Ramaco Resources (NASDAQ:METC) Shares Up 9% – Still a Buy?
by Danessa Lincoln · The Markets DailyRamaco Resources, Inc. (NASDAQ:METC – Get Free Report) shot up 9% during trading on Thursday . The stock traded as high as $14.92 and last traded at $14.8370. 1,314,394 shares were traded during mid-day trading, a decline of 51% from the average session volume of 2,658,025 shares. The stock had previously closed at $13.61.
Analyst Upgrades and Downgrades
Several research firms have issued reports on METC. Jefferies Financial Group upgraded shares of Ramaco Resources from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $33.00 to $30.00 in a research note on Tuesday, January 20th. Robert W. Baird decreased their price target on shares of Ramaco Resources from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Friday, February 27th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ramaco Resources in a report on Monday, December 29th. The Goldman Sachs Group cut their price objective on Ramaco Resources from $16.00 to $14.00 and set a “sell” rating on the stock in a research report on Monday, March 2nd. Finally, Morgan Stanley assumed coverage on Ramaco Resources in a research report on Friday, December 5th. They issued an “equal weight” rating and a $17.50 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Ramaco Resources has an average rating of “Hold” and an average price target of $31.93.
Get Our Latest Stock Report on METC
Ramaco Resources Trading Up 7.2%
The business’s 50-day moving average price is $18.22 and its 200 day moving average price is $23.37. The company has a debt-to-equity ratio of 0.95, a current ratio of 5.46 and a quick ratio of 4.66. The firm has a market capitalization of $816.79 million, a price-to-earnings ratio of -14.74 and a beta of 1.41.
Ramaco Resources (NASDAQ:METC – Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The energy company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.02. Ramaco Resources had a negative net margin of 9.59% and a negative return on equity of 12.01%. The business had revenue of $108.72 million during the quarter, compared to analyst estimates of $143.48 million. During the same period last year, the business earned $0.02 EPS. The business’s revenue was down 25.1% on a year-over-year basis. On average, equities analysts forecast that Ramaco Resources, Inc. will post 0.05 earnings per share for the current fiscal year.
Ramaco Resources declared that its board has authorized a share repurchase plan on Tuesday, December 23rd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the energy company to purchase up to 9.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
Institutional Trading of Ramaco Resources
Hedge funds and other institutional investors have recently modified their holdings of the business. American Century Companies Inc. grew its stake in Ramaco Resources by 8.4% during the 2nd quarter. American Century Companies Inc. now owns 1,028,186 shares of the energy company’s stock valued at $13,510,000 after purchasing an additional 79,858 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Ramaco Resources by 25.0% in the 2nd quarter. Geode Capital Management LLC now owns 687,343 shares of the energy company’s stock valued at $9,033,000 after purchasing an additional 137,635 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Ramaco Resources by 40.0% in the 3rd quarter. Vanguard Group Inc. now owns 2,335,257 shares of the energy company’s stock valued at $77,507,000 after purchasing an additional 667,199 shares in the last quarter. Benjamin Edwards Inc. purchased a new position in shares of Ramaco Resources during the 3rd quarter valued at approximately $899,000. Finally, Ghisallo Capital Management LLC acquired a new stake in shares of Ramaco Resources during the third quarter worth approximately $9,957,000. 74.49% of the stock is owned by hedge funds and other institutional investors.
About Ramaco Resources
Ramaco Resources, Inc (NASDAQ:METC) is a U.S.-based producer of premium metallurgical coal and industrial minerals, focused on supplying the steel and allied industries. The company’s operations are centered in the Appalachian region of West Virginia, where it develops, mines and processes high-carbon coal products designed to meet the quality requirements of blast‐furnace and electric‐arc furnace steelmakers.
The firm’s flagship asset is the Elk Creek underground mine in Wyoming County, West Virginia, which began commercial production in 2019 and delivers a range of high‐grade metallurgical and anthracite coals.