Ramaco Resources (NASDAQ:METC) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Ramaco Resources (NASDAQ:METC) from a strong sell rating to a hold rating in a research report report published on Monday,Zacks.com reports.

Several other research analysts have also recently issued reports on METC. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ramaco Resources in a report on Monday. Baird R W upgraded Ramaco Resources to a “strong-buy” rating in a report on Thursday, October 16th. Northland Capmk upgraded Ramaco Resources to a “strong-buy” rating in a research report on Wednesday, October 8th. Benchmark lifted their price target on Ramaco Resources from $24.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Finally, Northland Securities set a $44.00 price objective on shares of Ramaco Resources in a research note on Wednesday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Ramaco Resources has a consensus rating of “Moderate Buy” and a consensus price target of $34.50.

Ramaco Resources Price Performance

Shares of NASDAQ METC opened at $17.38 on Monday. Ramaco Resources has a twelve month low of $6.30 and a twelve month high of $57.80. 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 firm has a 50-day moving average of $20.72 and a two-hundred day moving average of $23.59. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of -25.94 and a beta of 1.42.

Ramaco Resources (NASDAQ:METC) last announced its quarterly earnings data 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. Ramaco Resources had a negative net margin of 5.67% and a negative return on equity of 8.26%. The company had revenue of $104.87 million for the quarter, compared to analysts’ expectations of $137.63 million. During the same quarter in the previous year, the company posted ($0.03) EPS. The business’s revenue was down 27.7% compared to the same quarter last year. As a group, analysts expect that Ramaco Resources will post 0.05 earnings per share for the current fiscal year.

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

Institutional Investors Weigh In On Ramaco Resources

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Ramaco Resources by 40.0% during the 3rd quarter. Vanguard Group Inc. now owns 2,335,257 shares of the energy company’s stock valued at $77,507,000 after acquiring an additional 667,199 shares in the last quarter. Encompass Capital Advisors LLC acquired a new stake in shares of Ramaco Resources during the first quarter worth approximately $13,248,000. American Century Companies Inc. grew its position in Ramaco Resources by 8.4% during the second 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. Millennium Management LLC acquired a new position in Ramaco Resources in the 3rd quarter valued at approximately $23,451,000. Finally, Geode Capital Management LLC lifted its position in Ramaco Resources by 25.0% in 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. 74.49% of the stock is owned by hedge funds and other institutional investors.

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.