Ramaco Resources (NASDAQ:METC) Shares Gap Down – Here’s What Happened

Ramaco Resources, Inc. (NASDAQ:METC)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $17.66, but opened at $16.25. Ramaco Resources shares last traded at $15.0620, with a volume of 896,438 shares traded.

Analyst Ratings Changes

A number of analysts have commented on the stock. Morgan Stanley started coverage on shares of Ramaco Resources in a report on Friday, December 5th. They issued an “equal weight” rating and a $17.50 price objective for the company. Jefferies Financial Group raised Ramaco Resources from a “hold” rating to a “buy” rating and cut their price target for the company from $33.00 to $30.00 in a report on Tuesday, January 20th. Robert W. Baird set a $43.00 price objective on Ramaco Resources in a research report on Wednesday, October 29th. Zacks Research cut Ramaco Resources from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Finally, The Goldman Sachs Group began coverage on Ramaco Resources in a report on Wednesday, November 19th. They set a “sell” rating and a $16.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $34.07.

Ramaco Resources Trading Down 14.8%

The firm has a market cap of $993.30 million, a price-to-earnings ratio of -22.56 and a beta of 1.44. 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 company has a 50 day moving average price of $19.09 and a 200 day moving average price of $24.33.

Ramaco Resources (NASDAQ:METC) last issued its quarterly earnings data on Wednesday, February 25th. The energy company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.02. Ramaco Resources had a negative return on equity of 8.26% and a negative net margin of 5.67%.The firm had revenue of $108.72 million during the quarter, compared to the consensus estimate of $143.48 million. During the same period last year, the company earned $0.02 EPS. The company’s quarterly revenue was down 25.1% on a year-over-year basis. On average, research 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 share repurchase plan on Tuesday, December 23rd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the energy company to repurchase up to 9.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Ramaco Resources

Institutional investors have recently added to or reduced their stakes in the stock. State Street Corp lifted its stake in Ramaco Resources by 10.2% during the fourth quarter. State Street Corp now owns 2,489,797 shares of the energy company’s stock worth $44,816,000 after purchasing an additional 230,197 shares in the last quarter. Vanguard Group Inc. lifted 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 worth $77,507,000 after acquiring an additional 667,199 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Ramaco Resources by 0.7% during the 4th quarter. Renaissance Technologies LLC now owns 1,526,164 shares of the energy company’s stock worth $27,471,000 after acquiring an additional 9,860 shares in the last quarter. Goldman Sachs Group Inc. boosted 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 valued at $20,896,000 after acquiring an additional 496,150 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Ramaco Resources by 9.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,036,433 shares of the energy company’s stock valued at $18,652,000 after acquiring an additional 92,649 shares in the last quarter. Institutional investors and hedge funds own 74.49% of the company’s stock.

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.