On January 22, when NRP closed at $ 15.78, you posted that NRP had a "8.9% dividend yield". On January 28, when it closed at $ 15.43, you posted that NRP had a "9.11% dividend yield at current price". Now, as you point out the yield is 9.27% (actually closer to 9.4% as I write). In each case, you were right, but it hasn't helped NRP. If things don't change, you will get the chance to post about NRP's new 10% yield before too long.
The only things that might help NRP, at least temporarily, would be an announcement of a non-coal acquisition (although financing costs would be a problem) or some miracle in the steel industry that helps met coal pricing and volume. I don't think the miracle is coming any time soon, and I have problems believing that NRP could finance any significant acquisition attractively.
Except that people who bought this security in April 2013 are now carrying about a $9 loss per unit. So for them, it's not really a "new" investment; it's a sucking chest wound in their portfolios. (Talk to "Askew" about that...)
Following a damaged security down, down, down -- thinking all the while that "it's got to turn around soon" -- is one of the quickest ways to lose money.
As to the 9.27% distribution yield, NRP is paying 9.125% on their senior notes -- which are arguably more secure than their common units. Why is it a good idea to accept *only* 9.27% yield on the common units?
Good thought, except that BEFORE May they will cut the dividend once again to somewhere between $0.15-0.20. And more cuts next quarter, when the PPS will be in single digits.
This LP is in insolvency as far as I am concerned - and there is only way out of it - BK.