Ramaco Resources (NASDAQ:METC) Stock Price Up 9.3% – Here’s What Happened

Ramaco Resources, Inc. (NASDAQ:METC)’s stock price shot up 9.3% during mid-day trading on Monday . The stock traded as high as $21.91 and last traded at $22.2720. 1,464,316 shares were traded during trading, a decline of 30% from the average session volume of 2,104,894 shares. The stock had previously closed at $20.38.

Analyst Ratings Changes

A number of equities analysts have recently commented on METC shares. Zacks Research upgraded shares of Ramaco Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, December 29th. Northland Capmk raised shares of Ramaco Resources to a “strong-buy” rating in a report on Wednesday, October 8th. Jefferies Financial Group lowered shares of Ramaco Resources from a “buy” rating to a “hold” rating and reduced their price target for the company from $45.00 to $33.00 in a research report on Tuesday, October 28th. Northland Securities set a $44.00 price objective on Ramaco Resources in a research report on Wednesday, October 29th. Finally, Benchmark lifted their price objective on Ramaco Resources from $24.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $34.50.

Ramaco Resources Stock Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.24 and a current ratio of 2.97. The stock has a market cap of $1.46 billion, a PE ratio of -32.91 and a beta of 1.44. The company’s 50-day moving average price is $18.47 and its two-hundred day moving average price is $24.12.

Ramaco Resources (NASDAQ:METC) last issued its earnings results on Monday, October 27th. The energy company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.05. The business 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 revenue for the quarter was down 27.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.03) earnings per share. On average, equities research analysts forecast that Ramaco Resources, Inc. will post 0.05 EPS for the current year.

Ramaco Resources declared that its board has approved a stock buyback program on Tuesday, December 23rd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the energy company to buy up to 9.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Ramaco Resources

Several institutional investors have recently bought and sold shares of the stock. Archer Investment Corp bought a new position in Ramaco Resources during the 3rd quarter worth approximately $33,000. Allworth Financial LP grew its holdings in shares of Ramaco Resources by 3,603.6% in the third quarter. Allworth Financial LP now owns 1,037 shares of the energy company’s stock worth $34,000 after purchasing an additional 1,009 shares during the last quarter. MCF Advisors LLC bought a new position in shares of Ramaco Resources in the third quarter worth approximately $35,000. Advisory Services Network LLC purchased a new position in shares of Ramaco Resources in the third quarter worth $38,000. Finally, Ameritas Investment Partners Inc. raised its holdings in Ramaco Resources by 63.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,632 shares of the energy company’s stock valued at $48,000 after buying an additional 1,416 shares during the last quarter. 74.49% of the stock is currently 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.