Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Black Bear Value Partners Adam Schwartz | “HCC declined approximately 13% during the second quarter and is down roughly 8% year-to-date. Warrior Met Coal is a leading producer of premium metallurgical coal, which is used in stee” | BULL | Q2 2026 Aug 6, 2026 | View Pitch |
Black Bear Value Partners Adam Schwartz | “HCC declined approximately 13% during the second quarter and is down roughly 8% year-to-date. Warrior Met Coal is a leading producer of premium metallurgical coal, w...” | BULL | Q2 2026 Aug 6, 2026 | View Pitch |
O'Keefe Stevens Advisory, Inc Dominick D'Angelo | “Unsurprisingly, a commodity-producing company's stock experienced significant volatility during the quarter. Had the quarter ended one month prior, it's possible we would have been talking about Warrior as a top performer during the quarter. On May 23, 2026, a gas explosion at a coal mine in Shanxi province killed 82 workers, making it China's deadliest coal mining accident since at least 2009. The blast occurred at the privately owned Liushenyu mine in the coal-belt region of Shanxi, and a deadly gas explosion occurred at the Liushenyu Coal Mine in Qinyuan county with 247 workers underground; all four coal mines under Tongzhou Group suspended operations following the incident, driving met coal prices higher. Blue Creek remains the next leg of the story. Increasing production and sales volume at this mine should drive revenue and EPS growth, even in the face of an overall weaker met coal pricing environment.” | NEUTRAL | Q2 2026 Jul 25, 2026 | View Pitch |
Pabrai Wagons Fund Mohnish Pabrai | “We are invested in a handful of metallurgical (met) coal businesses. All of these are near the bottom quartile of the cost curve and are led by exceptional managers. All three of these businesses have some of the best met coal reserves on the planet. Coal is a four-letter word and the industry is hated by investors. We believe there will be no meaningful alternative to using met coal to produce steel for several decades.” | NEUTRAL | Q2 2026 Jul 4, 2026 | View Pitch |
Black Bear Value Partners Adam Schwartz | “Warrior Met Coal (HCC) is a leading metallurgical coal producer (coal used to steel production). There has been minimal worldwide met coal resource development over the last 10 years which could lead to tight supply (higher pricing) when steel production improves. We do not rely on a tight pricing market to do well with this investment. Currently the bulk of HCC's FCF is being invested in a capital project that will be largely concluded in 2025 and is ahead of schedule. Once the business winds down their investment period they will gush cash. HCC's existing mines should generate $100-$350MM in annual free cash flow (assuming lower for longer met coal prices). Blue Creek development is wrapping up by the beginning of 2026 and at mid-cycle should generate $200-$500MM in additional free cash flow. The combined assets should generate $300MM-$850MM in free cash flow with non-heroic pricing and volume assumptions. This equates to ~$6-$16 in annual per share cash generation vs. a price of ~$88 or a 7-18% unlevered annual free-cash flow yield. 2026 should be a sea-change in their free-cash-flow generation. BSD Analysis: Warrior Met Coal achieved a historic milestone in January 2026 with the formal opening of the Blue Creek Mine, a $1 billion "transformational" project. This longwall mine increases the company's annual capacity by 75%, targeting an average production of 6 million short tons of premium metallurgical coal. For 2026, the investment thesis is centered on Warrior's status as a "pure-play" producer with access to the largest untapped met coal reserves in North America. The project's 40-year mine life and unique overland belt transport system are expected to drive top-tier industry margins.” | BULL | Q4 2025 Feb 5, 2026 | View Pitch |
Black Bear Value Partners Adam Schwartz | “Warrior Met Coal is a leading metallurgical coal producer (coal used to steel production). Currently the bulk of HCC's FCF is being invested in a capital project that will be concluding this year. Once the business winds down their investment period they will gush cash. In Q2 2025, Warrior Met Coal saw revenue down 30% year-over-year due to compressing met coal prices. Despite a 6% production increase and tight cost control, negative free cash flow of $57 million reflects heavy investment in the Blue Creek mine. Liquidity remains robust at $545 million. Management maintained its full-year guidance, emphasizing the strength of contracted sales, cost discipline, and continued advancement of the Blue Creek project amid market headwinds. HCC's existing mines should generate $100-$350MM in annual free cash flow (assuming lower for longer met coal prices). Blue Creek development is wrapping up by the beginning of 2026 and at mid-cycle should generate $100-$500MM in additional free cash flow. The combined assets should generate $200MM-$850MM in free cashflow with non-heroic pricing and volume assumptions. This equates to ~$4-$16 in annual per share cash generation vs. a price of ~$64 or a 6-25% unlevered annual free-cashflow yield. 2026 should be a sea-change in their free-cash-flow generation. BSD Analysis: Warrior Met remains one of the highest-quality met-coal producers globally, with low-cost operations and long-life reserves leveraged directly to steelmaking demand. Cash flow remains robust even amid pricing volatility, enabling aggressive capital returns. Operational performance is consistent, and the Blue Creek project provides a major growth catalyst. Despite strong fundamentals, the stock trades at a steep discount due to cyclical fears. Warrior's balance sheet strength and cost advantages make it one of the safest ways to own met-coal.” | BULL | Q3 2025 Oct 8, 2025 | View Pitch |
Pabrai Wagons Fund Mohnish Pabrai | “Warrior Met Coal fits the fund's investment thesis of targeting low-cost, debt-free metallurgical coal operators. These businesses enjoy durable long-term industrial demand and are using robust free cash flows to repurchase shares at deeply discounted multiples.” | BULL | Q1 2025 Mar 31, 2025 | View Pitch |
Kingdom Capital Advisors David Bastian | “The manager chose to exit Warrior Met Coal due to its 99% export-reliant revenue model, which is highly vulnerable to Chinese retaliatory trade tariffs. Although it has a strong balance sheet and is the lowest-cost domestic producer, the upcoming tariff environment presents significant short-term industry risks.” | BEAR | Q1 2025 Apr 14, 2001 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
