Ramaco Resources (NASDAQ:METC) Stock Price Down 7.7% – Time to Sell?
by Renee Jackson · The Cerbat GemShares of Ramaco Resources, Inc. (NASDAQ:METC – Get Free Report) traded down 7.7% during mid-day trading on Tuesday . The stock traded as low as $20.68 and last traded at $20.3470. 1,567,975 shares were traded during mid-day trading, a decline of 30% from the average session volume of 2,231,533 shares. The stock had previously closed at $22.05.
Analysts Set New Price Targets
A number of research analysts recently weighed in on the stock. Benchmark lifted their target price on shares of Ramaco Resources from $24.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Zacks Research raised Ramaco Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, December 29th. The Goldman Sachs Group initiated coverage on Ramaco Resources in a research report on Wednesday, November 19th. They set a “sell” rating and a $16.00 target price for the company. Northland Securities set a $44.00 price target on Ramaco Resources in a research note on Wednesday, October 29th. Finally, Morgan Stanley assumed coverage on shares of Ramaco Resources in a research report on Friday, December 5th. They set an “equal weight” rating and a $17.50 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.50.
View Our Latest Analysis on Ramaco Resources
Ramaco Resources Stock Performance
The company has a current ratio of 2.97, a quick ratio of 2.24 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $1.34 billion, a PE ratio of -30.36 and a beta of 1.44. The firm’s 50-day simple moving average is $18.47 and its 200-day simple moving average is $24.12.
Ramaco Resources (NASDAQ:METC – Get Free Report) last announced its quarterly earnings results on Monday, October 27th. The energy company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.05. The firm had revenue of $104.87 million during the quarter, compared to analyst estimates of $137.63 million. Ramaco Resources had a negative return on equity of 8.26% and a negative net margin of 5.67%.Ramaco Resources’s quarterly revenue was down 27.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.03) earnings per share. On average, research analysts predict that Ramaco Resources, Inc. will post 0.05 earnings per share for the current year.
Ramaco Resources declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 23rd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the energy company to repurchase up to 9.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. boosted its holdings in Ramaco Resources by 8.4% in 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 during the last quarter. Acuitas Investments LLC increased its stake in Ramaco Resources by 17.3% during the second quarter. Acuitas Investments LLC now owns 363,578 shares of the energy company’s stock worth $4,777,000 after purchasing an additional 53,621 shares during the period. Geode Capital Management LLC lifted its holdings in Ramaco Resources by 25.0% during the 2nd quarter. Geode Capital Management LLC now owns 687,343 shares of the energy company’s stock worth $9,033,000 after buying an additional 137,635 shares in the last quarter. Farther Finance Advisors LLC grew its position in shares of Ramaco Resources by 384.0% during the second quarter. Farther Finance Advisors LLC now owns 3,920 shares of the energy company’s stock worth $52,000 after buying an additional 3,110 shares in the last quarter. Finally, Bosun Asset Management LLC purchased a new position in Ramaco Resources in the second quarter valued at $819,000. 74.49% of the stock is owned by institutional investors and hedge funds.
Ramaco Resources Company Profile
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.