Ramaco Resources (NASDAQ:METC) Shares Down 4.9% – Here’s Why

Ramaco Resources, Inc. (NASDAQ:METC)’s share price traded down 4.9% during trading on Monday . The stock traded as low as $13.97 and last traded at $13.89. 632,737 shares were traded during trading, a decline of 77% from the average session volume of 2,720,159 shares. The stock had previously closed at $14.60.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. The Goldman Sachs Group reduced their price target on Ramaco Resources from $16.00 to $14.00 and set a “sell” rating for the company in a research report on Monday, March 2nd. Jefferies Financial Group upgraded Ramaco Resources from a “hold” rating to a “buy” rating and reduced their target price for the stock from $33.00 to $30.00 in a report on Tuesday, January 20th. Zacks Research downgraded Ramaco Resources from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Robert W. Baird dropped their price target on shares of Ramaco Resources from $40.00 to $30.00 and set an “outperform” rating on the stock in a research report on Friday, February 27th. Finally, Morgan Stanley began coverage on shares of Ramaco Resources in a research note on Friday, December 5th. They issued an “equal weight” rating and a $17.50 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $31.93.

Ramaco Resources Trading Down 4.5%

The company has a debt-to-equity ratio of 0.95, a quick ratio of 4.66 and a current ratio of 5.46. The company has a 50-day simple moving average of $18.35 and a 200 day simple moving average of $23.43. The company has a market capitalization of $764.92 million, a P/E ratio of -13.83 and a beta of 1.41.

Ramaco Resources (NASDAQ:METC) last posted its quarterly earnings data on Wednesday, February 25th. The energy company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.02. Ramaco Resources had a negative return on equity of 12.01% and a negative net margin of 9.59%.The company had revenue of $108.72 million during the quarter, compared to analysts’ expectations of $143.48 million. During the same period in the prior year, the business earned $0.02 earnings per share. Ramaco Resources’s revenue for the quarter was down 25.1% compared to the same quarter last year. Sell-side analysts expect that Ramaco Resources, Inc. will post 0.05 earnings per share for the current year.

Ramaco Resources announced that its board has initiated a stock repurchase 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 purchase up to 9.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Ramaco Resources

Several hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. raised 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 acquiring an additional 79,858 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of 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 purchasing an additional 137,635 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Ramaco Resources by 40.0% during the third 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 during the period. Benjamin Edwards Inc. bought a new stake in shares of Ramaco Resources during the third quarter valued at approximately $899,000. Finally, Ghisallo Capital Management LLC acquired a new position in shares of Ramaco Resources in the third quarter valued at $9,957,000. Institutional investors own 74.49% of the company’s stock.

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.