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

Ramaco Resources (NASDAQ:METC) had its price objective dropped by Robert W. Baird from $40.00 to $30.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the energy company’s stock. Robert W. Baird’s target price would suggest a potential upside of 100.94% from the company’s previous close.

A number of other equities research analysts have also issued reports on the company. Jefferies Financial Group raised Ramaco Resources from a “hold” rating to a “buy” rating and reduced their target price for the company from $33.00 to $30.00 in a research note on Tuesday, January 20th. Weiss Ratings restated a “sell (d+)” rating on shares of Ramaco Resources in a report on Monday, December 29th. Zacks Research downgraded shares of Ramaco Resources from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Morgan Stanley started coverage on shares of 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, The Goldman Sachs Group began coverage on Ramaco Resources in a report on Wednesday, November 19th. They issued a “sell” rating and a $16.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $32.21.

Ramaco Resources Stock Down 15.5%

Ramaco Resources stock opened at $14.93 on Friday. The company has a market capitalization of $985.42 million, a P/E ratio of -15.08 and a beta of 1.44. Ramaco Resources has a fifty-two week low of $6.30 and a fifty-two week high of $57.80. The stock has a 50-day simple moving average of $19.10 and a 200-day simple moving average of $24.27. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.24 and a current ratio of 2.97.

Ramaco Resources (NASDAQ:METC) last announced its quarterly earnings data on Wednesday, February 25th. The energy company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.02. The company had revenue of $108.72 million during the quarter, compared to the consensus estimate of $143.48 million. Ramaco Resources had a negative net margin of 9.59% and a negative return on equity of 12.55%. Ramaco Resources’s quarterly revenue was down 25.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.02 EPS. Equities research analysts expect that Ramaco Resources will post 0.05 earnings per share for the current year.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Millennium Management LLC bought a new stake in Ramaco Resources during the third quarter valued at about $23,451,000. Vanguard Group Inc. grew its stake 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 last quarter. Bamco Inc. NY bought a new position in shares of Ramaco Resources in the 3rd quarter valued at about $20,679,000. Merewether Investment Management LP acquired a new position in Ramaco Resources in the third quarter valued at approximately $18,633,000. Finally, Goldman Sachs Group Inc. grew its holdings in Ramaco Resources by 74.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,160,898 shares of the energy company’s stock worth $20,896,000 after acquiring an additional 496,150 shares during the period. 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.