Robert W. Baird Cuts Ramaco Resources (NASDAQ:METC) Price Target to $30.00

Ramaco Resources (NASDAQ:METC) had its price target dropped by equities researchers at Robert W. Baird from $40.00 to $30.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the energy company’s stock. Robert W. Baird’s price objective suggests a potential upside of 100.94% from the company’s previous close.

Several other research analysts have also recently commented on METC. The Goldman Sachs Group began coverage on shares of Ramaco Resources in a report on Wednesday, November 19th. They set a “sell” rating and a $16.00 target price for the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ramaco Resources in a research report on Monday, December 29th. Jefferies Financial Group raised Ramaco Resources from a “hold” rating to a “buy” rating and reduced their price target for the company from $33.00 to $30.00 in a research report on Tuesday, January 20th. Morgan Stanley started coverage on Ramaco Resources in a research note on Friday, December 5th. They set an “equal weight” rating and a $17.50 price objective on the stock. Finally, Zacks Research cut Ramaco Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $32.21.

Ramaco Resources Stock Down 15.5%

Shares of METC stock opened at $14.93 on Friday. The company has a market capitalization of $985.42 million, a price-to-earnings ratio of -15.08 and a beta of 1.44. Ramaco Resources has a 12-month low of $6.30 and a 12-month high of $57.80. The firm has a fifty day moving average of $19.10 and a 200-day moving average of $24.27. The company has a quick ratio of 2.24, a current ratio of 2.97 and a debt-to-equity ratio of 0.24.

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, topping the consensus estimate of ($0.24) by $0.02. Ramaco Resources had a negative return on equity of 12.55% 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 firm earned $0.02 earnings per share. Ramaco Resources’s revenue for the quarter was down 25.1% compared to the same quarter last year. As a group, equities research analysts predict that Ramaco Resources will post 0.05 earnings per share for the current fiscal year.

Ramaco Resources declared that its Board of Directors has initiated a share buyback plan on Tuesday, December 23rd that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the energy company to reacquire up to 9.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Ramaco Resources

Several hedge funds have recently modified their holdings of the company. Archer Investment Corp acquired a new stake in shares of Ramaco Resources in the third quarter valued at $33,000. Allworth Financial LP lifted its stake in Ramaco Resources by 3,603.6% during the third quarter. Allworth Financial LP now owns 1,037 shares of the energy company’s stock valued at $34,000 after purchasing an additional 1,009 shares during the last quarter. MCF Advisors LLC bought a new stake in Ramaco Resources during the third quarter worth approximately $35,000. Advisory Services Network LLC acquired a new position in Ramaco Resources in the third quarter worth approximately $38,000. Finally, Quarry LP bought a new position in shares of Ramaco Resources in the fourth quarter valued at $27,000. 74.49% of the stock is currently 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.