.

First, its structure was different to most. Being a master limited partnership, it was not taxed on profits, but on the distributions it made to shareholders.